Expanding Business to New Arenas.

Every entrepreneur contemplates new business ventures in hopes of either expanding an existing business or starting something entirely new. Whether in the formation of a business, day-to-day operations, or plans of expansion, it is important to consult an attorney to ensure the necessary steps are taken.

The city of Minneapolis has expanded mobile food vending opportunities with intent to open more neighborhood locations. The city requires the food vendors to have an annual license as well as abide by other operating requirements. Additionally, the city council also adopted the urban agriculture plan which encourages individuals to grow food locally for both consumption and profit.

An entrepreneur looking to explore a new business venture must consider which, if any, city ordinances will affect the operation of their business. If there are ordinances that govern their business venture, the business owner must ensure they are in compliance. The city’s ordinances include various licensing requirements and zoning restrictions that govern several aspects of the operation of a business. For this reason, an entrepreneur should confer with an attorney to make sure their business complies with any relevant ordinances.

For a closer look at the City council’s recent approval of mobile food vending opportunities as well as the adoption of the urban agriculture plan, follow the link below for an article from the Star Tribune.

http://www.startribune.com/local/minneapolis/119954794.html

Also, to see some of the local restaurants that will have food trucks hitting the sidewalks, take a look at this article from the Star Tribune.

http://www.startribune.com/lifestyle/taste/blogs/120411814.html

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The “Scoop” on St-Paul Based Company

Here is a great example of a transaction which occurs in our daily business world.  Even for small businesses this story can illustrate the fundamentals of a transaction.

Established in 1914, Kemps’ current owner HP Hood has entered into an agreement with one of the nation’s largest dairy cooperatives, Dairy Farmers of America, for the purchase of the company. As a cooperative, Dairy Farmers of America is an organization/enterprise owned by those who use its services.

The fundamental acquisition purchase agreement consists of two components that work together to finalize a deal. First, the actual purchase agreement details the agreement between the parties. Second, ancillary documents serve to support and effectuate the purchase agreement. Consultation of an attorney is crucial to the purchase process.

Generally, the purchase agreement (1) describes the business to be purchased and the transaction between the parties; (2) provides a schedule to closing; (3) defines the closing conditions; and (4) assigns/allocates risks in the transaction between the parties. An attorney will ensure that the agreement contains the necessary provisions and help the transaction proceed smoothly.

For the brief history of Minnesota’s prominent ice cream brand and its current agreement with Dairy Farmers of America, take a look at the article in the Star Tribune by following the link below.

http://www.startribune.com/business/119851589.html

Redevelopment of Historic Minneapolis/Saint Paul Brings Life to Foreclosure Property

Several historic buildings in the Metro area are being redeveloped into residential and commercial space. An example is the Pillsbury A Mill which had been sitting in foreclosure for a period of time but was recently bought in a sheriff’s sale with plans for redevelopment.

Whether for a large scale redevelopment project or a small family-owned business space, right now is the time to consider purchasing property.  There are a large number of properties in foreclosure. A buyer of foreclosure property can often receive a low price for the property at the Sheriff’s sale. Also, if the property is owned by the bank, also known as REO (Real Estate Owned by Lender), the bank is motivated to sell the property and will often negotiate the price. It is important to consult an attorney before proceeding with a purchase of property.

The purchase of foreclosure property from a Sheriff’s sale is accompanied by a number of risks. A purchaser of foreclosure property runs the risk of other mortgages on the property as well as encumbrances and liens that affect marketable title, such as a tax lien. The purchaser also runs the risk of the mortgage-debtor or junior creditors redeeming the property during the statutory redemption period. If you are looking to purchase property, contact your attorney to ensure that you are aware of any risks that may be involved.

For a closer look at the redevelopment plans for the riverfront Pillsbury A Mill property, follow the link below from the Star Tribune.

http://www.startribune.com/business/119370504.html