Having a member of your Fab 5, that helps to protect you from yourself is a very valuable addition. In this month’s edition of The Entrepreneur’s Expert, we talk with Scott Bray, attorney with Bruchez, Goss, Thornton, Meronoff & Briers, PC – a full-service attorney firm in Bryan, Texas.
Scott shares his passion for serving and supporting creative entrepreneurs who are passionate and strategic thinkers.
I hope that you connect with Scott, as he would be a wonderful addition to your Fab 5.
Q: I talk a lot about how entrepreneurship is a team sport – with entrepreneurs having a “Fab 5” or a circle of 5 trusted advisors. How can an attorney bring maximum value to an entrepreneur’s Fab 5.
A: Business owners really can’t do anything without interacting with the law, or the rules that govern our society. Most of the time, the question that arise have common sense answers (i.e. don’t purposefully hurt somebody). But in business, this interaction can get very complex. Especially when you look at the centuries of case law and examples. Having someone on your team that can help you consider all the angles and aspects of the law (even laws you, the entrepreneur may not even know) is very valuable
Q: What are some major changes that you are helping clients deal with?
A: The biggest thing that changes is tax law. CPAs of course help with the numbers, but attorneys keep up to date on the law and therefore we can work with the other members of the Fab 5 to ensure the client’s objectives (from both a tax reduction and legal protection aspect) are achieved.
Another area that I help clients work through is community property law, and how marriage impacts businesses ownership rights.
Finally, I help clients understand their obligations to the business, the business’ obligations to the owners, and the owners’ obligations to each other. Not only at the beginning, or while business is going fine, but also when there is an issue (conflict) or when (at least) 1 owner wants to the business will be sold.
Q: Can you share with us a time that you helped significantly push an entrepreneur towards their definition of success?
A: In some ways, this is really a challenge to answer, because a lot of what I do is very strategic in nature. For example, we may put some things in place that are not utilized for years. But when the time comes for my work to be “tested” it works seamlessly and everything just sort of happens.
One example that I can speak about is a client that I helped set up his business and at the time, there was an employee that provided a lot of sweat equity to help the business get started. We discussed and accounted for ownership equity as a result of this hard work. Fast forward a few years, and the employee didn’t fulfill his obligations and the business and the employee were going to part ways. This was a potentially sticky situation. However, because we took the time to strategically lay out what was to happen in this situation, we just referred to the agreement and executed what was previously agreed on.
Q: Describe the entrepreneur that gets maximum value from working with you.
A: I love creatives who are working to bring a passion or dream to life. They come to me because they want to focus their energy on their passion – and they allow me to support them by focusing my energy on my passion.
I also love to work with strategic thinkers who are proactive, committed, and willing to put the work/ effort/ cash into making sure it is right from the beginning.
Finally, I work best when we are way before a crisis, not necessarily in the middle of one. This again speaks to entrepreneurs who are strategic in their though process and actions. I can help entrepreneurs in crisis, but I would prefer to lessen the impact of crisis through proper planning.
Q: Tell us 1 fact about you that most of the world doesn’t know and how can entrepreneurs get in touch with you?
A: I have an undergraduate degree in Philosophy, and almost went to grad school for this. But the law called me and here I am. This background actually helps, as I view the law and life through a very philosophical lens. To be able to help question “why” on everything, makes me a good lawyer and to work well / serve entrepreneurs. Especially the ones that are working hard to create something.
I hope you enjoyed getting to know Scott a bit better. You can connect with him on LinkedIn.
Being an entrepreneur is one of the most difficult and demanding things you can do. The good news is that entrepreneurship today is a team sport. Hit the connect button on LinkedIn or Facebook NOW and together we will work towards hitting your 10-year target. Along the way we will increase your profit, strengthen your leadership skills and transform your banking relationship into a strategic partnership. This will lead to confidence in your path, freedom to dream up bigger targets and a business that is enjoyable to own. When we connect, tell me who are the members of your Fab 5.
Greg Martin is an entrepreneur’s insider to the banking industry and passionately believes that every person was uniquely designed for a higher purpose and calling. Greg guides entrepreneurs in defining and achieving their purpose and calling. His deepest passion is living life with his wife and their wonderful son.
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College Station, Texas
(910) 257-8286