Are You Secretly Having The Best Year Yet?

PODCAST OVERVIEW

Goosmann Law Firm Partner and Omaha Business Attorney Andy Simpson, and Host Jeana Goosmann discuss why 2020 may secretly be the best year yet for some industries. In this episode you will learn

1. What industries are having a successful year 
2. Why you should start planning now for 2021
3. How Goosmann Law Firm transactional department can help 

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TRANSCRIPT

Goosmann law Firm : 0:01

Do complex legal issues hold you back? Let's get energized and bring clarity to your top legal questions. This is Law Talk with the Flock by Goosmann law firm.

Jeana Goosmann : 0:31

Hello, I'm your host, Jeana Goosmann, a CEO, lawyer, author, and woman business owner here to help navigate you through the law, your business and life as a leader. I have with me today, my business partner, Andy Simpson, who is a business and real estate attorney. In Omaha, Nebraska. Welcome Andy!

Andy Simpson: 0:48

Hi there. Thanks for having me.

Jeana Goosmann : 0:51

Absolutely. And today we're going to talk about how some folks are having their best year ever secretly in 2020 and with 2020 being the year that it is, I think a lot of people that are being successful this year are a little shy and quiet about it. What are you thinking, Andy?

Andy Simpson: 1:09

I think you're right, but we certainly have seen a lot of folks, fortunately for them and for our regions, the very successful this year. So they are being quiet, but it's really good to see some folks have a lot of success in these times.

Jeana Goosmann : 1:22

Absolutely. I think as a business attorney, that's part of the fun is to ride the wave with our clients when they're successful. We get to be a part of that or when they're not, we get to help them figure out what to course correct.

Andy Simpson: 1:36

Yeah, absolutely. And that's, what's really satisfying for us, at least in our jobs and our roles. And I think that makes us an integral part of a lot of our clients business operations are helping them guide those ups and downs.

Jeana Goosmann : 1:50

Andy, what have you seen in particular as far as who has been successful in 2020 and who is having a great year this year?

Andy Simpson: 1:59

You know , as you said in the intro, a lot of my practice revolves around real estate real estate development. And so I'm more focused in on those markets, which have certainly not hit a speed bump and it really increased , particularly in the residential new home sales, interest rates have been low, as we know. So the velocity of those new residential home sales have increased, I think in COVID. And then really the market that I've seen a lot are , landscape, lawn and landscape companies. I represent several of those and , they're having some of the best years they've ever had. A lot of that's related to just folks being home and being outside and wanting to do home improvements, outdoor living , pool companies are generally backed up for, for years now. So I have seen a lot of that , those folks having just great great years in this downtime, so

Jeana Goosmann : 2:56

I also think anyone in the tech space, right? I mean, everything has been moving more towards technology, but all the software as a service and anyone that supports business working remotely, they've also been booming.

Andy Simpson: 3:09

Yeah, definitely. And then the other one that we've seen are manufacturing companies that have been nimble enough to pivot and change their manufacturing roles to provide PPP equipment and things along those lines in the cleaning industry. I've we have several clients that are in that space that have , they had to change and they were quick about it, but they've had a great year so far because of their ability to do so.

Jeana Goosmann : 3:38

It certainly anyone serving the pandemic related businesses , has seen an uptick from, I know our estate planning group has too , right?

Andy Simpson: 3:48

Yes . Yes. They have. I mean, it put it into perspective for a lot of folks and we've been advocating , you know, now's a good time where we're thinking about estate planning and planning for the future. And frankly people have had a little more time on their hands to talk with their spouses and their loved ones about how that might look. And so that starts the discussion and , our TLC department has been as busy as ever got that right

Jeana Goosmann : 4:15

Now. Why don't people want to talk about their success this year?

Andy Simpson: 4:20

So I've been thinking about that one and I'm not sure there's a legal answer to it, but , you're right. The folks that we represent that I talked to who have sort of quietly told me we're having a great year, they're not out talking about that at the Friday night, barbecue. I think there's a business angle to it. You know, they don't want to build competition, you know, cause a lot of those industries are things that other people could move into. Certainly from a personal perspective, I guess I can just say there may be a level of awareness that that's not the case for everybody. And certainly we have a lot of folks that are really struggling right now. And I think the good business owners are, are acutely aware of that and they don't want to, you know, cause it that sort of emotional reaction. Those are just my 2 cents.

Jeana Goosmann : 5:11

I wholeheartedly agree. I think that, you know, nobody wants to rub in their success this year with the fact that there is so much struggle in 2020 and 2020 is definitely been a hard year. And I think to some of these businesses , they had a, really a rough Q2 as well. And then others, you know, it started to pick back up as , things have opened up again. But , certainly those that have had a great year are downplaying it and probably not talking about it to anyone, but maybe their lawyers. And that's why we get to see those things.

Andy Simpson: 5:42

Yeah, definitely.

Jeana Goosmann : 5:42

What about , um, what should a business be doing now to help plan to have their best year ever in 2021?

Andy Simpson: 5:52

You know, I think really the plan for the next few months to end Q4 is to continue to be flexible and nimble in their approach and planning for 2021, because as we've seen really the businesses that are thriving now, are the ones that are just, they were able to pivot and frankly and our law firm was no different, you know, technology and having access to that is huge. A lot of those businesses because of their success in 2020, I think they should be planning for potential growth in terms of acquiring. And if they're on the other end of the spectrum and starting to plan their succession planning, they're a smaller business and , could potentially be a target for an acquisition. Um, you know, they're strong now and it's a good time to be looking at that 2021 market because of the interest rates thing low, frankly. So.

Jeana Goosmann : 6:47

And certainly when people have those discussions with you now, it's a lot easier to make sure that you've got the right parties and players in place and you can explore all those different options. I think one of the big things that business leaders often don't do is start those conversations soon enough.

Andy Simpson: 7:05

Yeah, absolutely. And I will say , um, the pandemic was good in that vein because there was a lot of the PPP loans and things that were going on out there. And it caused folks to call us and talk about, you know, are my corporate books in shape, what do we need to do to clean things up? And, and that starts the succession planning discussion and puts everything in line for sort of a cleaner 2021, if they are in fact looking to implement that succession plan or simply be acquired and, or, you know grow in form of acquisition. So , that's a long answer, but it's helped the discussion. We have to have those conversations and they take sometimes five, seven, 10 years of talking about, and how's this going to look for me in my company that I've built. So , we're always happy to have those discussions with folks there. They're fun.

Jeana Goosmann : 7:59

And Andy, how can you in particular help clients at the Goosmann law firm?

Andy Simpson: 8:05

I think just that our business transactional department, it really does focus on business leaders and entrepreneurs. And so starting those discussions with us now , you know, it doesn't have to be a full blown plan, but we , we love doing that and helping see people reach their goals and push their companies as far as they want to take them. So , um, give us a call, we'll have those discussions and , um , uh, we really enjoy them . So, yeah .

Jeana Goosmann : 8:36

Outstanding in any, you mentioned your transactional department , uh , share with everyone, if you would, what, what does your transaction department look like?

Andy Simpson: 8:45

Our department spans all three offices, our Sioux Falls office, Sioux City office and Omaha office. Myself and Barry Sackett lead it. And we have a really dynamic team , that we think , can touch every industry that we may need to serve for our clients. And we also have a corresponding litigation department if we need to have that as well, but we're kind of a full service department, whether it be corporate governance , or a full blown merger acquisition, or succession planning strategy.

Jeana Goosmann : 9:23

Outstanding. Well, thank you so much for sharing your insight today. And I'd like to just remind everyone to go have a great day and make it worth it.

Goosmann Law Firm: 9:32

Thank you. Thanks for joining us for Law Talk with the Flock by Goosmann Law Firm. We hope you feel energized and ready to soar past your goals. Become a flock fan and subscribe to our podcast for weekly episodes. Learn more at goosmannlaw.com .

Become a flock fan and subscribe to our Podcast for weekly episodes! Learn more at www.goosmannlaw.com.

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