Buying and Selling a Business- A Lunch & Learn Event

Buying and/or selling a business requires many considerations.  For example, you may find yourself wondering:

  • How to identify the right opportunity as a buyer or a seller;
  • What pitfalls might lurk in the existing economy;
  • How will the pricing and the structuring of the transaction work;
  • What’s the process behind the transaction numbers?

Please consider joining me on August 13th. I’ll be hosting the Lunch and Learn event through the West Des Moines Chamber of Commerce and talking about this topic which is really, very useful in  a city like West Des Moines where businesses and companies thrive.

Buying or selling a business can be a very tricky process; even in a simple transaction there can be many questions. Come to the Lunch and Learn on August 13 which will be held at 4200 Mill Civic Parkway West Des Moines, IA and find out more about what it takes to get through the buying/selling process. The end result can be very rewarding for both parties.

This will be a great event and I can’t wait to answer your questions. Click this link to sign up. You don’t need to be a member to attend, so feel free to bring any and all questions you have.
http://web.wdmchamber.org/events/eventdetail.aspx?EventID=292

This is a very important topic to discuss and if, in the meantime, you have any questions, feel free to email info@kreamerlaw.com, call (515)727-0900, or visit our website www.kreamerlaw.com

 

Employee Wages: Let’s Get to the Basics

Minimum Wage Dollars (2) Recently minimum wage has been all over the news.  Some states and even some cities have passed laws that have raised the minimum wage, recognizing what a person must earn to make a living. Because of this, people are asking, “How much must I pay my W-2 employees here in Iowa?”

The law in Iowa sets a minimum wage of $7.25/hour and applies to all employers whose gross annual sales are $300,000 or more. The Federal minimum wage is the same $7.25/hour and applies to all employers whose gross annual sales are $500,000 or more.  When both the Federal requirements and state law apply, it’s actually the law which sets the higher standards that must be followed by the employer. So, in the states that have passed higher minimum wage rates, the local law actually trumps Federal law.

The laws on wages in Iowa have some slight exceptions.  For example, if the business employs tipped employees (defined as an employee who makes $30/month or more on tips), then the business can pay as little as $4.35/hour (Iowa) or $2.13/hour (Federal).  However, in any given week where the employee’s wages do not average at least $7.25/hour, the business is required to pay the difference.

Another income regulation to consider is that Iowa law also allows for an employer to pay an employee an “initial employment wage” of $6.35/hour for that employee’s first 90 days of employment.  Federal law allows for employees under the age of 20 to be paid as little as $4.25/hour for the same 90 day period. This period allows the employee time to train until they are able to fully handle the workload.

If you, or someone you know, are in need of legal services regarding employment wage questions or employees, feel free to contact us at Kreamer Law Firm, P.C. through our website at www.KreamerLaw.com or by calling us at 515-727-0900.