Posted in: Business Services

Business Succession: The Win-Win Solution

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September 4, 2020 Business owners search for business succession solutions that are financially fair, low cost and tax efficient while also beneficial for employees and customers.  The universe of solutions is usually limited to the…

ESOP Grant Act: From Good to Great

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August 12, 2020 The Temporary Federal ESOP Grant Act, S. 4236, introduced on July 21, 2020, and sponsored by Sen. Ron Johnson (R-WI) and Sen. Tammy Baldwin (D-WI), could be a major event for the ESOP community. The major provisions, as currently…

Paycheck Protection Program Amendments Mean More Flexibility for Loan Recipients

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June 8, 2020  On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“Act”). The Act provides much-needed clarifications concerning the Paycheck Protection Program (“PPP”),…

Federal Reserve’s Main Street Lending Program to Begin Soon

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May 20, 2020  The Federal Reserve (Fed) expects to launch its Main Street Lending Program by the beginning of June. The news comes after the Fed announced the formation of the program in early April and an expansion of it on April 30, 2020.…

SBA Releases PPP Loan Forgiveness Application: What Borrowers Need to Know

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May 19, 2020  The U.S. Small Business Administration (SBA) recently released the loan forgiveness application which Paycheck Protection Program (PPP) borrowers will use to determine and report to their lender how much of their PPP loan is…

SBA Issues Automatic Safe Harbor for PPP Borrowers Who Received Loans Under $2 Million

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May 14, 2020  On May 13, 2020, the Small Business Administration (SBA) updated its Paycheck Protection Program (PPP) FAQ guidance to explain how it will review the necessity of a business’s PPP funds. This guidance comes as a welcome relief…

Paycheck Protection Program Recipients: Be Prepared to Justify Your Need for Funding

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This article was updated as of 5/6/2020. Now that the funds from the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) have started flowing to eligible applicants, businesses have two primary concerns:  (1) was…

Reminder to Cuyahoga County Small and Mid-Sized Businesses: Thursday is the Deadline to Apply for the County’s Grant and Loan Program

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April 22, 2020 Applications for the Cuyahoga County Small Business Stabilization Fund, which can be found here, will be accepted until 5pm on Thursday, April 23, 2020. The fund was created in an effort to assist small, neighborhood-based…

Small and Mid-Sized Business Owners: There’s a New Federal Loan Program Available

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April 21, 2020 As part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, the Federal Reserve is making low-interest loans available to qualified small and mid-sized U.S.-based businesses impacted by the COVID-19 pandemic. The…
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CARES Act: What It Means for Small Businesses

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April 2, 2020  On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act provides significant federal funding and expansions to loan programs already…
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The SECURE Act: What You Need to Know

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The SECURE Act became law on December 20, 2019.  Retirement plan sponsors, fiduciaries, and third party administrators must understand and implement several changes in pension law that affect employee stock ownership plans (ESOPs), 401(k) plans,…
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Blockchain Could Cut Construction Delays

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Commercial real estate and construction professionals take note: The adoption of blockchain technology in the design and construction industry presents a great opportunity. Projects come in all sizes and complexities, and involve multiple…

Investment firms see cannabis as a growth industry

Walter | Haverfield partner Kevin Murphy discusses investors’ growing interest in Ohio’s cannabis industry, in an article in Crain’s Cleveland Business.

Trends in Financing ESOP Transactions

A growing number of business owners are discovering the financial and performance benefits of employee stock ownership plans (ESOPs). As of 2015, the most recent year for which data is available from the National Center for Employee Ownership,…

The issues of Ohio’s medical cannabis law

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In the Columbus Jewish News, Walter | Haverfield attorney Kevin Murphy explains how Canadian dispensaries may play a role in Ohio’s medical marijuana program and how the current pace of the program is a telling sign for what’s to com…

SEC Addresses Regulation of Digital Asset Securities

The Securities and Exchange Commission (SEC) recently issued a statement making it clear that federal securities laws apply to securities issued using new technologies, such as blockchain. The SEC’s Statement on Digital Asset Securities Issuance…

Ohio Becomes First State to Accept Bitcoin for Tax Payments

Ohio businesses are now able to pay their tax bills with bitcoin. It’s a noteworthy move for the state as it leads the country in accepting cryptocurrency as a form of payment and positions itself as crypto-friendly. Businesses can take…

The California Consumer Privacy Act: How it May Impact Your Ohio Business

The California Consumer Privacy Act of 2018, which goes into effect in 2020, affects businesses doing business in California that satisfy one of the following thresholds: (a) has annual gross revenues in excess of $25 million; (b) annually buys,…

New Smart Contracts on Blockchain Increase Efficiency and Security

Smart contracts are becoming a very viable option today as blockchain technology emerges in the marketplace. In simple terms, a smart contract is a computer program with conditions encoded into its language. Once agreed upon, it is placed…

Ohio To Recognize Blockchain Technology

On November 2nd, 2018, an Ohio law goes into effect allowing records and contracts secured by blockchain data. This comes after Governor John Kasich signed Senate Bill 220 (SB220) in August, which amends Ohio’s Uniform Electronic Transactions…

Confusion remains over CBD oil sales

Walter | Haverfield’s Kevin Murphy says it’s likely that individual states will clarify the difference between hemp and other varieties of cannabis because federal law is “murky at best.” This article appeared in both The…

Anyone’s Bet: The Legalization of Sports Betting in Ohio

Ohioans may soon be able to place bets on their favorite sports teams in bars and casinos throughout the state. This past spring, the U.S. Supreme Court struck down a 1992 federal law in Murphy v. National Collegiate Athletic Association that…

Controversy, confusion surrounds status of CBD products in Ohio

The state agency overseeing the implementation of Ohio’s medical marijuana program recently clarified where cannabidiol (CBD) products can be sold in the state. And that is causing confusion to the corner stores and gas stations, which often…

Looking to Grow Through Acquisitions? Five fundamentals that often go overlooked

  When business is good, an acquisition lures the prospect of moving your company to the next level. But even veteran dealmakers sometimes overlook critical elements that can derail the best intentions. The following are five…

Northeast Ohio potrepreneurs are facing many obstacles

  Walter | Haverfield partner Kevin Patrick Murphy explained in Crain’s Cleveland Business one key reason why the medical marijuana industry has been slow to metamorphize in Ohio.

Five Things You Should Know When Opening a Restaurant

  1. Check the city’s zoning code When you are selecting the location of your new restaurant, make sure to check the local zoning code to ensure that your restaurant will be permitted to operate in that location. Take a…

Business Owners: You’re Invited to an Event on June 6th

Please join Walter | Haverfield and Fairport Asset Management for a dual financial and legal program to help you tackle your business issues and seize opportunities. Using real-life examples of successful, multi-generational business owners,…

Court restricts government's ability to review private business records

  A recent federal circuit court decision clarifies that Ohio business owners have the right to protect their private business records from state inspection in the absence of a search warrant. That's despite statutory provisions…

Budding marijuana biz faces realty hurdles

  Many potential applicants for medical marijuana dispensary licenses have found it challenging to secure locations for their operations. Walter | Haverfield’s Kevin Murphy was quoted on this topic in an article in Crain’s…

Improve your chances of obtaining a medical marijuana business license

  The decision to legalize medical marijuana in Ohio represents an incredible business opportunity for Ohioans. But not everyone who applies for a medical marijuana processing or retail dispensing license in this highly competitive…

Clock is ticking on marijuana investment chances

In a Crain's Cleveland Business article written by Jeremy Nobile and titled, "Clock is ticking on marijuana investment chances," Kevin P. Murphy provided advice to medical marijuana businesses looking to locate their operations in northeast…

Tail-end funds can damage a portfolio

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In an article in Crain's Cleveland Business, published on April 22, 2017 and titled, "Tail-end funds can damage a portfolio," T. Ted Motheral provided advice to investors on how to handle tail-end funds, in order to reduce the negative impacts…

Leveraging Board Involvement in the MandA Process

It happens over and over again. Companies get close to making an acquisition but then there are all sorts of costly delays and complications because the company’s board of directors is raising concerns or didn’t have the information it needed,…

Mitigate M and A risk through due diligence, deal structure and favorable terms

In an article in a special "Corporate Growth and M and A" section in the January 18, 2016 issue of Crain's Cleveland Business, titled "Mitigate M and A risk through due diligence, deal structure and favorable terms," Jacob B. Derenthal explained…

Construction Defects: How Long Are You At Risk?

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October 2014 – “Construction Defects: How Long Are You At Risk?” Properties Magazine (Legal Perspectives).andnbsp;

Crain's Cleveland Business | Kevin Patrick Murphy

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In its October 6, 2014 issue, Crain's Cleveland Business named Kevin Patrick Murphy as a member of its 2014 "Forty Under 40" class. Along with the other young professionals in this class, Kevin was recognized for his achievements and leadership…

New Federal Regulations Place Restrictions on Gift Certificates, Store Gift cards, and Pre-paid Cards

The federal Credit Card Accountability, Responsibility and Disclosure Act of 2009 ("CARD Act") imposes new regulations on gift certificates, store gift cards and general use pre-paid cards ("gift cards") with respect to expiration dates, fees,…