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This episode is a business coaching course that explains the steps to make sure that you are following all state and federal rules and regulations.

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Lesson Nugget: There are so many federal regulations for business, that it is actually a challenge to refrain from breaking even one.
  • Lesson Nugget: Worry about the regulations that can ruin your business, before worrying about the ones that are temporary setbacks.
  • Lesson Nugget: Your attorney can save you time and money if you ask them about regulations that may result in federal/state fees.
  • Action Steps: 1. Sit down with your attorney.
  • Action Steps: 2. Sit down with someone who has built a similar business as you and find out what problems you can avoid.
  • Action Steps: 3. Accept that you will break a rule at some point.

[MUSIC PLAYING] business federal regulations and time management tips teaching like teamtreehouse

-What's up, guys? My name is Daniel McKenna. I am the "Thrive" executive producer. Today, Battle Royale, we have Clay Clark, and we have Wes Carter. And we're talking about what are the steps I need to take to make sure I'm abiding by all state and federal regulations? Why is this important? Well, unless you plan on living in jail or spending tax fines the rest of your life, this lesson can be pretty valuable for you. There's a lot of regulations out there. I don't know them. Wes Carter knows them, and you should know them. Watch this episode.

Here at Thrive15, the online platform that teaches sales, marketing and time management tips, we believe that knowledge without application is meaningless. So unless you take the time to actually learn something today, and then take what you learned and apply it to your life or your business, spending time watching this video is going to be more meaningless than "Scarface" without all the guns and the cocaine. It'd just be kind of mildly entertaining, I guess, not much of a plot.

[NARRATED DISCLAIMER] the

-Wes Carter, how are you doing?

-I'm well, how are you doing?

-I'm doing great time. I'm feeling funky, I'm feel fresh, I'm feeling like I have an opportunity to connect with a legal eagle.

-Lucky you.

-OK, here we go. We're talking about the steps you need to take to ensure that you're abiding by all state and federal regulations. Now that's a broad, broad topic. But we had a Thriver who wants to know the steps they can take to make sure they're abiding by the state and federal regulations.

-OK.

-But before we hop in, all the Thrivers want to know, all the kids want to know, all the adults want to know, the men, the women, all the Samoans, all the Puerto Ricans, people in Canada, they all want to know, are you related to the NBA basketball player? The guy, he first played at North Carolina, then he went on to play in the NBA, Vince Carter?

-I don't think so.

-OK. That's interesting, OK.

-I have to look that one up.

-OK, now that we have that huge illegal risk out of the way, Wes, what are the basic steps that this Thriver, in particular, and all the Thrivers can take to make sure that they are abiding by all the state, all of the state and federal regulations?

-It would be quite an accomplishment to abide by all of the state and federal regulations.

-Would you repeat that again?

-It would be quite the accomplishment to be able to abide by all of the regulations that are on the books. You can do your best. You strive for perfection, but you know, the chances are, within your first five years, you're going to break about 100 regulations.

-Can I give an example of something that I did?

-Sure.

-One that I didn't know I was breaking the law, and one where I continued to break the law even though I knew it. One was I was in a build-out in my building, and I did not know it was violating the law. So I just built out a building. This was years ago in a very different building than this building. So I'm over there building, and as I'm building, you know, one day I finish the building, I'm doing the best job I can. The team's working. I say I'm doing, I'm just writing checks. I'm the check writer.

People are building, and a state inspector walks in says that the kind of ceiling tile that we were using was perforated.

-Yes. And it could not be perforated, because of the potential fungi, E. coli, some sort of health code violation.

-Yes.

- Slaps a big sign on the door, says we cannot be in business.

-Yes.

-Because we are in violation of health care. Well, you could imagine what it would be like to have a business in the food industry with a big sign on it that says violation. So I called the guy. Hey, what's going on? Of course, I get the voicemail, the voicemail, the guy who knows the guy, the guy knows the guy. I finally get a hold of the guy after many voicemails, many days, he says, oh, your, uh, your, uh, your ceiling tiles are in violation of the city ordinances.

-Yes.

-So you're going to need to pay a fine, and you'll need to fix that.

-Yes.

-OK. And that would be an example where I have an attorney, I had a good attorney. It wasn't you at the time, but I had an attorney, and he was helping me out. And he didn't know. I didn't know, and I had to pay a fine.

-Yeah, there's rules for everything now, and you just do your best to get started on solid ground and keep improving from there.

-Now you know, sometime many years ago, back before I was educated and smart, Thrivers, if you were to do this, legally, we're not taking responsibility for this. We're just telling you some stories about what you can do and not do. I was another build-out about the time I had this issue. And I thought, you know what I'm going to do? I'm going to call the city. Well, I find out in the city that like anything that had already been built in a building, when you moved into the building, you didn't have to go pull permit, you can just move in.

-Right.

-Because it's already existing. So I thought, well, I'm just going to go ahead and build out the space and not tell anybody about it. And I did that, and I did just fine. Then I found out later that somebody had told the city that was building without a permit, and I paid a fine on that, too. But it seems like, in one case, I was trying to do the right thing.

-Right.

-And then one case I was trying to not do the right thing. But both cases, I paid a fine, and I learned a little bit, and I just move on.

-You focus on the ones that can kill your business.

-Yeah.

-You know, those are the laws that if you break it, there are dire consequences. And then work your way down from there.

-Like, you don't want to launder money.

-Correct.

-Or get involved in a drug cartel.

-Correct.

-Or ship automatic weapons back and forth between cities and states. I mean, that's just the things you don't want to do. Those are major laws.

-Right.

-But if I am litigious, and I am a little bit, I am a Thriver, and I say, gosh, I'm just worried sick. I've been up all night. I wake up, I worry. Just the federal relations and the state regulations are just, they're overwhelming. And I had some extra money.

-Yes.

-What can I do? What should I do if I just want to have a complete sense of just--

-Well, I mean, your attorney, your legal team, could make a laundry list for you if you give them the right information. And that's probably, like with you, you had a good attorney, but you never thought, I should ask my attorney what kind of ceiling tiles to put in.

-Yeah, I did not ask him.

-So we can give you a laundry list of the most common issues you're going to run into.

-OK.

-What kind of things you're doing that will require a permit here. Or you need OSHA safety regulations here.

-Love OSHA.

-But all that is dependent on have you thought to ask the question or give us the information that would even trigger that question. So you can do very good, but again, unless you ask your attorney what kind of ceiling tiles should I put in my leasehold when I build it out, you may miss some things.

-Let's ask this question. This might be a good one.

-OK.

-Let's say I have a men's grooming lounge, which I do. And I said could you, as an attorney, come on to my property and do a deep dive, where I pay you just to find any possible regulation I'm breaking, what would that cost?

-It's usually by the hour. There's guys who, ladies who specialize in things like workplace safety. You can call the state to come out, and they'll do it for you.

-Yeah, they will. Yeah, they will.

-So I would be hesitant probably to go down that road for free, but I would pay a contractor attorney to come in, and probably a couple thousand dollars, depending on how extensive your services are.

-OK, and this is just stuff you can do if that's what you wanted to do. So Wes, if I'm starting a business, and I want to get off the right start, and I really do want to make sure that I'm following the state and federal laws, what would you recommend that I do.

-I think your first thing is going to be sitting down with whoever your legal team is and saying, can you just give me an hour here, give me two hours, sit down and walk me through what I'm likely to run into. The second one is, if you have someone who's in a similar business, the same business, even better, maybe they're in a different state, take them to dinner, go take a drive to see them. And have them talk to you about what issues they've run into.

You don't need to reinvent the wheel every time. If someone's in a similar business or even just an entrepreneur, in general, pick their brain, because they're going to run and made some of these mistakes before and you can avoid them.

-Now, the third step I want to give you is that once you've done this, you're going to have to just emotionally and mentally come to grips that at some point you're going to violate some law accidentally.

-Yes.

-And when you do, you just want to own it. Find out what you did wrong. Try to make it right, pay the fine, pay the fee, learn, chalk it up as a learning experience. I mean, that's what you have to do.

-Yes.

-And Wes, I appreciate you for being here. And as always, I just really look forward to suing you.

-I can't

wait.

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