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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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