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Considerations in Selling Your Business- Part 1: Non-Financial Aspects

by Patrick B. Mathis, Shareholder at Mathis, Marifian and Richter, Ltd.

Before initiating the sale of your business there are many preliminary considerations.

From a non-financial standpoint, are you ready to step out of the owner’s role? Are you prepared for retirement? Is your spouse prepared for your retirement? If transitioning to a child, is he or she ready to run the business? If several children are involved in the business, will they smoothly transition into new roles upon your departure?

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New Rule Leads to More Employees Being Eligible for Overtime Pay

by Kevin J. Richter, Shareholder & Amy Randazzo, Law Clerk at Mathis, Marifian and Richter, Ltd. & Student at St. Louis University

The Fair Labor Standards Act is the federal legislation that sets out minimum wage and maximum hour requirements. In general, employees must be paid a minimum wage for all hours worked and overtime pay at a rate of at least 1 and 1/2 times their regular rate of pay for any hours worked over 40 in a workweek.  While these protections extend to many workers, the FLSA provides a number of exemptions, such as so called "white collar" and "highly compensated" employees.  On May 18, 2016, the Department of Labor issued a final regulation that revises these overtime exemptions to bring more employees under the protection of the FLSA's overtime pay provisions.

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My Employer Broke the Law – But Do I Get My Day in Court?

by Natalie T. Lorenz, Attorney at Law

A recent trend in the law has been for employers who have been sued by former employees to attempt to keep their cases out of the courtroom – a public forum.  Employers do this by compelling arbitration, which is an alternative method of dispute resolution that takes place in a more private setting.  Many employers, when hiring new employees, make those employees sign an arbitration agreement on or about their first day on the job.  Many times, when they sign such an agreement, the employees do not really have much of a choice, and do not fully understand what they are giving up.  The civil litigation attorneys at Mathis, Marifian & Richter fight for those employees and their right to have a court hear their stories.

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