A prime example of this is the efforts of The Church of Jesus Christ of Latter-Day Saints, also known as the LDS Church -- and, as it is known to even more people, the Mormon church. Much as the growth in the population of Florida shows few signs of slowing down, membership in the LDS Church continues to grow year after year. The church is known for its varied -- and generally successful -- business investments all over the world.
]]> It might surprise many Orlando residents to learn that the church has major investments in Florida. In fact, a deal announced earlier this month will add to the church's land holdings in our state by a whopping 382,000-plus acres. The transaction for large swaths of timberland owned by the St. Joe Co., is valued at a staggering $565 million. As a result, the church will own almost 2 percent of the entire state, by virtue of adding the acquisition to the portfolio that already includes Deseret Ranches, which is almost 300,000 acres by itself.Few businesses will ever do a deal of this size. However, an experienced commercial real estate attorney can aid businesses of any size when it comes to buying or selling real estate.
Source: Orlando Sentinel, "Mormon church-owned company buys huge swath of Florida land," Kevin Spear, Nov. 7, 2013
]]>Now and again, however, there are success stories. One extremely successful product comes from a successful Orlando company. The product is called the Corkcicle, which is a device used to keep wine cold without the rather cumbersome act of using an ice bucket.
]]> The company and its product have experienced explosive growth. The Corkcicle is now available in more than 4,000 locations around the country -- and several foreign countries -- and is carried in national chains such as Bed Bath & Beyond. The product also got a boost when it was favorably mentioned by two icons of style and entertaining: Oprah Winfrey and Martha Stewart.The company has been able to keep costs low by outsourcing functions such as human resources and customer service. The venture has been wildly successful, with more than 1 million units sold already.
Of course, the company's success was predicated on a lot of hard work and the proper planning. Nascent companies working on business development often consult with an experienced business law attorney to make sure that they are on track with all legal requirements.
Source: Reuters, "How Keeping Wine Cold Became a Hot Business," Oct. 12, 2013
]]>The brand is Baskin-Robbins, known to millions of Americans for its 31 flavors of ice cream. While the name may not be as famous as it once was, it's still a powerful brand. There may be many people looking to get in on the Florida market; the company says it is planning to get 15 to 20 new stores going within the next several years.
]]> Baskin-Robbins has a lot of experience in the franchise game. Aside from its own history, which goes back several decades, the company is now owned by the same corporate parent as Dunkin' Donuts, which is growing at a fairly rapid clip itself these days.An experienced business such as Baskin-Robbins is familiar with franchise law and what it entails, including setting up a franchise agreement and a franchise disclosure document. Smaller businesses looking to franchise may not be as well-versed in the intricacies of franchise law, however. Businesses wanting to find out more might be well-served by contacting an experienced Florida franchise law attorney for advice about how to get where they want to go via franchising.
Source: QSRweb.com, "Baskin-Robbins seeking South Florida franchisees," Nov. 1, 2013
]]>In some places in Florida, the answer has been "buy." While renting commercial real estate might seem like a more flexible option, in many cases, renting and buying cost basically the same every month. Of course, by purchasing rather than renting, businesses have the added benefit of building equity.
]]> There are other advantages, too. A firm that buys space rather than leases it doesn't have to worry about what to do when the lease expires. Some business owners have reported that finding comparable lease terms at the conclusion of their previous leases was difficult, if not impossible.Another benefit is not having a landlord. While many commercial property owners that rent space are honorable and straightforward, some might be less than ideal to have to work with. Purchasing space instead of renting it eliminates these possibilities.
This might also be a good time to consider buying due to favorable interest rates and tax benefits. Additionally, depending on the business, the Small Business Administration might offer loans with terms that are practically too good to pass up.
Of course, buying isn't for everyone. Businesses uncertain about how big they might grow in the future might not want to lock in to a particular space. For them, renting might be a better option. In any case, an experienced commercial real estate attorney in Florida can assist businesses that are looking to find a new location.
Source: Sun Sentinel, "Small firms discover buying beats renting," Paul Owers, Oct 15, 2013
]]>A curious situation is now playing out between a Florida artist and the head of a charity group called the American Fallen Warrior Memorial Foundation. At stake is a 6.5-ton sculpture constructed from concrete salvaged from the remains of the World Trade Center after Sept. 11, 2001. The artist says the group reneged on its deal to pay her $225,000 for the sculpture. The group was going to place it at a memorial in Kansas that has yet to be built; it planned to display the art at a local fire station in the interim.
]]> The artist says that the figure included $10,000 as a down payment as well as $5,000 every time the group was able to raise $25,000. However, the artist says that the leader of the group couldn't produce any evidence that the money was forthcoming; in addition, she says, the woman told her that she should just donate the artwork and that she was being greedy by expecting to be paid for it.As a result of the contract dispute, the artist routed the work to Utah, where it will be kept on an indefinite basis, instead of at the group's headquarters in Kansas. It remains to be seen what will happen with the parties' ongoing contract dispute.
Source: The Kansas City Star, "9/11 art is at the center of a bitter dispute," Lee Hill Kavanaugh and Dugan Arnett, Sept. 20, 2013
]]>The restaurant in question is PDQ, which it says stands for "People Dedicated to Quality." However, for as fast as it seems to be growing, it might as well stand for Pretty Darn Quick. The chain, based in Tampa, opened its first restaurant two years ago; it plans on having 20 restaurants up and running by the end of 2013, including some in North Carolina; owners want to expand the chain into other southern states such as Texas, Alabama and Arizona as well.
]]> Not only that, but the restaurant's co-founder -- who also helped to found the Outback Steakhouse chain -- says he wants to double the number of outlets by the end of 2014. He says some of the projected stores would be corporate-owned, but some would be franchised.Obviously, any entrepreneur who is expanding at a breakneck pace like this will want to have some familiarity with franchise law. Many customers at the restaurant who were interviewed said they were very loyal to the brand, and some came to eat multiple times during the week. This is the kind of positive press that could be very valuable for a business looking to franchise -- with the help of an experienced business law attorney.
Source: Sun Sentinel, "PDQ expanding throughout South Florida," Miriam Valverde, Oct. 8, 2013
]]>The path to build the park was a complex one. Disney and his team were interested in the Florida market, but there were many factors that went into the selection of the proper area of commercial real estate. Ultimately, an inland site was chosen over locations such as Miami or Tampa in order to be somewhat sheltered from hurricanes that hit the Florida coast from time to time.
]]> According to histories of the park, several shell companies were started with unrelated names so as to not alert potential sellers who the buyer was. Had people known that Disney coveted the land, the price per acre might have skyrocketed. In the end, the park was built where it was, at least in part, thanks to the infrastructure the Orlando area had in place.While today's business owners won't be looking for as much land as Disney was, there are myriad factors that can go into finding the best match of commercial real estate to a business's needs. An experienced commercial real estate attorney can provide guidance when it comes to making these sorts of decisions.
Source: Orlando Business Journal, "Happy birthday, Magic Kingdom! Park celebrates 42nd anniversary," Megan Anderson, Oct. 1, 2013
]]>Just to name a few would be those made by CRE Consultants in Naples this month. Looking at leasing space from Casa Homes Associates, CRE Consultants was able to negotiate 2,400 square feet for Bedman Enterprises Inc. and Oneyda's Bakery and Deli LLC in the Empire Plaza building. As readers of our blog may know, commercial real estate transactions such as this often require considerable negotiations to ensure that each party understands the terms of the lease agreement. Breaking such an agreement can often lead to serious litigation and complex legal disputes as well.
]]> But lease agreements are not the only transactions in Southwest Florida this month. Several land purchases were made as well, including one by a land developer in downtown Cape Coral. The $1.3 million purchase did not come without its issues as one of the four buildings that were purchased was being leased at the time of sale. While this could have created complicated legal issues, the new owners negotiated terms with the existing tenant who is expected to move to a different location within the purchased property.As these recent transactions show, business is returning to Florida and boosting the local economy as well. It's important to point out that while many of these real estate transactions appear to have worked out relatively easily, legal representation was usually sought in order to ensure the process went as smoothly as possible.
Source: Naples News, "Southwest Florida real estate briefs," Sept. 22, 2013
]]>The settlement of the dispute is good news for everyone, really. Time Warner now gets one of their major content providers back on its lineup; CBS apparently received a sizeable licensing fee hike (though the exact terms of the deal were not disclosed); and TV viewers will have more options.
]]> However, from a legal perspective, there are two interesting points about this story. The first is about contract disputes in general. When two companies are at odds over the legalese in a contract, or they disagree on how the rights to certain things are applied, it is crucial for the two parties to consult an experienced business law attorney. Both sides will be passionate about the issue and want to get their way; and without a third party in their to handle the dispute, the circumstances could ruin a potentially prosperous business relationship.The other aspect to this case is the evolving role on the internet in business settings. With television, the content that is produced needs to find a home online, whether that is on Amazon; or Netflix; or Hulu; or some other streaming site. Crafting specialized contracts for these things -- not just for television -- will be a crucial element to business going forward.
Source: San Antonio Business Journal, "CBS and Time Warner end contract dispute," Mike W. Thomas, Sept. 3, 2013
]]>There are already 138 Baskin-Robbins restaurants in Florida and the company wants to expand in Fort Myers, Miami, Tampa, Jacksonville, West Palm Beach and Panama City. The company is offering a webinar for individuals interested in franchising opportunities with Baskin-Robbins.
]]> A spokesperson for Baskin-Robbins said they want to expand business opportunities in Florida, and are looking for entrepreneurs who have the passion and financial experience to run the popular and fun ice cream shop.To gain more attraction to their franchise, the company recently offered a development incentive for new franchisees to have a 10-year fee payment plan that allows the $25,000 franchise fee to be amortized over 10 years. They also offered reduced royalty rates to qualified franchisees who develop ice cream shops quickly.
Baskin-Robbins also offers incentives to military service members, including an offer to waive the 20-year franchise fee and a zero percent royalty rate for the first two years to qualified applicants.
Florida has seen many franchising opportunities lately and individuals thinking about becoming franchisees should consider the opportunities available in Florida right now to see if franchising could be right for them. Working in the franchising industry can be difficult and there are many complex legal issues to understand before purchasing or signing a franchise agreement. Individuals interested in a franchise operation should contact a business law attorney.
Source: Restaurant News, "Baskin-Robbins Announces Franchise Opportunities in Florida," Sept. 13, 2013
]]>However, the subsequent owners ended up with a property tax bill of more than $100,000 -- making it one of the biggest property tax delinquencies in all of Orange County. The Plaza has had more than its share of issues in the past, with ownership disputes and legal complications making the property damaged goods in the eyes of some.
]]> Now, however, the top three floors of the south tower are in new hands. An investment company with ties to the Orlando area has purchased the top floors for $9.3 million. It isn't yet apparent what the space will be used for.The complex as a whole has experienced something of a resurgance as of late. An Asian tapas restaurant as well as a French bakery have both opened in the complex, perhaps making the property a destination once again.
Commercial real estate transactions in Orlando can be complicated, particularly when tax obligations have not been resolved. An attorney with experience in comercial real estate can be a valuable asset when a business is considering expansion or relocation in the area.
Source: Orlando Sentinel, "Top 3 floors of Chase Plaza resold," Mary Shanklin, Aug. 11, 2013
]]>One of the relatively new players in the restaurant franchise business in Florida is CiCi's Pizza. The chain announced recently that it is planning to open nine South Florida locations via franchise partners. The restaurant, for those unfamiliar with the concept, is a pizza buffet-style chain that already has more than 500 locations throughout the country.
]]> An outfit such as CiCi's has a great deal of experience in franchising its concept to multiple franchisees. However, a smaller company without franchised locations has a lot of work to do before attracting franchisees. One of the most important points is to have a franchise agreement, a document that will guide each side of the relationship.Additionally, franchisors should be aware of the regulations regarding intellectual property and copyright permission. While the introduction of franchised locations can add to the scope of a brand, it is important that the brand not be diluted. Above all, a potential franchisor needs to protect the business interests that made the company a success in the first place.
Regardless of the size of a business, consultation with an attorney experienced in franchise law can often help a business owner to understand the idea of franchising.
Source: Sun Sentinel, "CiCi's Pizza plans to expand South Florida presence via franchise partners," Miriam Valverde, Aug. 16, 2013
]]>An entrepreneur from Boca Raton has reportedly secured $29 million in funding for his technology company that will gather data that he says could revolutionize how doctors treat patients.
]]> The company is called Modernizing Medicine, and it already has an iPad-based product that provides drug information to doctors. So far, though, there isn't enough collected data for the product to tell doctors which drugs are the most effective.The new financing, provided from a growth equity fund, will be used to expand Modernizing Medicine into new medical practices and hire 30 more data and tech professionals.
Modernizing Medicine was started in 2010, and about 2,500 doctors already use the company's product.
According to the founder, the data gathered as a result of this most recent financing will be used to identify patterns of medical outcomes resulting from specific treatments, and the results of the company's research will be published for doctors to use.
Other types of data-collection processes already exist for the medical community, but those processes generally involve analyzing billing and claims data. Modernizing Medicine's method, according to the company founder, is different because it is based specifically on medical outcomes.
As far as patient privacy goes, the company seems to have that legal base covered. Patients' identities will not be revealed as data is collected.
Source: sun-sentinel.com, "Medical records entrepreneur plans to mine data for 'best' patient treatments," Marcia Heroux Pounds, Aug. 24, 2013
]]>The Plaza Live building was constructed in 1963. The Orlando Philharmonic has said it will extensively remodel the building, which includes a performance hall, a rehearsal space and smaller spaces like dressing rooms and a sheet music library. Renovations are anticipated to start before the end of the year.
]]> In a statement, a representative for the Orlando Philharmonic said the goal is to make the Plaza Live building "a 21st-century live music venue" that will be able to serve fans of not only orchestral music, but also of other genres that might be performed there.Interestingly enough, the Plaza Live building is valued at $2.1 million on Orange County tax records. However, an independent appraisal valued the building and its contents at $4.3 million.
Arts organizations like the Orlando Philharmonic are important assets in creating a community and sense of place, so we hope that this purchase proves to be beneficial for the orchestra.
The reason we took interest in this story is that we work with a great many commercial real estate clients, so we try to keep abreast of what is happening in the local real estate scene. Being informed about what is happening in and around Orlando helps us offer the best service possible to our clients.
Source: The Orlando Business Journal, "Orlando Philharmonic buys Plaza Live for $3.4M," Megan Anderson, Aug. 7, 2013
]]>Now, a different survey has suggested that Orlando, and Florida in general, fared better in the race to attract private-equity dollars than is suggested by the first study.
]]> This time, the study was performed by PriceWaterhouseCoopers and the National Venture Capital Association using numbers from Thomson Reuters.The report showed that Florida landed 15 deals and attracted nearly $156 million last quarter. That was good enough to make Florida 10th in the country in terms of venture-capital activity. Last quarter, we ranked just 29th.
Capital figure investment is important because many new or young businesses need financing to grow and expand. Without adequate capitalization, business formation and planning is a struggle.
So, what can we make if these two very different findings?
One thing that seems obvious is that venture capital funding fluctuates. It can take a long time to woo venture capitalists, but when the courting period is successful, the payoff can be large; that would explain the 19-place jump Florida made in the list of states with most venture-capital activity.
If you are trying to raise money for your business, it may not be a bad idea to engage a business and corporate law attorney. These lawyers may be able to help you determine whether a proposal is a good fit for your organization, and they can make sure you are aware of your rights and responsibilities.
Source: Orlando Sentinel, "Florida sees dramatic surge in venture capital," Richard Burnett, July 23, 2013
]]>