Business RadioX ®

  • Home
  • Business RadioX ® Communities
    • Southeast
      • Alabama
        • Birmingham
      • Florida
        • Orlando
        • Pensacola
        • South Florida
        • Tampa
        • Tallahassee
      • Georgia
        • Atlanta
        • Cherokee
        • Forsyth
        • Greater Perimeter
        • Gwinnett
        • North Fulton
        • North Georgia
        • Northeast Georgia
        • Rome
        • Savannah
      • Louisiana
        • New Orleans
      • North Carolina
        • Charlotte
        • Raleigh
      • Tennessee
        • Chattanooga
        • Nashville
      • Virginia
        • Richmond
    • South Central
      • Arkansas
        • Northwest Arkansas
    • Midwest
      • Illinois
        • Chicago
      • Michigan
        • Detroit
      • Minnesota
        • Minneapolis St. Paul
      • Missouri
        • St. Louis
      • Ohio
        • Cleveland
        • Columbus
        • Dayton
    • Southwest
      • Arizona
        • Phoenix
        • Tucson
        • Valley
      • Texas
        • Austin
        • Dallas
        • Houston
    • West
      • California
        • Bay Area
        • LA
        • Pasadena
      • Colorado
        • Denver
      • Hawaii
        • Oahu
  • FAQs
  • About Us
    • Our Mission
    • Our Audience
    • Why It Works
    • What People Are Saying
    • BRX in the News
  • Resources
    • BRX Pro Tips
    • B2B Marketing: The 4Rs
    • High Velocity Selling Habits
    • Why Most B2B Media Strategies Fail
    • 9 Reasons To Sponsor A Business RadioX ® Show
  • Partner With Us
  • Veteran Business RadioX ®

Decision Vision Episode 140: How Do I Select an Attorney? – An Interview with Juliana Neelbauer, Drew Eckl & Farnham, and Jackie Hutter, The Hutter Group

October 28, 2021 by John Ray

Attorney
Decision Vision
Decision Vision Episode 140: How Do I Select an Attorney? - An Interview with Juliana Neelbauer, Drew Eckl & Farnham, and Jackie Hutter, The Hutter Group
Loading
00:00 /
RSS Feed
Share
Link
Embed

Download file

Attorney

Decision Vision Episode 140:  How do I Select an Attorney? – An Interview with Juliana Neelbauer, Drew Eckl & Farnham, and Jackie Hutter, The Hutter Group

Two seasoned business attorneys joined host Mike Blake to discuss factors one should consider when choosing an attorney. Juliana Neelbauer and Jackie Hutter addressed how to find the right fit, setting expectations for the engagement, why the heavily promoted website ratings you see are misleading, why an Ivy League law degree doesn’t guarantee you’ll receive the counsel you’re looking for, and much more. Decision Vision is presented by Brady Ware & Company.

Juliana Neelbauer, Senior Attorney, Drew Eckl & Farnham

attorney
Juliana Neelbauer, Senior Attorney, Drew Eckl & Farnham

Juliana Neelbauer is a senior attorney who is the outside general counsel for companies that are product- or SaaS-centered, or IP-driven and that work with data and sensitive information in highly regulated industries. Her practice leverages her insights in cybersecurity, data management and analytics, government contracting, fintech, consumer-web, enterprise-software, health care delivery, medical products, supply chain, film, and political action sectors. She handles the full lifecycle of her clients’ needs including venture capital or private equity rounds, subsidiary formation, contract or governmental compliance, licensing, international transactions, and mergers and acquisitions. She is known as an attorney who brings an operator’s mindset, a technologist’s know-how, and an executive’s strategy to her client’s legal concerns.

Prior to joining Drew Eckl & Farnham’s Atlanta office, Juliana was the chief operating officer of Ad Hoc LLC. Ad Hoc is a Maryland-based mid-market federal contracting company that builds custom web portals that deliver government services to millions of Americans. Juliana oversaw the scaling of Ad Hoc from a 2-person small business to a 90-employee mid-market prime contractor with a 10x increase in revenues within a 14-month period.

Juliana started her career in software and business operations, founded two high-growth companies, and has overseen the scaling of many startups and mid-market companies in the tech industry before building a technology-focused law firm in the DC-metro area. She was born in Decatur and after more than 18 years away from the State, she was happy to return with her husband and daughter in 2017 to build the Drew Eckl & Farnham technology law practice in Georgia.

LinkedIn | Twitter

Drew Eckl & Farnham

Drew Eckl & Farnham is a full-service law firm that offers deep litigation experience, strategic corporate and transactional counsel, and practical legal advice to companies, individuals and families. Their approach to practicing law is to resolve each new legal matter as expeditiously and efficiently as possible. They strive to propose a legal strategy that directly correlates with the risks involved.

Powered by their diversity, innovation, and commitment to the communities in which they work, Drew Eckl & Farnham has grown to more than 100 attorneys in Atlanta, Albany and Brunswick, Georgia and serves local and national clients throughout the Southeast.

Company website

Jackie Hutter, Principal, The Hutter Group, LLC

Attorney
Jackie Hutter, Principal, The Hutter Group

Jackie Hutter has been recognized for each of the last 8 years for her innovative insights in creating value from IP Strategy with the peer-awarded Top Global IP Strategist by Intellectual Asset Magazine. Ms. Hutter’s IP Strategy clients have been varied, and include a Fortune 500 consumer hardware company, a large alternative energy company, several funded medical device ventures and dozens of startup companies with diverse technology offerings.

From 2011-2015, Ms. Hutter also served as the CEO of a startup battery-related company, which has provided her with a unique vantage point among her experienced colleagues about what it means to work with counsel to generate the critical IP necessary to prevent competitors from “knocking off” the innovator’s technology. Her experience extends beyond the IP realm: she frequently handles contracts and related matters for her clients, especially those relevant to clients’ IP rights.

LinkedIn

The Hutter Group, LLC

The Hutter Group, LLC is an IP and legal strategy consultancy. As Principal, Ms. Hutter advises C-Level executives on how to create and enhance return on innovation investment.

They apply decades of experience in IP and business to identify the right IP strategy for your company. They don’t just dive into the technical aspects of your innovative product or technology to generate a patent application for you. Instead, they start with understanding your customers and how your competitors will react to your success. Their goal is to make it cheaper for someone who desires access to your innovation and customers to go through you than around you.

As IP Strategy consultants, they make their living helping you attain your business goals by providing IP solutions that allow you to achieve your desired revenue or exit. Only then do they start down the patent path.

In short, they won’t tell you to spend money on IP just because you can, but because you should.

Company website

Mike Blake, Brady Ware & Company

Mike Blake, Host of the “Decision Vision” podcast series

Michael Blake is the host of the Decision Vision podcast series and a Director of Brady Ware & Company. Mike specializes in the valuation of intellectual property-driven firms, such as software firms, aerospace firms, and professional services firms, most frequently in the capacity as a transaction advisor, helping clients obtain great outcomes from complex transaction opportunities. He is also a specialist in the appraisal of intellectual properties as stand-alone assets, such as software, trade secrets, and patents.

Mike has been a full-time business appraiser for 13 years with public accounting firms, boutique business appraisal firms, and an owner of his own firm. Prior to that, he spent 8 years in venture capital and investment banking, including transactions in the U.S., Israel, Russia, Ukraine, and Belarus.

LinkedIn | Facebook | Twitter | Instagram

Brady Ware & Company

Brady Ware & Company is a regional full-service accounting and advisory firm which helps businesses and entrepreneurs make visions a reality. Brady Ware services clients nationally from its offices in Alpharetta, GA; Columbus and Dayton, OH; and Richmond, IN. The firm is growth-minded, committed to the regions in which they operate, and most importantly, they make significant investments in their people and service offerings to meet the changing financial needs of those they are privileged to serve. The firm is dedicated to providing results that make a difference for its clients.

Decision Vision Podcast Series

Decision Vision is a podcast covering topics and issues facing small business owners and connecting them with solutions from leading experts. This series is presented by Brady Ware & Company. If you are a decision-maker for a small business, we’d love to hear from you. Contact us at decisionvision@bradyware.com and make sure to listen to every Thursday to the Decision Vision podcast.

Past episodes of Decision Vision can be found at decisionvisionpodcast.com. Decision Vision is produced and broadcast by the North Fulton studio of Business RadioX®.

Connect with Brady Ware & Company:

Website | LinkedIn | Facebook | Twitter | Instagram

TRANSCRIPT

Intro: [00:00:03] Welcome to Decision Vision, a podcast series focusing on critical business decisions. Brought to you by Brady Ware and Company. Brady Ware is a regional, full-service, accounting and advisory firm that helps businesses and entrepreneurs make visions a reality.

Mike Blake: [00:00:22] Welcome to Decision Vision, a podcast giving you, the listener, clear vision to make great decisions. In each episode, we discuss the process of decision making on a different topic from the business owners’ or executives’ perspective. We aren’t necessarily telling you what to do, but we can put you in a position to make an informed decision on your own and understand where you might need help along the way.

Mike Blake: [00:00:43] My name is Mike Blake, and I’m your host for today’s program. I’m a director at Brady Ware & Company, a full- service accounting firm based in Dayton, Ohio, with offices in Dayton; Columbus, Ohio; Richmond, Indiana; and Alpharetta, Georgia. My practice specializes in providing fact-based strategic and risk management advice to clients that are buying, selling, or growing the value of companies and their intellectual property. Brady Ware is sponsoring this podcast, which is being recorded in Atlanta per social distancing protocols.

Mike Blake: [00:01:13] If you would like to engage with me on social media with my Chart of the Day and other content, I’m on LinkedIn as myself and @unblakeable on Facebook, Twitter, Clubhouse, and Instagram. If you like this podcast, please subscribe on your favorite podcast aggregator, and please consider leaving a review of the podcast as well.

Mike Blake: [00:01:33] So, with this podcast, we’re taking a little bit of a different take on Decision Vision. The overwhelming majority of the Decision Vision podcast topics are framed as a binary, should I do X or should I not do X? Or should I do X versus should I do Y? And some time ago, in an idle moment, it occurred to me that that’s not the only kind of decision that you, the audience, are faced with.

Mike Blake: [00:02:03] You may make a decision to proceed, but then there’s another kind of decision where you then must select. You make a decision that, yes, I’m going to eat out. You arrive at the restaurant and then you are generally presented with the menu. Although, now I guess a lot of them give you a QR code and you have to squint on your phone, which I hate, and I hope that goes away.

Mike Blake: [00:02:24] But I’m going to kind of test out a series of these topics because I do think there’s some value to them for, what I call, sort of a second order decision. You know, we’ve decided to do X, how do we proceed? Because that how do we proceed, typically, involves, again, a choice among various alternatives of how to proceed.

Mike Blake: [00:02:46] And so, today’s podcast topic is actually sort of going Back to the Future, if you will, and you’ll understand why in a second as I introduce our guests. But today’s topic is, How do I select an attorney? And most of us, at some point in our lives, are going to have interactions with and rely upon the advice provided by legal counsel. And that advice may be in a transaction, maybe in contract law, employment law, intellectual property law, you name it. There’s a law out there and there’s an attorney out there who wants to be your advisor and provide that advice.

Mike Blake: [00:03:27] And it occurs to me that it’s not all that easy to select an attorney, not for lack of them. There’s certainly an ample supply of attorneys in the United States who are, again, happy to become your advisor and counselor. But you can be overwhelmed with those choices. And unless you kind of have a legal background or you hang out in the legal community, how do you make an informed decision as to the right person, or the right firm, or some combination of the two to represent you?

Mike Blake: [00:04:05] And, you know, because attorneys provide such critical advice, it’s important that that’s a decision that you make correctly because bad advice or a bad relationship with an attorney that causes you, maybe, to not listen to their advice and not act on their advice can undermine what might have been a good decision to retain legal counsel in the first place.

Mike Blake: [00:04:30] So, we’re having sort of a panel discussion today or a tag team, if you will. And we have two guests today, both of whom are alumni of the Decision Vision podcast. In no particular order other than looking at them on the screen, first is Juliana Neelbauer, who is Senior Associate at Drew Eckl & Farnham, which is a law firm here in Atlanta. They’re a full-service law firm that offers deep litigation expertise, strategic corporate and transactional counsel, practical legal advice to companies, individuals, and families.

Mike Blake: [00:05:03] Juliana focuses her practice on virtual general counsel for for-profit, nonprofit, charitable trade organizations, and high net worth individuals and families, which hail from consumer technology, commercial technology, healthcare, industrial supply chain – boy, that’s a mess – finance, government contracting, and political action industries.

Mike Blake: [00:05:23] Also joining me today – talking about Back to the Future – is the host/victim from the Inaugural Podcast. I think back to, like, Star Trek when they had Christopher Pike as the captain, Jackie Hutter was the first guest ever on the podcast to talk about should I get a patent. And incredibly enough, she’s agreed to come back on.

Mike Blake: [00:05:48] And Jackie has been helping innovators capture the value of their ventures at the Hutter Group since 2008. During this time, and probably not coincidentally, Jackie has been named by her peers as a Top Global IP Strategist for I don’t know how many years now. I don’t know, it’s got to be at least a decade. Every time I open up LinkedIn, she’s named like another top IP something or other.

Mike Blake: [00:06:09] For several years, Jackie took a break from the law as CEO of a startup technology company where she experienced entrepreneurship from the inside, which gives her a unique perspective among patent experts. Prior to striking out on her own, Jackie was a senior intellectual property lawyer at Georgia Pacific and a shareholder at an Atlanta intellectual property law firm.

Mike Blake: [00:06:31] She started her non-legal career as a research scientist in the innovation group of a hair and skin product company. She lives in the Decatur area in a groovy mid-century house with her husband. Far too many pets, and we may hear one of the dogs barking in the background today for no extra charge. And she has two daughters in college. Juliana and Jackie, welcome back to the program.

Jackie Hutter: [00:06:52] Thank you.

Juliana Neelbauer: [00:06:54] So glad to be here.

Mike Blake: [00:06:59] So, here’s a question I want to jump in, and we could almost talk an hour on this one topic, but we’ll just sort of see how this goes. My question is, how do people end up with bad lawyers or at least lawyers that are a bad fit for them? As I said, there’s no shortage of lawyers out there. There’s no shortage of information. You can find out about them, whether they wanted to be found out or not. But, nevertheless, we all encounter scenarios in which we have clients, contacts, friends that are frankly unhappy with their legal counsel, and sometimes they feel trapped in that relationship. In your mind seeing it from the semi-inside, how does that happen?

Jackie Hutter: [00:07:42] Well, I thought about this on the way to drop my daughter’s really awful car at the car mechanic this morning. And the reason why people end up with bad lawyers is the same reason why so many people end up with bad mechanics. They just don’t know what they’re looking for. And, usually, you know, the good news is, it doesn’t really matter because it’s a pretty simple thing. It doesn’t take a whole lot of skill. It takes some skills. It take some expertise. But it doesn’t take a whole lot of expertise.

Jackie Hutter: [00:08:16] But in the case of my auto mechanic – who I adore, by the way – I learned about him from a very dear friend who was himself a car mechanic. And he doesn’t fix his own cars anymore and he happened upon this gentleman’s business. But, importantly, my good friend who introduced me to this car mechanic collects vintage cars. He has a Jensen, and he doesn’t take his Jensen to our car mechanic because he knows that our car mechanic is not qualified to fix a Jensen.

Jackie Hutter: [00:08:52] And my point there is that, sometimes you need a skillset that is really, really hard to find. And not only do you not know what the general skillset is for something but, again, it won’t matter. But if you need something very, very specialized and you don’t know, and you’re likely not going to know, you’re not going to know whether the guy on the other side of the counter knows how to fix that or not, because it’s probably pretty likely that they’re going to say, “Oh, yeah. I can fix this.”

Jackie Hutter: [00:09:24] And when you end up with a with a Jensen, if you will, that’s currently worth $100,000 and then they screw up the wiring on that, it is not worth $100,000 anymore. You’re going to be pretty upset but the damage done and did.

Jackie Hutter: [00:09:41] Now, I think it’s just the nature of the specialty. You could talk about that with any number of other specialties. Doctors, sometimes you just have a broken bone and it’s pretty easy. But sometimes it’s something more serious. And you hope and you should expect that the doctor, he or she, is going to recognize that they are really qualified to do what needs to be done. But a lot of times they don’t.

Mike Blake: [00:10:14] So, in your case, you benefited in your mechanic story. You benefited from the adage that if you want to catch a jewel thief, hire a jewel thief.

Jackie Hutter: [00:10:23] Yes.

Mike Blake: [00:10:24] And, actually, I’m going to come back to that because I do think there are resources that at least purport to sort of be that higher jewel thief to catch a jewel thief. We’ll get there. Juliana, anything that you want to add to that discussion?

Juliana Neelbauer: [00:10:37] Of course, I have something I want to add to that. I’m a lawyer, I love to talk. But, also, because, quite frankly, the reason why I am sitting in this seat and in this role in life, the reason why I went back to law school, was because I personally felt this pain of how do you find the right lawyer and then having a lawyer that you’re not really happy with. And after having that experience in my own businesses, I regretfully shared it with some other technology company owners and discovered, “Oh, I shouldn’t be embarrassed about this. We’re all suffering this fate or a large number of us are.”

Juliana Neelbauer: [00:11:16] And I thought at the time, “Well, this is just a market inefficiency or a gap that needs to be filled.” And so, perhaps foolishly, I left the tech industry, and went back to law school, and put up a shingle, and started serving my management consulting clients with legal services as an attorney in my own firm. And I’m still doing it, so I guess it’s a good sign. And I was trying to solve some of that problem.

Juliana Neelbauer: [00:11:45] But to Jackie’s point, being an industry specialist and who could also provide legal specialty for that industry so that I had deep understanding of your transactions, of your business models, but also of the law that you needed to then overlay on top of that.

Juliana Neelbauer: [00:12:02] But, in addition to all of that, I think it comes down to, now that I’ve been in the seat for a while and I see it from the other side, I think that the client has just given very limited education about the different types of lawyers that are out there, what they can actually do for you. And so, the expectations that they bring versus the expectations, quite frankly, that the lawyer has when you are starting an engagement, the time is rarely spent to truly vet that those are aligned because, yeah, you need a specialist.

Juliana Neelbauer: [00:12:42] But sometimes I find in my practice, half of my clients I would guess, come to me because of my IP/specifically technology industry or product driven experience. And so, they initially come to me with an IP related question, a licensing question, a commercialization question, and that’s all they really want. But then, very quickly, we discover that all of the other aspects of their business that an outside general counsel can provide maybe are even more of what I end up doing for them over time than what they initially came for me as a specialist for.

Juliana Neelbauer: [00:13:17] And so, I think we have to put it on the lawyers that we don’t do a great job of making sure that our clients understand what we really can do. And that’s also outcomes, to Jackie’s point, like, I think people expect that by hiring a lawyer and making that investment, there should be almost like a guarantee and an outcome that’s better than what they could have had on their own. And in many cases, that is the case. But, you know, what is that spectrum of possibility and then also what is the style of communication and working styles like every other human being.

Juliana Neelbauer: [00:13:55] Your lawyer is a part of your team. It’s like hiring a co-founder. And if you don’t think of it that way, if you think of your lawyer as just sort of another vendor that you’re plugging in and out, you’re probably not getting the most value out of them. But you could be. It’s an inefficient relationship. But, also, you’re much more likely to have that feeling of dissatisfaction because you’re not giving them as much information, they’re not giving you as much. And if your communication styles aren’t aligned, what you want delivered to you is not expressed clearly. And then, if they don’t express to you how they’re going to deliver the work so that it’s most useful to you, I think you’re going to be pretty unhappy or, at least, not thrilled.

Jackie Hutter: [00:14:37] And I just have a quick follow up to what Juliana said. The question is, is your lawyer solving a problem or is this lawyer solving your problems? And a lot of lawyers like to solve problems and get their joy, get their pay for solving problems. But they may have very little to do with what your real problems are as a business.

Juliana Neelbauer: [00:15:02] That’s an excellent point. I think Jackie, by the way, I mean, giving her a shoutout, I love sharing this time with her because I refer a lot of clients to her, because I know that she’s not just going to solve a patent problem, but the client specific one. And that is a huge distinction, and so I’m a better lawyer to my client and they’re happier with me when I refer them to someone like Jackie. And I had the gumption to do that as well.

Jackie Hutter: [00:15:29] Right back at you. Right back at you.

Mike Blake: [00:15:31] So, Juliana, you mentioned something in passing, I actually think it warrants a little bit of expansion. So, if you don’t mind, I’d like to pause a bit on that. And I’d love Jackie to comment as well. You talked about a scenario under which maybe an attorney is brought into the team for an initial task. And then, that task develops into a relationship. And, therefore, the spectrum of problems that the attorney is going to address will become broader and the relationship will become deeper.

Mike Blake: [00:16:06] And it strikes me that maybe that is perhaps an example of best practices of how to hire an attorney, to try to figure out a model of, instead of just sort of like a mail order bride kind of thing where you’re getting married sight unseen, can you have a date or two to see if you actually like each other before you really kind of dive in and commit to a massive relationship? Does that make any sense?

Juliana Neelbauer: [00:16:35] It does. And that is almost always the way it starts. Maybe two clients, three, who come to me and said, “You’re going to be our outside general counsel immediately and you’re going to handle everything.” It’s usually a discrete project. Now, the reason why I think that is, is partly fee fear. And that’s a whole another reason, which is the 800 pound gorilla in the room for why people are unhappy with their lawyers. And we definitely need to talk about that some more.

Juliana Neelbauer: [00:17:04] And I think in those cases where it was the case, it was because also critically, I was referred. Or in effect, they knew my work quality, and my work product was going to be good, and they had their expectations set as far as how that would be delivered from another attorney or another professional who could speak to that. Or they actually observed my work product because they saw me in action in a different context, either through mentoring at university or teaching at a university, collaborating with someone else’s project where I wasn’t their counsel and then they wanted me as their counsel.

Juliana Neelbauer: [00:17:38] And so, again, when we live in this world where it’s very difficult to evaluate lawyers or even just assemble the collection of those who are available in a specialty so that you can begin to search them properly, I think it’s really important that you look for folks who you can observe their skill, their expectation of how they want to work, how you want to work with them, and their working style. You know, how they deliver work and how they communicate ahead of time, if possible.

Juliana Neelbauer: [00:18:10] And I know most of the time you have an urgent fire and now we’ve actually got to hire a lawyer. And so, there’s a rush and you don’t have that. And so, in that case, even more, I would say if it’s an attorney who is referred by another attorney, that’s a very good sign, in my opinion.

Jackie Hutter: [00:18:26] What I’d like to say is, it’s just as important for me to love my clients. And I had spent a lot of time, and I’ve actually worked very hard at making sure that the folks who are going to work with me, it’s going to be a good fit. Because if it’s not a good fit, they’re not going to be happy and I’m not going to be happy.

Jackie Hutter: [00:18:46] So, I’ve created an intake system where I get to know people. I make sure that they’re the right people for my practice because I have a very bespoke, different type of practice. But the reason I learn that is through, you know, real, not very comfortable experiences. I woke up as an equity partner in a law firm where I was being paid hundreds of dollars an hour and more money than I’ve ever made in more than 15 years ago when I left that position.

Jackie Hutter: [00:19:18] And I woke up one day and I said, “I have nothing in common with my clients. We don’t really click. And yet they were paying me ridiculous amounts of money, and neither of us liked each other.” And that’s no shade on them, that’s no shade on me, but it was not a good fit from that standpoint. And, yet, because I was working at a law firm with massive overhead, associates reporting to me, all the stuff that goes along with that, my business model did not allow me to say, “You know what? You need to go somewhere else because this is not a good fit.” And that creates unhappy clients, unhappy lawyers, and it becomes a cycle that’s really, really difficult to extricate yourself from.

Mike Blake: [00:20:08] So, I want to stick on that point, too, because I think that’s really important. I don’t know if it’s right or wrong, but I can say as a matter of my practice, I do make clients in a way sell themselves to me. I make them jump through hoops to make sure that I think it’s a good fit. It’s sort of a life’s too short thing. And I also don’t want to have a bad outcome because there’s just a bad fit. I don’t want that on my record basically, right? And I suspect that both of you do the same thing in some fashion or another.

Mike Blake: [00:20:41] And to somebody listening now, going back to the topic how do you choose a lawyer, is it a red flag if I’m a client and I call an attorney up and I say, “Hey, I need this done. They say, “Ok, I’ll send over an engagement letter.” No conversation. No hoops to jump through. No prequalification. Not even any hint of a client acceptance process if you’re a larger firm. Is that in itself a red flag? Like, “Geez, really?”

Juliana Neelbauer: [00:21:10] Yeah, 100 percent. Like, I’m going to go back and say it again because I think it’s worth repeating, you know, it’s like hiring a co-founder. It’s like hiring another C-suite operator of your company. And so, to Jackie’s point, yeah, you got to get along. And in her case, love her clients, which is why I love referring mine to her. But, also, you’re going to be in the trenches.

Juliana Neelbauer: [00:21:33] By the way, my clients and I joke that when they hire me, they expect me not only to live a long time, but to outlive them, because they don’t want to have to go find another lawyer if I die before them. So, I’ve got to be a lawyer forever and I’ve got to do it longer than they’re going to be alive. And so, you know, as a result, like this is a long term relationship.

Juliana Neelbauer: [00:21:53] I have many clients now that has exits from companies. Some had companies that didn’t work out. And I will stick with those founders in different contexts for years and years and years. And so, is that worth an extra hour, an extra 30 minutes of discussion upfront? I think so. I don’t know about you. I wouldn’t want to get married to somebody – going back to your analogy, Mike – that I hadn’t had at least a 30 minute worthy conversation. When you don’t do that, both sides are treating this like a purely transactional relationship. And that is the fiction. This is a deep relationship over time.

Jackie Hutter: [00:22:32] So, to Juliana’s point, I tell clients and any potential new client, that contacts me, I make sure that in our initial call, I say, “You know what? You’re not going to hear this from any other lawyer I know.” Maybe Julianna, because I have done an intake with her. I say, “I will always tell you the truth, even though you don’t want to hear the truth. And I will always treat your money like it’s my money. And if that’s not, if that’s not something you want, if you want somebody to say yes to you all the time, somebody who makes you comfortable -” which is, effectively, what I was required to do when I was an equity partner at a law firm, I couldn’t make my clients uncomfortable because – oh, my gosh – if they’re uncomfortable, if I cause them any kind of like, “I think maybe we should try something different,” they might go down the street to another expensive law firm.

Jackie Hutter: [00:23:23] Because in actuality, there was really no competitive differentiation between what I was doing and any number of expensive law firms that also existed in the city – I have a federal practice. I’m a patent lawyer – but throughout the country.

Mike Blake: [00:23:39] So, let me change gears here. If you look at most law firm websites and the bios, this is changing a little bit, I think, to be fair. But it hasn’t changed enough, in my view. An attorney’s academic credentials are very much front and center. And I’d like to get both of your viewpoints, how important should the brand name of the school – you never know if that person graduated top or bottom of their class – how much should the name of the school matter in terms of selecting who an attorney is going to be?

Jackie Hutter: [00:24:17] You’re asking somebody who went to a fourth tier law school in another city that had the same name of a law school here in Atlanta that wasn’t accredited. My resume went into the circular file of every law firm that I applied to. And I was at the top of my class. I had all kinds of rewards or whatever. And bottom line is, I went to a really good school for where I lived in Chicago, but nobody knew it outside.

Jackie Hutter: [00:24:46] And I was fortunate enough to get brought in to a very prestigious law firm, working with a very prestigious lawyer/litigator at the time. And everything is history in that regard. But I can say that some of the least talented lawyers I have ever worked with and worked directly with went to some of the best law schools, unquestionably.

Jackie Hutter: [00:25:09] But how do you know that from the outside? At the end of the day, where you went school, often, is an infinity game. At least there’s some perspective. There’s some assumption that somebody else has done the filtering. And you have to worry about fewer things. But that requires you to have absolute confidence that the filtering was done correctly. And that’s irrational, if you ask me.

Juliana Neelbauer: [00:25:38] Thank you for saying that, Jackie. A hundred percent. Well, it’s a filter. But is that filter relevant to why you’re hiring the attorney? So, I went to, I’ll say, an upper mid-tier law school, University of Maryland School of Law. And I went to an Ivy League undergrad. And neither of those degrees are framed on my wall in my office because that’s how much I think they matter to my practice of law, by the way.

Juliana Neelbauer: [00:26:05] But I do agree that they do create an efficiency and a filter for those who need to quickly sort through a thousand lawyers. And it matters too. And why would that matter? If you are in the middle of a high stakes, a federal appeal, and the people who are going to determine the outcome of your issue, your problem, are people who care about that, it could be a useful tool to consider putting in the quiver or a useful arrow to put in the quiver to have an attorney who’s got a storied degree or background.

Juliana Neelbauer: [00:26:43] If you need someone to write your IP commercialization agreement for a specific type of software, I think a much better filter is whether that person understands that software or software in general, or commercialization of software in the world or commercialization at all in the jurisdictions where you’re looking at, or if they’ve ever had to think about the commercialization of a patent, in Jackie’s case, and how that actually plays into your business plan.

Juliana Neelbauer: [00:27:11] And so, I think it is perfectly relevant and reasonable if you’re looking to use the appellate system to change the law for your industry to try to get somebody who’s got the credentials that a federal judge would appreciate, who’s going to help adjudicate and determine the outcome of your appeal. But in most other cases, I think industry experience, I think the ability to mesh with you and your perspective as far as how legal services are going to be prioritized and delivered communicates well with you, has good rapport, and has just the raw skill to do the work is much more important.

Jackie Hutter: [00:27:49] And I would say from the standpoint of the business, you know, an entrepreneur that needs real world guidance in a way that somebody who’s a large corporation may not need that kind of guidance, you’re much more likely to find somebody with real world experience that went to a “lower tier law school” than went to one of the Ivies that may have had a job before, may have gone to school at night.

Jackie Hutter: [00:28:16] Because you’re not going to get somebody who went to GSU versus here in Atlanta if somebody went to Georgia State at night versus somebody who went to Emory. And you want them to to give you practical advice. And the reason why they went to GSU, Georgia State, at night was because they were working in a laboratory during the day to feed their family. In the patent world, that’s a big deal. Somebody who has actually got practical science experience so their law degree isn’t as “premier” as going to Emory. But the reasons they went to the lower tier school or indicative of their expertise as you need in context.

Mike Blake: [00:28:54] So, Juliana alluded to an image which I want to touch upon – so it’s great you’re basically doing my job for me – and that is starting off with a list of a thousand lawyers. And one way one might get a list of a thousand lawyers might be to look at the Martindale-Hubbell website ratings, that sort of thing. And I assume that’s still a thing. I actually didn’t look for this podcast, but I suspect it’s still out there. So, from people or industry insiders, definitionally industry insiders, how useful are those?

Juliana Neelbauer: [00:29:34] How many referrals have you gotten from those kind of sources, Jackie?

Jackie Hutter: [00:29:37] I don’t. A lot of them are business models of the folks that do the books. I was a Super Lawyer one year. I had no clue why I was named a Super Lawyer. But they sent me a solicitation, “Send us X number of dollars so you can have your pretty picture in the magazine that comes out every year.”

Mike Blake: [00:30:03] So, I want to come back to that.

Jackie Hutter: [00:30:06] There’s some criteria for reaching that point. But I actually don’t know what it is. Now, on my top IP global IP strategies or whatever, they do solicit an advertisement for me every year for several thousand dollars. I have never advertised and that has not affected my ability to be named every year. So, you know, it’s kind of a black box as far as I understand.

Juliana Neelbauer: [00:30:35] I would say I have the same experience. I mean, maybe I get like a spam email here, and I’m not sure if it’s a spam email with a referral from some of these places. But, honestly, that is not any part of my marketing or my business development pipeline at all. And so, if I was out in the world trying to find a lawyer – that’s either the Jackie or the Julianna or someone similar who I felt like would be a good fit – and I could bet they were quality, I think it’s kind of logical to go to your industry events. You could go to the legal committee or related industry events, but those are kind of adjacent. Those tend to be both people who care a lot about effecting legal protocol for your industry or are marketing themselves to other lawyers.

Juliana Neelbauer: [00:31:26] But if you go to the actual industry events or blogs and see which lawyers are actually engaged with your industry, and are present in it, and interacting with it, and accepted and embraced by it, I think you can get your hundred person list or even a five person list, and that five person list is going to probably be a lot more representative of who is doing the real work related to what you need done than the opposite.

Juliana Neelbauer: [00:31:52] I mean, if you just go to a podcast digest and put in patent law Georgia, Jackie Hutter’s podcast is going to come up and you’ll be able to listen to her work product, in effect, by listening to her talk about the specific issues that you care about. I think it’s a much better way to create a list.

Jackie Hutter: [00:32:12] And the neighborhood list serve, like so many of us have these days. And people ask, “I need an estate lawyer. Who would you hire?” I’m pretty sure that when I, as somebody who the neighbors know, is a senior lawyer says, “Yeah. I have used this person. And even though I’m not an estate lawyer, I like what they do.” I know nothing about estates and trust law, but I know somebody who’s handling my stuff, my things that are important to me, and I feel they’re doing a good job. The likelihood that they’re going to also do a good job for you is probably better. Not always the case, but I at least know who I would and wouldn’t recommend.

Jackie Hutter: [00:32:54] Because when I recommend somebody, my reputation is on the line. I consider my reputation to be on the line. Even though I don’t make any money from that but, still, people rely on me for my expertise, and it’s meaningful to me. So, I would ask people who are in the business who have gone farther along than you, and maybe had an exit or maybe had a situation, and they were happy with the result.

Jackie Hutter: [00:33:21] And, you know, Mike, you always like to say, what business result are you seeking to obtain from whatever decision you’re making? And so, look around for other people who have been through the entire process and see what their result was and whether or not they were happy with that.

Juliana Neelbauer: [00:33:40] Can we highlight that, what Jackie just said in particular. The part about it’s her reputation on the line, Mike, you said the same thing about taking in a client and that you want it to be a good relationship because, quite frankly, it’s going to hurt your reputation if it goes sideways. This is so important.

Juliana Neelbauer: [00:33:58] It’s not just, you know, reinforcing existing networks or cronyism to talk to other lawyers, or your accountants, or your wealth managers, or your community entity, or industry group leaders about who they like because they have that real world experience. And it’s their reputation on the line if they refer you to somebody who you’re going have a bad experience with.

Juliana Neelbauer: [00:34:21] And oh, by the way, for Jackie and I under certain jurisdiction interpretations of our ethical rules under the bar, when we refer someone to another service provider, particularly another lawyer, in some cases we can be liable for malpractice performed by that secondary attorney. Now, not in all cases, but in some cases you can. So, there’s that thin risk added on top of our reputational concern that all lawyers feel every time we make a referral to any other third party service provider for our clients. And I don’t know about you, I take that very seriously because you can’t control that other person’s actions. So, you’ve got to know from experience they’re going to do a good job.

Jackie Hutter: [00:35:03] I’m always very careful also telling somebody how I know somebody. I have worked with this person or they have actual knowledge of the work they’ve done or I met them and they seem like they know how to do it. But I’m not going to necessarily push into any real degree of knowledge about whether I know that they’re trustworthy or not.

Jackie Hutter: [00:35:27] And maybe that comes from the fact where I grew up. I’m from Miami, back in the bad old days, and everybody wanted to steal your money. So, what it was or do something else that was not good because, you know, it’s Miami watch Miami Vice, it’s actually worse in Miami Vice. It wasn’t as pretty. But in any event, you created your own networks and those weren’t who you went to church with or who you went to school with or anything, because you couldn’t trust anybody in an environment like that unless you really knew them.

Jackie Hutter: [00:36:01] And so, we created these very diverse networks of people, and the focal point of creating those networks was the canoe that they were trustworthy. And the reason they were part of your network is because they had been vetted by somebody else you trusted. And I treat every referral I have today like that. And I cannot attest to that. I’m absolutely honest and straightforward about that.

Mike Blake: [00:36:30] So, you touched on something that I need to make sure that I cover today. A big negligence for me as a podcaster if I don’t. And I’m probably going to put you ladies in the hot seat, but I know you can handle it. What is a Georgia Super Lawyer? What does that mean? If I’m a client and I see that somebody is a Georgia Super Lawyer or Super Lawyer someplace in their bio, and they shout it out on LinkedIn, I mean, does that say, “Man, I got to hire that person.” Do I have a cape?

Jackie Hutter: [00:37:03] This is a much funnier question than it was a year ago, because there’s now a guy who’s got a set of billboards – have you seen these, Juliana? At least they’re up on 85 on my way. Next time you’re going to go down the highway from your house, look at this. I’m sorry, we’re going sideways.

Jackie Hutter: [00:37:21] There’s a bunch of billboards by a lawyer who says he is the superlawyer.com, which is not a Super Lawyer, TM. Because a Super Lawyer is a trademark of the company. So, this guy, it’s like, how could he be the superlawyer.com but he’s not a Super Lawyer, TM. So, that’s indicative of the fact, it’s like, “You don’t know. I don’t know. Who knows?” It sounds like a trademark infringement suit to me.

Jackie Hutter: [00:37:56] But bottom line is, like I had alluded to before, I was a Super Lawyer. I have lots of friends who are Super Lawyers. You know, there’s some filtering mechanism that they get you. Juliana, you have more information on that.

Juliana Neelbauer: [00:38:12] Yeah. So, our firm looked into it, because there was, actually, a women’s law group said, “We should make sure that the women and the folks who are represented through the diversity committee are also participating in whatever it needs to be done to ensure that they can be nominated, if their own networks are not deep enough to nominate them.” And so, we looked into it.

Juliana Neelbauer: [00:38:34] And for Super Lawyers, unlike some others, you do have to create an account to nominate somebody so that you can get into their marketing pipeline as a lawyer. And it is only other lawyers nominate lawyers. You have to have multiple other lawyers nominate you and they can’t be from your firm. Maybe one or two, but you can’t. And as a nominator, you can’t just nominate everyone in your firm. For every person that you want to nominate in your firm, you have to nominate either one or two or two or three other lawyers.

Juliana Neelbauer: [00:39:04] And so, what is your motivation? I mean, there isn’t a lot of disincentive, again, to not just nominate a bunch of other people. Except for the fact that, again, if you do so, you’re on the record in some level and potentially there’s some liability there. But since this is through a pipeline and it’s not directly referring to a client, that’s less of a risk. I would say, there are some where it definitely feels much more pay to play.

Juliana Neelbauer: [00:39:28] Super Lawyers does, in fact, have a process where a certain number of other lawyers, more than two, have to nominate you and they can’t be from your firm. So, there’s less of an incentive to just nominate your own team. And so, that is not a perfect filter. It’s better. It is a filter, I think. I think it has some value.

Juliana Neelbauer: [00:39:50] Because, again, I just have a feeling from my experience that our jobs are hard. It’s very easy to make mistakes in the job that requires as a baseline you can perfect. Because think about it, if we aren’t perfect, that could lead to very bad outcomes for our client. And so, almost every lawyer could wince about thinking about moments in life and in practice where they haven’t been perfect. And often that happens in the context of performing in front of another lawyer who observed you being imperfect.

Juliana Neelbauer: [00:40:24] And so, to get another lawyer to want to say, “Yeah, this person is super” – and, oh, by the way, lawyers are very competitive – I think actually there’s some value to that. But beyond that, I think to my point, it is not a deep filter. It is a filter.

Jackie Hutter: [00:40:45] So, I don’t have a marketing budget and I haven’t been nominated for being a Super Lawyer since I was in a law firm. And the referrals that I get, typically, are from my own clients who are happy with what I do. So, presumably they think I’m a Super Lawyer, but it’s not in the context of some magazine that gets floated and it becomes marketing collateral that’s distributed, you know, in all kinds of press releases and stuff every year.

Jackie Hutter: [00:41:15] But more power to anybody whose name is Super Lawyer. Like, I have dear friends who were Super Lawyers. No shade on them. But if I was choosing a lawyer, you know, it wouldn’t be because they were a Super Lawyer.

Juliana Neelbauer: [00:41:26] That might be a great filter question when you’re interviewing a lawyer going to some of how do we workshop, your real question here, Mike. One of the questions that you could ask is, what percentage of your existing clients are referrals from your other clients?

Jackie Hutter: [00:41:42] That’s a good question.

Juliana Neelbauer: [00:41:43] And just even if they’re a young lawyer and they just haven’t had enough time to have it be that high of a percentage, it would be very informative for me as a potential client to hear that answer and how they address it.

Mike Blake: [00:41:54] I think that’s a fair question that probably has different degrees of relevance depending on what area of law. It’s probably okay if you’re seeking a personal injury attorney, it may be okay that you saw them on the side of a bus, because just the nature of that business or DUI kind of thing. I know that’s not your world. But you’re right, it does sound to me intuitive that a very fair question to ask is, where do most of your referrals come from?

Jackie Hutter: [00:42:25] So, Mike, you brought up the bus side, and this is something that’s very passionate about this. And I tend to drop a lot of criticisms to my fellow attorneys at times as you think you know. And this is not just buses, this is not just billboards, but this is any swag that you get. If your potential lawyer takes you to lunch, and gives you some swag, and takes you to baseball games or whatever, and you’re not a real client who’s delivering revenue to them now, recognize those billboards don’t pay for themselves. That swag doesn’t pay for themselves.

Jackie Hutter: [00:43:04] So, it’s a loss leader for them where they’re going to get that money back somehow, whether they’re going to beat it out of your hide or out of every client’s collective hide. But from my perspective, any time I see a law firm that is spending huge budgets on marketing in a way that does not result in substantive content for a client that lets them learn something to drive better decisions, that’s like a television commercial watching a primetime TV show.

Mike Blake: [00:43:43] Is it fair for a client to ask an attorney for specific references? Somebody that they could call and ask a client or previous client how happy they were with their work?

Jackie Hutter: [00:43:53] Absolutely. And a couple of years ago, there’s a very famous attorney – of course, I won’t say their name – who was a contact of mine. And asked that attorney for referrals, they were in the startup world and wanted to see whether they were a good patent expert, because they’re in all the startup shows. They’re everywhere. So, you know, it’s like you would think this would be the person that you would hire to do your startup patent work for you, very senior person in town.

Jackie Hutter: [00:44:22] And this patent person told my contact that it would be impossible to give the names of other clients that they had worked for because that would be a violation of attorney-client privilege. And I had never heard anything like that before. And I said, “Well, if they don’t want to introduce you to their existing clients and to satisfy clients, you, by then, can take a negative inference on that and assume that there are none.”

Mike Blake: [00:44:51] [Inaudible].

Juliana Neelbauer: [00:44:52] Oh, okay. Okay. Okay. I’m going to weigh in on that. So, I agree with everything Jackie said up to the very last inference there being such a broad brush. There are certain types of practice areas where the client that might be related to what you’re doing, in fact, might be needing some confidentiality because there’s an active litigation matter. And just the fact that they’ve hired this attorney, this fancy, well-known attorney could be very bad for their business

Jackie Hutter: [00:45:18] But in the patent world, your name is public record on the pad.

Juliana Neelbauer: [00:45:24] Yeah. So, I just don’t want that to be painted across all law. But not every single client, if they only have three clients or four in your industry, and they’re all new, and it’s a litigation attorney and a litigator, and so you need a reference. They should be able to give you some client reference or multiple, even if they can’t give you one that might be directly related your industry right now. And then, also, it’s information. You now know breaking into your industry is a more recent experience for that attorney because they aren’t currently in active litigation right now. And that usually means they’ve only had that kind of client for the last two-and-a-half years max. So, there are other attorneys that might have more experience in your industry. Maybe you should look around.

Mike Blake: [00:46:16] We are talking with Jackie Hutter and Julianna Neelbauer. And the topic is, How do I choose a lawyer? In the financial world, there’s often public record when people sort of have marks against them, whether it’s an official censure by an accrediting organization or a complaint filed with a regulatory agency. Is there anything similar that pertains to the legal profession where I could do my own background check and see if there have been any complaints filed, say, with the Bar Association or if there’s been a censure or anything just to at least do that that basic level of due diligence?

Juliana Neelbauer: [00:47:00] Yes. In fact, unlike other industries, there’s at least three places that you can search to see if your attorney has been subject to an unhappy client outcome. One of them is the the court system itself, where they can file a malpractice claim against the attorney. Another one is a grievance proceeding with the bar association. And if you’re not sure how to search for that, you can even call the bar association and they have clerks that will help you look that up. That’s a second resource for that.

Juliana Neelbauer: [00:47:28] And the bar one for the grievance is nice, because even if it doesn’t rise to a level where the client can afford to file a claim in court against their attorney, or it doesn’t rise level where they could show damages easily where they could file a claim in court, if they still have a legitimate ethical grievance with their attorney, they can file a grievance with the Bar Association.

Juliana Neelbauer: [00:47:48] And then, third is the Better Business Bureau. I mean, again, this is where I come back to, you know, we are vendors, we’re partners in your business, but we are running our own operations here. And so, you could certainly have consumers file unhappiness-es with the Better Business Bureau too. And Jackie are there others?

Jackie Hutter: [00:48:10] Yeah. But while practically speaking, however – and I have recent experience on this – we had an outside counsel for two of my clients. One was an entrepreneur, a small business. And another one is a fairly large company, well-known company. And outside counsel was doing work for us under my management. And who knows? Maybe he has a health issue, maybe he has a drinking problem, who knows? Because for a lot of lawyers, especially when you have time dependent things like litigation or you have dates, you expect your lawyer to report stuff to you and to give you the information, and, of course, respond, but also respond in a timely manner.

Jackie Hutter: [00:48:53] And in this case, we found out because no news was not good news in this case. And what ended up happening is, there was a clear pattern in retrospect that this lawyer was not maintaining ethical standards. Yeah, it was likely malpractice. But for both of these clients, the decision was just like, “Let’s just find somebody else and move on and mitigate the damage here.” Because I was managing things, we found that before there was real damage.

Jackie Hutter: [00:49:25] But what the effect was just, basically, let this guy off because he did things. It didn’t make sense for us to make a complaint, you know, because there really was no damage because we were able to stop that damage. But this guy is just going to go ahead and continue to whatever other health problem he has or drinking problem or whatever, whatever reason he’s not maintaining ethical standards.

Jackie Hutter: [00:49:51] And is he the equivalent of letting somebody drive a car without all his faculties? Maybe. But he’s not going to hit my client. He’s not going to hit me anymore. It’s an awful thing. But what do you do? And so, relatively speaking, just like with medical malpractice, there’s very few complaints made where there should be.

Juliana Neelbauer: [00:50:13] Although there are kind of legal industry gossip sources, too, that you could go to. Some of them are not very journalistic at all and potentially are defamatory. Others are, maybe, a little bit more balanced like Above the Law. Which, by the way, if you search for Jackie on Above the Law, all you’ll find is positive stuff about her.

Jackie Hutter: [00:50:40] Wait. Am I on Above the Law at all? I didn’t know I’m in Above the Law.

Juliana Neelbauer: [00:50:42] You are. You’re an IP Dealmaker listed on there in an article for winning an award as an IP dealmaker at the IP Dealmakers Forum.

Jackie Hutter: [00:50:51] That was a trivia contest.

Juliana Neelbauer: [00:50:54] Yeah. But you still get a plug. You get a plug on there. So, if you want to kind of see what might not have been filed, but it’s sort of like gossip – and it’s usually about a firm, not necessarily a specific attorney, unless a specific attorney does something very untoward – that is another source you could go to.

Juliana Neelbauer: [00:51:13] And Law 360 covers the industry, but it is more, I would say, always positive generally and not necessarily so much gossip. But it’s sort of like, again, dating and hiring anybody in your C-suite. It’s not always easy to know unless, again, you had this referred to you by one or more people in the field or people in your industry. And this is why I go back to, like, watch this person in action as much as you can, hear them in action, read them in action as much as you can.

Mike Blake: [00:51:45] We’re running overtime here, but if you can bear with me, I have a couple more questions I’d love to get through because I think they’re important. And one of them is, how would you advise somebody who’s retaining counsel but there’s a disconnect between either the reputation or just the general feeling between an attorney and the firm for whom they work? It could be a situation, maybe you like the attorney, but maybe you don’t love the firm so much. Or maybe it’s the opposite. Maybe you don’t love the attorney, but the firm has a reputation of being the “BEST FIRM IN TOWN, TM.” Do you try to reconcile those things? Do you run screaming if those two things are not aligned, you just sort of shuffle the deck and start over? Do you prioritize one or the other? How do you address that mentally?

Juliana Neelbauer: [00:52:41] Again, this relationship is really between you and the attorney for the long term. In my experience, the firm can make that relationship more or less fun based upon administratively, like how easy they make it to work without attorney or difficult. If that attorney is not empowered, unfortunately by their colleagues that they might work for, to work directly with you, and their colleagues are going to insert themselves in your work, and you don’t like those colleagues, you, as a client, have a lot of power to request who you want to work with and make that demand. And say, “I only want to work with so-and-so,” or “Not that person.”

Juliana Neelbauer: [00:53:21] And I had a client whose business model was in ESG space, and she was a female founder who was helping to fund other female founders. So, shoutout to EnrichHER and Dr. Roshawnna Novellus for what she has done and her success. And I’ve had clients in that space who come to me like her or others who have said, “I really want all of the attorneys who work on my project to meet diversity standards of the Mansfield Requirements -” which is a diversity standard, “-to represent my company.” And so, in some cases, “I want only female attorneys” or “I only want people who represent that on my case.” And in some cases, you can have quite a bit of power to get that outcome if the firm is willing to accommodate that and if it’s a legal request for you to make.

Jackie Hutter: [00:54:09] And then, also, if you’ve been assigned an attorney that you just don’t feel is the right fit for you, and if you like the managing attorney, I have no qualms with telling my primary IP or outside LP counsel, “No. I don’t want that person working on my stuff.” Or, “I just did not feel that they really were passionate about,” “They didn’t get me,” that kind of stuff, that’s not happening anymore and we need to find somebody else.

Juliana Neelbauer: [00:54:39] And, in fact, the bar rules make it very difficult, if not impossible, for a firm to place a non-compete so that the attorney can’t work with a specific client. Because it is so important in our judicial system and our justice system for the client to have that choice of who is going to represent them. And so, to Jackie’s point, you have the right to ask for counsel that you request, and need, and want. And if you don’t feel like you’ve got good representation, you have the right to request representation that you want.

Mike Blake: [00:55:17] So, ladies, we’re sort of out of time, but I know we didn’t get to all the questions that I wanted to. And there are probably other questions that we cover, but maybe somebody, a listener, would like to go into more depth or, hey, maybe somebody who listen to this wants to hire one or both of you guys, can they contact you for more information? And if so, what’s the best way to do that?

Jackie Hutter: [00:55:43] Well, for me, I’m at jackiehutter@gmail. And I also have a podcast, Winning with Patents (and IP), that’s now entering its second season. And I write a lot on LinkedIn, so look for me on LinkedIn. And if I sound like somebody you think might be fun and create value for you to work with, I’d love to hear from you.

Juliana Neelbauer: [00:56:05] Similar to Jackie, I’m pretty prolific on LinkedIn. I’m on Instagram. I’m on Twitter. I’m getting off of most of the Facebook products and may wind down my Instagram presence soon. But for the time being, I’m cemented there. So, you certainly can reach out to me there, neelbauerj – that last name is so long. You certainly are welcome to look at the show notes to get that email address. But neelbauerj@deflaw, D-E-F-L-A-W, .com is my email address. And I’m certainly always interested to talk to new potential clients, especially those that have heard me or seen me speak or write. And so, you know, seeing that work product, if this feels like a good communication style, I’m very interested in speaking with you.

Mike Blake: [00:56:53] That’s going to wrap it up for today’s program. I’d like to thank Jackie Hutter and Juliana Neelbauer so much for sharing their expertise with us.

Mike Blake: [00:57:01] We’ll be exploring a new topic each week, so please tune in so that when you’re faced with your next business decision, you have clear vision when making it. If you enjoy these podcasts, please consider leaving a review with your favorite podcasts aggregator. It helps people find us that we can help them. If you like to engage with me on social media with my Chart of the Day and other content, I’m on LinkedIn as myself and @unblakeable on Facebook, Twitter, Clubhouse, and Instagram. Once again, this is Mike Blake. Our sponsor is Brady Ware and Company. And this has been the Decision Vision podcast.

 

Tagged With: attorneys, Brady Ware & Company, business attorney, choosing an attorney, Decision Vision podcast, Drew Eckl & Farnham, Jackie Hutter, Juliana Neelbauer, Lawyers, Mike Blake, The Hutter Group

Decision Vision Episode 75: Should I Form a Benefit Corporation? – An Interview with Juliana Neelbauer, Drew Eckl Farnham

July 23, 2020 by John Ray

benefit corporation
Decision Vision
Decision Vision Episode 75: Should I Form a Benefit Corporation? - An Interview with Juliana Neelbauer, Drew Eckl Farnham
Loading
00:00 /
RSS Feed
Share
Link
Embed

Download file

benefit corporation

Decision Vision Episode 75:  Should I Form a Benefit Corporation? – An Interview with Juliana Neelbauer, Drew Eckl & Farnham

What is a benefit corporation, or B Corp, and why would I want to form one? What are the legal obligations of such an entity? Juliana Neelbauer of Drew Eckl & Farnham discusses these questions and much more with host Mike Blake. “Decision Vision” is presented by Brady Ware & Company.

Juliana Neelbauer

Juliana Neelbauer is a senior attorney who is the outside general counsel for companies that are product- or SaaS-centered, or IP-driven and that work with data and sensitive information in highly regulated industries. Her practice leverages her insights in cybersecurity, data management and analytics, government contracting, fintech, consumer-web, enterprise-software, health care delivery, medical products, supply chain, film, and political action sectors. She handles the full lifecycle of her clients’ needs including venture capital or private equity rounds, subsidiary formation, contract or governmental compliance, licensing, international transaction, and mergers and acquisitions. She is known as an attorney who brings an operator’s mindset, a technologist’s know-how, and an executive’s strategy to her clients’ legal concerns.

Prior to joining Drew Eckl & Farnham’s Atlanta office, Juliana was the chief operating officer of Ad Hoc LLC. Ad Hoc is a Maryland-based mid-market federal contracting company that builds custom web portals that deliver government services to millions of Americans. Juliana oversaw the scaling of Ad Hoc from a 2-person small business to a 90-employee mid-market prime contractor with a 10x increase in revenues within a 14-month period.

Juliana started her career in software and business operations, founded two high-growth companies, and has overseen the scaling of many startups and mid-market companies in the tech industry before building a technology-focused law firm in the DC-metro area. She was born in Decatur and after more than 18 years away from the State, she was happy to return with her husband and daughter in 2017 to build the Drew Eckl & Farnham technology law practice in Georgia.

You can connect with Julia by email, on LinkedIn, or on Twitter.

Drew Eckl & Farnham

Drew Eckl & Farnham is a full-service law firm that offers deep litigation experience, strategic corporate and transactional counsel, and practical legal advice to companies, individuals and families. Their approach to practicing law is to resolve each new legal matter as expeditiously and efficiently as possible. They strive to propose a legal strategy that directly correlates with the risks involved.

Powered by their diversity, innovation and commitment to the communities in which they work, Drew Eckl & Farnham has grown to more than 100 attorneys in Atlanta, Albany and Brunswick, Georgia and serves local and national clients throughout the Southeast.

Michael Blake, Brady Ware & Company

Mike Blake, Host of the “Decision Vision” podcast series

Michael Blake is Host of the “Decision Vision” podcast series and a Director of Brady Ware & Company. Mike specializes in the valuation of intellectual property-driven firms, such as software firms, aerospace firms and professional services firms, most frequently in the capacity as a transaction advisor, helping clients obtain great outcomes from complex transaction opportunities. He is also a specialist in the appraisal of intellectual properties as stand-alone assets, such as software, trade secrets, and patents.

Mike has been a full-time business appraiser for 13 years with public accounting firms, boutique business appraisal firms, and an owner of his own firm. Prior to that, he spent 8 years in venture capital and investment banking, including transactions in the U.S., Israel, Russia, Ukraine, and Belarus.

Brady Ware & Company

Brady Ware & Company is a regional full-service accounting and advisory firm which helps businesses and entrepreneurs make visions a reality. Brady Ware services clients nationally from its offices in Alpharetta, GA; Columbus and Dayton, OH; and Richmond, IN. The firm is growth minded, committed to the regions in which they operate, and most importantly, they make significant investments in their people and service offerings to meet the changing financial needs of those they are privileged to serve. The firm is dedicated to providing results that make a difference for its clients.

Decision Vision Podcast Series

“Decision Vision” is a podcast covering topics and issues facing small business owners and connecting them with solutions from leading experts. This series is presented by Brady Ware & Company. If you are a decision maker for a small business, we’d love to hear from you. Contact us at decisionvision@bradyware.com and make sure to listen to every Thursday to the “Decision Vision” podcast.

Past episodes of “Decision Vision” can be found at decisionvisionpodcast.com. “Decision Vision” is produced and broadcast by the North Fulton studio of Business RadioX®.

Visit Brady Ware & Company on social media:

LinkedIn:  https://www.linkedin.com/company/brady-ware/

Facebook: https://www.facebook.com/bradywareCPAs/

Twitter: https://twitter.com/BradyWare

Instagram: https://www.instagram.com/bradywarecompany/

Show Transcript

Intro: [00:00:02] Welcome to Decision Vision, a podcast series focusing on critical business decisions. Brought to you by Brady Ware & Company. Brady Ware is a regional full-service accounting and advisory firm that helps businesses and entrepreneurs make visions a reality.

Mike Blake: [00:00:22] And welcome to Decision Vision, a podcast giving you, the listener, a clear vision to make great decisions. In each episode, we discuss the process of decision making on a different topic from the business owner’s or executive’s perspective. We aren’t necessarily telling you what to do, but we can put you in a position to make an informed decision on your own and understand when you might need help along the way.

Mike Blake: [00:00:42] My name is Mike Blake and I’m your host for today’s program. I’m a director at Brady Ware & Company, a full-service accounting firm based in Dayton, Ohio. With offices in Dayton; Columbus, Ohio; Richmond, Indiana; and Alpharetta, Georgia. Brady Ware is sponsoring this podcast, which is being recorded in Atlanta for social distancing protocols. If you like this podcast, please subscribe on your favorite podcast aggregator. And please consider leaving a review of the podcast as well.

Mike Blake: [00:01:09] So today’s topic is, should I form a B Corporation? Sometimes also known or maybe more often known as a benefit corporation. And this topic has triggered, I think, simply because I find myself hearing about B Corps or benefit corps with increasing frequency. To be perfectly candid, I had never heard of one until about, I’m going to say, four or five years ago when I was retained to perform an appraisal of one that was a startup software company. And that’s the first time that I had encountered it.

Mike Blake: [00:01:52] And, you know, it was novel. It was interesting. And it gave me a chance to do an assignment where you learn something new as the provider. You know that’s always a good thing. And, you know, I sort of filed it away. And, you know, in the last few years, I hear B Corporations being mentioned more frequently. They’re talked about more often, I think, frankly, as more of the younger generation, whether it’s millennials or Generation Y or Z or, I guess AA comes after that if you’re thinking Excel spreadsheets.

Mike Blake: [00:02:28] But, you know, as more companies and company founders, I think, kind of reject the Friedman kind of notion where building shareholder value holds primacy above all other objectives. And we’re seeing the pendulum kind of swing back to a stakeholder point of view that B Corporations have become increasingly important. And I paused on my brain now because I’m trying to remember if they have been authorized in Georgia very recently or they’re on the verge of being authorized. And our guests will correct me there. I’m sort of spacing out on it. But we’re about to be one of the states that allow this. The majority of U.S. states allow them now, but not every single one.

Mike Blake: [00:03:19] And, you know, they’re kind of neat. And depending on what your desire is for a company you already have or company you’re going to found, you know, this may be the first time you’re hearing about a B Corp or maybe you’ve heard about it before but you never really took the time to sit and research it. So, this is your opportunity while you’re driving, or jogging, or cooking, or building bird houses out of wood, or tinkering with your car, or replacing a graphics card in your computer, whatever it is you’re doing while you’re listening to a podcast. Here’s an opportunity to kind of learn something more about it.

Mike Blake: [00:03:59] And, you know, it’s kind of interesting because – and this is the accounting geek in me. Although, I’ve repeatedly protested many times I’m not actually an accountant. And it’s instantly malpractice for me to call myself one. But you really don’t hear of, like, a new kind of company of – sorry – corporation or corporate form being created, right? You just assume that there’s S Corps, there are C Corps, there are limited liability companies, partnerships, sole proprietorships, et cetera. And they’ve been around forever. And that number kind of is a static. It’s something like talking about adding a new state. It’s like, “That’s kind of cool. Where are they going to put the extra star?” Fifty one is a hard number to divide well because it’s a prime number – not a prime number. But it’s a weird number.

Mike Blake: [00:04:48] And so, when a new kind of corporate form comes along, you kind of perk your ears up and say, “Okay. Well, here’s something that’s gonna be a little bit different, a little bit out of the ordinary, a little bit novel.” So, I have told you now the sum total of my knowledge. I have literally spewed it out onto the internet and podcast form in terms of my sum knowledge of a B corporation.

Mike Blake: [00:05:13] So as we do on the Decision Vision podcast, I’m inviting an expert on it. And joining us today is my friend, Juliana Neelbauer, who is a senior associate at Drew Eckl Farnham, a law firm here in Atlanta. Drew Eckl and Farnham is a full service law firm that offers deep litigation experience, strategic, corporate, and transactional counsel, and practical legal advice to companies, individuals, and families.

Mike Blake: [00:05:39] Juliana focuses her practice on virtual general counsel for for-profit, nonprofit, charitable, trade organizations, high net worth individuals, and families which hail from the consumer technology, commercial technology, healthcare, industrial/supply chain, finance government contracting, charitable, and political action industries.

Mike Blake: [00:05:58] Prior to joining Drew Eckl. Juliana was the chief operating officer of Ad Hoc LLC, a fast growth federal prime contracting company that builds custom web portals to deliver government services more efficiently to millions of Americans by using agile software development and other modern web development methods. Juliana oversaw the scaling of Ad Hoc from a nine-person small business to a 90 employee mid-market prime contractor, with a ten times increase in revenue within a 14 month period.

Mike Blake: [00:06:26] And the cool thing I like getting to do these podcasts, I’ve known Juliana for a couple of years. I did not know that about her. I knew about Ad Hoc. I did not know that she led that kind of growth. So that’s awesome.

Mike Blake: [00:06:36] In the academic realm, Juliana has organized a legal clinic program for hacker participants of the University of Maryland’s Bitcamp, Georgia Tech’s HackGT, and University of Maryland’s all female technical hackathon events. She served for half-of-a-decade as the attorney advisor to the executive board and entrepreneurs of the Student Governance Startup Shell Incubator of the University of Maryland campus. And as a business mentor and lecturer for the Mtech Program at the Clark School of Engineering. And for Fearless Founders classes at the Dingman Center for Entrepreneurship in the Smith School of Business at the University of Maryland. Juliana is a pen undergraduate interviewer for the North Atlantic region and a past board member of the Pen Club of District of Columbia.

Mike Blake: [00:07:20] Juliana, welcome to the program.

Juliana Neelbauer: [00:07:23] Thanks for having me, Mike. It is good to have you. It’s weird that we’re not eating biscuits this time. I think that’s when we first met, we got biscuits. And so, that felt like the right thing to do when we were outside of Atlanta at the time.

Mike Blake: [00:07:36] Well, it was. And one of the reasons that I took an instant liking to you as well. So, thank you for that. I don’t say that about many people. I normally take an instant dislike. So, they’re on the narrow side of the ledger there.

Juliana Neelbauer: [00:07:53] We’ll see if it — before the end of the podcast, Mike-

Mike Blake: [00:07:57] Right back at you. Well, we’ll see if we’re still Facebook friends at the end of this. But let’s start off very basic. What is a B Corporation?

Juliana Neelbauer: [00:08:09] Sure. So, a B Corporation, as you pointed out in the beginning, is a new corporate form or business entity, business organizational form. And what does that mean? Well, on the most basic level as a business owner, you have a choice of what kind of entity you want to form in its legal form. And then also what kind of tax treatment you want your entity to have. And the reason why you might form it is, just because you didn’t even mean to, but you just started engaging in business activity. And by doing so, in certain states, that automatically makes a business arise around you and with you, whether it be a sole proprietorship that you never register anywhere, or a general partnership, or a partnership with you and somebody else.

Juliana Neelbauer: [00:08:56] And then some of us choose to actually register those things. And when you do, you have, as you mentioned, all these choices. You have your corporations, which can be C Corporations or S Corporations for tax purposes. That’s a tax status, actually, more than a legal status. And then your LLCs, your limited liability corps, your various forms of limited partnerships, your general partnership, and then your nonprofit. And so, those are the most common forms.

Juliana Neelbauer: [00:09:21] Now, there’s a new kid on the block. And it’s these B Corps or BLLCs or KBCs. And we can talk a little bit more about the differences if it would be of interest to your listeners.

Mike Blake: [00:09:35] I’m sure it would be. So, we’ll put a pin on them and come back to it. So, can you sharpen my knowledge? I know there’s something going on with B Corporations in Georgia. Are they just about to be authorized? Have they been authorized? Where are we in our state for that?

Juliana Neelbauer: [00:09:52] Your instincts are right. We have passed both the House and the Senate in Georgia. And the General Assembly have passed a benefits corporation law, which is Georgia House Bill 230. You can look it up online, it’s available. And you can see the full text if you Google it for the General Assembly site. And then the governor is in a period of review. And until August 5th, he may veto this bill even though it was passed. And we don’t expect that to happen. But Governor Kemp has said some things that have surprised business in the past. And so, we’ll see what happens. But the outlook and the prognosis from all of the policy wonks here is that he’s either going to let it lie, which will make it automatically pass at the end of August 5th, or he will actively sign it in to put his signature on it and show that level of executive support politically for it.

Juliana Neelbauer: [00:10:45] And one thing to note is that Georgia’s law is not really controversial within the B Corp community. There is almost a trade or some folks call it the benefit economy of businesses that are already engaging in this type of business. And so, as each state decides whether it’s going to adopt one of these laws and is often being heavily lobbied to do so, they can add their own elements into each of these state laws. They can be a little bit different the way the corporate forms work. But Georgia’s is pretty vanilla. So, when we talk about what Georgia has passed in this podcast, it will apply to most of the other states that you would look at and sort of shop when you’re thinking about where you might want to form one of these.

Mike Blake: [00:11:35] So, how long have these B Corporations been around? Because we talked about not too long, but how long have they been around? And do you happen to know kind of what state authorized them first?

Juliana Neelbauer: [00:11:48] I knew you were going to ask me that. And then, I wasn’t 100 percent sure that I could tell you which state for sure. But I know that Delaware was one of the first. As normally the case, when you are trying to create something new in the corporate legal sphere, it’s smart as a trade group to target Delaware because the Delaware court system is older than our country when it comes to the corporate law that has been established there. And so, in fact, this is one of the primary reasons why shareholders, investors, and major businesses register in Delaware.

Juliana Neelbauer: [00:12:24] It’s not as many new folks getting into business believe because the taxes are better. In fact, the tax rates are often worse when you’re starting out in Delaware. There are tax advantages that you can capture once you’ve gotten bigger, and especially as you go public. But when you’re a private business starting out, it’s actually the corporate tax rates and some of the filing fees are much higher than other states. And so, that’s not why you pick Delaware. You pick Delaware because it’s an old court system. And when you’re in business, you like things that are old in the legals realm because then they’re predictable.

Juliana Neelbauer: [00:12:57] And uncertainty is your enemy, right? Uncertainty means you have to spend more money to prepare for more contingencies. And that’s expensive when you could instead know the future, know how the courts are going to rule, and either settle more disputes outside of having to go to court, or know exactly how much it’s going to cost you if you do. So, you want to target Delaware and that’s what we have here. So, the public benefit corp law in Delaware or PBC form has been established. And it’s been around, I think, for at least maybe over ten years for sure. And the real movement and the push to make this a nationwide opportunity, where there is active lobbying in all state legislatures and organized lobbying to make public benefit corps or, really, just B Corps, which is sort of a more common name for them now, to be pushed through.

Juliana Neelbauer: [00:13:59] It started in 2006 when one organization, a trade group called B-Lab, was formed by three founders. I’m just gonna go ahead and tell you that it’s Jay Coen Gilbert, Bart Houlahan, and Andrew Kassoy. And for those who are from the startup community, whether it be fashion or retail or traditional technology startups, you might recognize their names. They are the founders of AND1, which was a very popular retailer that sold athletic wear, including shoes. And they had a very successful growing fast growth company. That, unfortunately, for them, once they got some additional funding in one of their realms, they gave up control of their company.

Juliana Neelbauer: [00:14:43] And their director, who was then made chairman, had so much power that he had a differing opinion than they did as far as how they should operate their company. And made some decisions that they felt were not in the best interests of society at large and the environment. And that they felt would actually hurt marketing for their company. And therefore, hurt their bottom line. In putting all those three things together, once that company was sold at a price and at a stage that they felt was too early and too low, they were really passionate, even though they had – they had some capital, so they said, “Well, let’s actually fix this problem for the future. Let’s create a legal shelter under which founders can let investors know and also legally be allowed to make decisions that aren’t just to increase shareholder value, that don’t just go to Milton Friedman’s shareholder primacy philosophy and have the legal cover to do so.”

Mike Blake: [00:15:43] So, you know, there’s been some pretty good and some pretty significant uptake on this. I think one of the more famous early B Corporations was also Ben and Jerry’s, Ben and Jerry’s Ice Cream. And, you know, they would not consent to be acquired, unless they were acquired by some entity that was going to continue to pursue a social mission. Because that was always a big part of their culture. And I think that acquisition kind of led to kind of legitimizing, if you will, for lack of a better term, legitimizing the the B Corporation. And now, if I remember correctly, I read in a Forbes article recently, there’s over two thousand of these B Corporations around at least.

Juliana Neelbauer: [00:16:37] Correct. And those are just the one – well, there’s more than 50,000 that are certified by B-Labs. And they are, again, a trade group, but also a certifying organization. And so, you know what I should say? I believe that they have certified that more than 50,000 organizations are meeting the standards of what a B Corp would be required to do if they were a mission driven or a purpose driven organization. Now, I do not know if all of those are, in fact, registered as B Corps now that I think about it. That might have been a nuance in their marketing that I would want to see.

Juliana Neelbauer: [00:17:15] But to your point, there are thousands of these around the country now, more than 35 states. Once Georgia passes its law, which we expect to happen again on August 5th, have these laws on the books so that you can form these. And so, more and more of them are being formed every day.

Juliana Neelbauer: [00:17:31] In my practice, I would say about, maybe, 30 percent of the clients who contact me to form a new business in the last year have asked me about B Corps and benefit corps and public benefit corps. And asked me, “Is there a benefit to me doing this for my business?” And so, we’ve walked through that analysis quite a bit in the last –

Mike Blake: [00:17:55] Thirty percent? That’s a much bigger number than I would have expected.

Juliana Neelbauer: [00:17:59] Yeah. And that might be my target audience, which is a lot of technology companies. It’s a lot of second time entrepreneurs as well. So they’ve had a nice exit and now they really want to do the company – they want to operate it in the right way. You know, fix all the problems, you know, as a company even if it was successful. And then they also want to have the company be more purpose driven because now they can do what they really always wanted to do, not just what they thought they economically needed to do. Does that make sense?

Mike Blake: [00:18:27] Yeah. No. It sure does. As a give back mode that a lot of tech entrepreneurs kind of enter once they’ve had that big exit.

Juliana Neelbauer: [00:18:36] Right.

Mike Blake: [00:18:38] So, you know, there’s already a nonprofit corporate structure out there. Why is a B Corporation needed? Why is there room for the B Corporation to exist when a nonprofit organization exists or maybe a for-profit but has a specific mission why they take Newman’s zone? Where they’ve been very open, that, basically, their profits or most of them go to various charities, I think mostly for sustainability. Why was the development of a B Corporation needed or welcomed when you sort of have a nonprofit structure already available?

Juliana Neelbauer: [00:19:19] Yeah. That’s a great question. I think there’s actually two different answers. And so, I’m gonna try to wear both of my business side hat and my law hat. On the legal side, there’s a need for it because on the nonprofit side, you know, you have a mission. It is defined. It must be defined in your charter. It is also something that you calculate against when you file your quarterly and annual tax returns to the IRS and then also to your state. And so, it’s very important that you are working within your mission.

Juliana Neelbauer: [00:19:53] In fact, it can affect whether you maintain your nonprofit status or you don’t. If you are not meeting certain thresholds as far as how much of your activity is falling within the parameters of your mission activity versus activity that’s outside of your mission. And that can include both spending and also taking in of income. And so, that’s a very rigid structure.

Juliana Neelbauer: [00:20:16] And that can be hazardous if you are a new organization and you’re not sure what that balance between your activities that you have to engage in, in order to keep your lights on, to bring in income into the organization. Whether that is going to be sufficient on the mission side in order to keep your lights on. Whether you’re going to have enough donations. When you’re a new organization, you’re unknown. Versus activities that you know you can immediately generate revenue. But that might not qualify under the IRS tax – the IRC for being within a mission.

Juliana Neelbauer: [00:20:52] So, for instance, one of the quintessential trips of nonprofits is selling T-shirts or merchandise. Very often you can actually include merchandise sales for T-shirts or mugs within your mission, even if you just, you know, put your logo on there and you do it for a fundraiser. There’s very specific rules for how you can do that and get away with that and not be subject to having reclassifying of that income when you go through an audit. And so, that rigidity puts off a lot of organizations, a lot of founders, especially those who are maybe even sophisticated in business, but not sophisticated in law or taxes, tax law in particular. And they avoid the nonprofit form for that reason. Or it just doesn’t work for the scale phase of their organization.

Juliana Neelbauer: [00:21:40] And so, in that scale phase, they opt in for an LLC or a C Corp, which allows them to go after whatever revenue generation they can, help some scale organization. And then down the road, maybe they spin out. They form a separate nonprofit and fund that nonprofit with proceeds from their personal funds, from the business, their compensation or through marketing activities of the business or what have you.

Juliana Neelbauer: [00:22:05] And it’s imperfect. And there’s a friction there for those founders who have said I want to be more true to what this organization is really about. I want to be more honest with my shareholders and my investors. I want to be able to be as honest as I can without creating liability for myself by saying I want to spend 30 percent of the revenue that comes in the door. Or, at least, the net, you know, the profit that comes in the door on social good activities, environmental activities. Or I want to be able to opt overtly for the vendors that costs more in the supply chain, but that do better work, that don’t use sweatshop labor for, you know, the sewing of the garments that we produce or what have you.

Juliana Neelbauer: [00:22:51] And so, in those cases, there was actual legal liability that could arise not only if you mismanage your nonprofit and lose your standards because you’re not perfectly meeting these requirements while you’re trying to keep your organization alive.

Juliana Neelbauer: [00:23:05] But then on the business side, if you have a for-profit business, you know, there is a famous case where Henry Ford, after Ford Motor Company was wildly successful and he’s invested a lot in the City of Detroit and the State of Michigan. And while he was helping his organization, one point he started to give out double digit percent of the net profit to these really, truly charitable aims throughout the city. And his shareholders filed suit against him and said, you’re not following the Milton Friedman – you know, of course, that Milton Friedman was later. But you’re not increasing the value of the company with these actions.

Juliana Neelbauer: [00:23:46] You knowingly are spending money where dollar for dollar. There is no chance that this is going to increase the value of the shares of Ford Motor Company. And so, he said, “I’m a brilliant man who’s changed the face of the industrial economy in United States. I’ve created one of the most successful automotive companies in history. I get to do this. I am Ford Motor Company. Come on, courts, I’m going to win this case.” So, he fought back. He didn’t settle. He took it to the courts and he lost. And the court said, if you want to engage in charitable activity, form a nonprofit. And then we have the Ford Foundation as a result of that.

Juliana Neelbauer: [00:24:28] So, you know, cases like that are – and that’s probably the most famous one where we talk about the responsibility of shareholders to increase their shareholder value. But it’s a real risk. It’s a way to pierce the protection you, as a director or officer of a company, have when you create your business entity. And you register it and you get this corporate shield that protects you individually. And in your bylaws and in your operating agreement, if it’s written at all competently, it will say in one of the last clauses in there that the company agrees to protect you and indemnify you for the base. Effectively making a bad call or having bad judgment in business, which in hindsight is very clear.

Juliana Neelbauer: [00:25:14] But the problem is, if you do things that are overtly against creating additional shareholder value or that there’s really no justification you can make other than I just did this for the good of the community, not for the good of the company. That can pierce your protection within your organization. It can pierce those protections in the company. And so, if you look at those clauses, it will talk about willful and wanton negligence and willful and wanton activity, where you purposefully do something that is not in the best interest of increasing the value of your company. Boy, now you can be sued individually by your own company or by individual shareholders and have these derivative suits pop up.

Juliana Neelbauer: [00:25:57] And so, it’s a real risk on the legal side to take a significant portion of your business activity, of your time, of your team’s time and energy to engage in activities that don’t increase revenue, don’t increase profit.

Mike Blake: [00:26:14] So that’s good. That really lays out the case. I’m familiar somewhat with the Ford history. You know, ultimately, he was also deposed because he was declared insane. I have to wonder with that story that you just shared, I did not know that background. I wonder if part of the reason that his family tried to declare him insane is because he was spending money on that kind of stuff.

Mike Blake: [00:26:43] So I think you’ve done, frankly, a really good job of explaining kind of the gap that a B Corporation sells. Is it harder or easier to set up a B Corp versus other more conventional or more, I guess, this longstanding corporate forms

Juliana Neelbauer: [00:27:03] I would say on the spectrum between setting up an LLC, which is probably the easiest form to set up. I mean, there’s a website that will set this up for you for a couple hundred dollars. And you just click a few buttons and they’ll register it for you and they’ll create your corporate entity government documents as well as make the filings. All the way to the, I would say, nonprofits or certain kind of exotic holding companies that might be offshore, where you’re going to have an accountant and a lawyer and maybe multiple involved with setting up the initial company.

Juliana Neelbauer: [00:27:40] The B Corps would fall somewhere in the middle, but probably closer to the LLC. It’s really not that difficult to set them up. The reason why you will want to talk to an accountant or, better, a lawyer who’s done one of these before or are very familiar with the statute of your state in which you’re going to register it, is because they’re new, quite frankly. And there are a few clauses that you do need to put in your articles of incorporation or certificate of incorporation, which is the formal attestation that you’re going to file. The form that you’re going to file with the state you choose. And they’re not vanilla. They’re not the normal ones. It’s not the template that you’re going to find online.

Juliana Neelbauer: [00:28:26] Some states have automated registration now for business filings, which is amazing and wonderful, and democratizes the ability for people to create businesses, which I think is all a good thing. I would rather do less work myself as a lawyer on the front end of filling out throughout forms. And do more advising and have you spend your dollars and your time talking to lawyers to get real time and advice. And so, anything that makes that easier for you to do that, you know, it doesn’t require a kind of brainpower from a lawyer or an accountant is good.

Juliana Neelbauer: [00:28:57] But I don’t know if all of those forms are updated to include those extra clauses that you really do want to include when you register a benefit corp, a benefit LLC, a public benefit corporation, whatever the designation is for that state. I hope that they would. There’s also some, in addition to what the minimum you’d have to have in there, which is an extra clause talking about the mission. What is that social good, environmental good, public good mission that your organization is going to be evaluated against as whether or not it is on mission and it is acting within its requirements to be in the public benefit. You do need a clause for that for sure. And I would imagine that they would include that.

Juliana Neelbauer: [00:29:39] But in addition, you’re going to potentially want to add in your articles of incorporation a few extra statements to narrow the scope of responsibility of the directors and officers in this time where these are new. It is a little bit unclear how you’re going to balance shareholder value with the best interests of those materially affected by the corporation’s conduct. And then also kind of as a third category, the public benefit. Those are three different things. And so, you know, that is one of the risks legally and also on a business level for anyone who is going to form one of these or going to operate or govern one of these is, making sure that you have set in writing how you plan to balance these three things.

Juliana Neelbauer: [00:30:28] And in some cases, being more general could benefit you based on the type of business you’re engaged in. In some cases, being very specific is going to benefit you because you’re going to have a lot of professional investors who are going to absolutely hold your feet to the fire about this. And not be day to day involved in your business. And the understanding is at the end of the quarter of the year, you haven’t met what they consider success against that mission.

Mike Blake: [00:30:56] So, let’s talk about that, because I think that notion of the mission – I mean, it certainly sounds important. Intuitively, it’s important. I imagine you cannot simply write a clause or be hired to write a clause in your organizational documents and say, “Hey, we’re going to be a nice company and we’re going to do good social things full stop.” I imagine you probably have got some pretty specific language that defines kind of what that social or – maybe it’s not social, you know, that sounds kind of polarizing but what your non-business mission is.

Juliana Neelbauer: [00:31:35] Right. I think to answer your question – and we can actually look directly at the new Georgia statute, right? So, let’s use that as a template here. In Georgia, now, once August 5th passes and presuming Governor Kemp does nothing or signs this into law, either way, it becomes an effective form that you can file. You have to create a more objective standard for what your mission is and what success against that mission is than just generally saying we’re going to do good for the world or we’re going to do good for nature.

Juliana Neelbauer: [00:32:11] You have to no less than annually give to your shareholders and any other person who requested in writing a written report talking about your performance as a corporation, with respect to the public benefit or benefits that you included in your articles of incorporation. And by the way, your articles of incorporation are a publicly filed document. So, they can be audited by anybody.

Juliana Neelbauer: [00:32:38] And this sounds like – the statute sounds like truly anybody could have a standing to say, “I don’t think you’re meeting your mission. I don’t think you’re performing sufficiently.” Or, have you even created this report? Are you in violation of the law? And if you haven’t been creating these annually, then right there you have a ding. You could potentially lose the right to have your corporate form. And that creates, most importantly, liability for you with your shareholders so they could have derivative suits against you from mismanagement of the organization.

Juliana Neelbauer: [00:33:10] And then, within the report, well, what has to be in there? Georgia actually tells you, you have to create specific objectives for the board of directors in connection with that pursuit of the mission. There has to be standards that are defined, that are measurable, that the board has adopted, that show that the company is either progressing or not progressing positively in pursuit of those benefit or benefits. And then, you have to provide some factual information that can be used to flush out those standards. And so, it can’t just be a report with a spreadsheet with calculations that are not explained with effectively history of facts or specific events that have occurred that support that the numbers are, in fact, tied to activities that occurred in the real world and had real effect.

Juliana Neelbauer: [00:34:06] And so, that alone right there is a pretty heavy burden administratively compared to not having to do any of that.

Mike Blake: [00:34:16] Yeah. And I mean, that’s really interesting. So, I want to try to put the brakes here and really dive into that because I think that is so important. And I did not know that walking in. But, you know, on the finance side where I live, we have gap. We have generally accepted accounting principles that, you know, effectively is a common language that we pretty much all agree on in our society, at least in the financial world, where, you know, a dollar in revenue equals a dollar in revenue, profit equals profit, et cetera, et cetera.

Mike Blake: [00:35:00] And we have a set of professional standards, even licensing, for people that aren’t experts in presenting to an external audience what the financial position and results have been for our company at a given point of time and over a given point in time. And commenting basis to whether or not the financial statements can be can be relied upon. Now, we’re adding this new benefits statement, for lack of a better term. Maybe there’s a term to award which I’m unaware.

Mike Blake: [00:35:34] And as you say, anybody can kind of make an objection and say, “Hey, I don’t think that you’re doing this right.” And it sounds like the burden of proof is on the company to prove that it’s meeting its objective, which is, that’s extraordinary. There’s very few areas of law, crippling from law to put the burden of proof on the defendant effectively.

Juliana Neelbauer: [00:36:00] Well, let’s talk about that. So, I want to say kind of, right? I suggest that let’s say kind of. Because, you know, what does this burden of proof mean? Like, what I’ve described so far as these factors, these elements that you have to meet, that’s about as detailed as the statute gets. And those are general statements. And so, yes, you have a burden to show that you’ve, in fact, gone through these steps and have some activity that shows that you have created objectives that are – you created objective factors and metrics and standards of what you’re going to be graded against. And that they’re going to be something that numbers can be applied to.

Juliana Neelbauer: [00:36:45] And then that certain factual information responsive to those standards – now, I’m quoting the statute. “Factual information responsive to the standards regarding your success or failure in meeting those objectives has occurred.” But beyond that, that’s all the statute really says, right? I mean – well, I shouldn’t say that. I just said a little bit more. But it’s pretty general.

Juliana Neelbauer: [00:37:07] And so, there’s a lot of what’s maybe more interesting to you is not that the burden of proof is shifted. You have to show that you’ve taken these steps and that you’ve done these things. What’s actually interesting is that you suddenly have a new kind of accounting standard for this activity. In the sense that, I think, it’s very likely that until the accounting community kind of jumps in on this and says, “Here’s what meeting these requirements looks like from an accounting perspective and we’re going to standardize this.” It will be non-standard. There will be a lot of different ways that organizations define their standards, define their objectives, and then define success. And like, how are the numbers going to define success? And so, there will be a wide variance of what is “compliant.”

Juliana Neelbauer: [00:37:53] And so, I say kind of, because just by showing you made that attempt to comply and you have, you know, checked off these sort of general boxes, you may, in fact, be in compliance initially until the accounting committees kind of defines what a standard really is and says it isn’t a standard. Unless you’re meeting the standard. The kind of expanded gap for this.

Juliana Neelbauer: [00:38:16] And then the last part of this is, you have to self-assess in theory. In Georgia, you have to, as an organization, assess the benefit corp’s success or failure in meeting the objectives, in accomplishing the goals based upon the factual information. The standards applied to the standards and the objectives.

Juliana Neelbauer: [00:38:36] And so, the real swirl that I’m seeing is it says an assessment. It doesn’t say by whom. So, in theory, you can self-assess. But it’s risky legally to self-assess because we are in this gray area of what really is compliant. And until a court says you can’t do something, it sounds like you can. But who wants to go to court and be the first company to be told by a judge, “Well, actually, that’s the limit. You went too far.” You’re the one that’s now going to get your hand slapped – snapped in the cookie jar lid.

Mike Blake: [00:39:09] So that’s – having a case named after you is like having a disease named after you. You never want that to happen.

Juliana Neelbauer: [00:39:16] You know, it’s not a good look for anybody. And it’s certainly not great for marketing. I mean, there’s no way you can spin this as a good thing. Well, I guess, you know, somebody couldn’t say, “Well, we’ve now learned our lesson and we want to do it right. We want to lead the way for doing it right.” But the Georgia statute, you know, it’s clear and that there’s these four prongs, right? You have to have real objectives, not just as a namby-pamby statement of the mission. You have to have actual standards that can be quantified. And then you have to apply actual factual information to those standards. And then you have to assess at the end of the year whether you succeed or failed. Okay. Great. But what does that really mean? So to your point, it’s pretty squishy. It’s pretty squishy.

Mike Blake: [00:40:01] So, I mean, are there standards being built up? Is there something akin to a gap for B Corp so you can have some sort of objective or, at least, generally accepted measurement stick? Is there an industry of experts? Or CPA firms being asked to step into this role? How is that shaking out right now?

Juliana Neelbauer: [00:40:26] Yeah. So, yes is the short answer. And so, let’s flush that out. The power of a trade organization like B-Labs, which kind of is, I would say, like the leader out there right now. It’s the most popular one by far. And is really the one that’s put the dollars and the time in to lobby to get these state level B Corporation statute path. And to really make the movement happen within the business community. Their power is really great right now because they are defining what these terms are going to be, what these prongs are going to be for you to operate properly.

Juliana Neelbauer: [00:41:10] And then at the back end, they do certification. And so, when you hit the section that says you can do an assessment, and then, what does that mean? You go into a subsection of the statute and it says, “Well, it’s best if you make your report more frequently than annually, maybe quarterly. You really should be making it available to the public. You should use some kind of third-party standard in connection with measuring where are you going to get that.”

Juliana Neelbauer: [00:41:37] I mean, going to your question, how do I protect myself and make sure I’m doing this in a way that I can justify? Is there anybody else doing it? Can I analogize to something else? Well, they are providing all these templates to their members for how to do this. They’re assessing you. And then they’re also providing you templates for mission statements, for protocols, for creating standards. And so, you know, they have a lot of authority and control. And then, in addition, they’re getting either amendments to existing laws to make them in line with their standards that they provide. And then, also getting – in states like Georgia – they’re lobbying to get these new laws passed.

Mike Blake: [00:42:20] So this segues really very nicely then to this notion of B Corp certification. Because as I was preparing for this conversation, I learned that there are – it looks like there is a cottage industry of B Corp certification. I suppose B-Labs is kind of a leader and a vanguard for that. So, correct me if I’m wrong, it sounds like that’s what the role of a certification process is. I guess not. I understood that to kind of bless a B Corporation at the outset saying, “Okay. You’ve got the right things.” But do they also then perform trying to audit or investigation or some kind of gestation to the effect that the company is continuing to meet its B Corporation obligations?

Juliana Neelbauer: [00:43:15] Yeah. So every year, typically, you would have to – under, like the B-Lab model, you’re having to provide them effectively the same kind of information that you would be providing to a state entity, typically, or, like, the IRS if you’re a nonprofit. And so, you would provide them with those reports if you want to get re-certified. And then, they maintain your certification. And so, yeah, it’s almost as if they have privatized the regulator.

Juliana Neelbauer: [00:43:45] And the idea is that’s a good thing for you because they want you to get certified. Everyone’s incentive is to make sure that you get certified and that you’re doing this the right way. So that, as a whole, they’re creating this benefit economy and that you’re all going to be able to participate in it. And then, have on the back end the membership has its privileges. You get access to all of these other benefit organizations that ideally can make up a supply chain that is very efficient for you and potentially helps you remain compliant. Because you know your vendors are also compliant. And so, you don’t have to audit them yourself.

Mike Blake: [00:44:21] Now, let’s say that I’m listening to this so I’m thinking, “Wow.” You know, sort of hearing yourself in the head, saying, “You know, I sort of had a VA.” But instead of VA, you said you could have a B Corp. And are you familiar with or aware of scenarios where companies have converted from some other corporate form into a B Corporation? Or is that something that’s sort of exceedingly hard to get?

Juliana Neelbauer: [00:44:48] I have not personally converted an existing corporation into a benefit corporation. When that has been discussed in the past with a client or a potential client, typically, it was easier in those specific situations to just create a new entity. But there’s not – in most states that I have looked at, there’s nothing that would block you from doing that. Just like you could convert an LLC into a C Corporation in most states or even between states and maintain the same IRS EIN number.

Juliana Neelbauer: [00:45:23] So effectively, you don’t have to always close one entity. Pay the heck all of your investors their investments or, you know, pay out to your investors with the value the company is put everything up. Divide up the horses and the mules. And then, reform something which is to tax events. Right? No one ever really wants to do it if you don’t have to. There are ways to convert.

Juliana Neelbauer: [00:45:46] And there’s nothing in the Georgia statute that I’ve seen that would block that. In fact, they have a clause or two that talked about what the voting minimums would be amongst your shareholders if they were gonna take all of the existing stock and the existing organization, and have it purchased by a B Corp or convert into B Corp stock. And so, I think they’re planning for many organizations wanting to convert in Georgia from their LLC form or their corporate form.

Mike Blake: [00:46:26] Let me switch gears. And I think you’re really well qualified to answer this, because it sounds like you do a lot of advisory work on the front end of these things. What are some scenarios when, maybe, you talked somebody out of a B Corporation, right? What are some triggers or characteristics of a company or a founder or something else around the company structures who says, “You know. I appreciate you asking but a B Corporation probably isn’t the way that I would suggest that you go.” What does some of those things kind of look like?

Juliana Neelbauer: [00:47:01] Sure. I’d say any time that you’re in an industry that’s already heavily regulated, often by more than one body or by a state level and then a federal level body, that can turn your lights off with an injunction or an administrative action without you having your day in court. That type of entity, that kind of organization, and that kind of industry is one where often it’s not such a great idea. Because what you’re going to have is potentially a conflict between the responsibilities to your mission in some cases. And maybe a regulation that you didn’t even realize had been amended or were changed. Or an opinion that had come out from the regulating body that now makes your existing benefit corp mission activity in violation of your other industry regulation requirements.

Juliana Neelbauer: [00:47:54] And so, things where you’re – you know, a lot of entities that are in the health care sphere are interested in this. Because from a marketing perspective, it sounds great, right? We want to let everyone in the world know that we’re not a nonprofit. But we have a lot of the benefits of a nonprofit. And that we can act in accordance with a greater mission than just profit. But depending upon what part of the health care, or medical device, or medical services, medical research industries you’re in, it might not be a great idea. It might be better to, again, either create a separate nonprofit that can engage in the activities that you want to be able to then show the community, “Hey, we’re taking a percentage of revenue and we have approval through other means from our board to have that go towards a nonprofit that’s going to take care of those activities.” And so, that’s a typical one.

Juliana Neelbauer: [00:48:50] Another one is, if you are in a, let’s say, a business where, you know, you do very fast growth, you’re going to have to get outside capital. It’s going to have to come from an investor community that is either deeply unsophisticated but very conservative and not aware of these types of entities already. And not understanding how they function and how that can affect their investment – the value of their investment. You know, the multiples on their investment over time. Or if you’re going after investors who are professional investors and VC fund managers, who have a lot of LPs that they’re responsible to.

Juliana Neelbauer: [00:49:29] But again, it’s in a very conservative industry where there’s plentiful other investment targets that are in your same space that don’t have the same structure. Anything in that case where you’re not the vanilla option, you’re not the option that just fits their standard rubric of what they’re looking for. It might mean that you don’t get the meaning or that you do a pitch and you never get a callback or an email back.

Juliana Neelbauer: [00:49:57] And so, in those cases where it’s very competitive, you have a conservative investor pool that it’s so hard to get the meeting in the first place. To then spend half of your ten minute pitch time educating your investor community about what your form is. Boy, that can be really inefficient when you really just want to talk every second about how you’re going to change the world and make them tons of money while you do it through your business model.

Mike Blake: [00:50:25] I’m going to ask you an unfair question. And if it isn’t fair, just tell me. No reason to hold you accountable for. But I’m curious, have you ever looked into it? Have you ever heard of any studies that talk about whether or not B Corporations actually tend to perform relatively well compared to their counterparts? I read studies from time to time that talk about companies with double and triple bottom lines that seem to do pretty well. And I’m curious if you’re aware of kind of any learned information as to whether or not B Corporations tend to enjoy some kind of performance advantage or not.

Juliana Neelbauer: [00:51:06] Right. Well, Mike, you know, my undergraduate majors were science degrees. So, I’m a numbers person. I’m a research-oriented person. And so, this a question that doesn’t bother me at all. I, myself, am very interested to see what the trends are with real numbers behind them on these organizations. And whether this really is just a marketing opportunity as much as anything else. Or if there really are multiple players that can happen here as a result of choosing this specific form.

Juliana Neelbauer: [00:51:40] And I have not seen a study that I felt was statistically significant. I’ve seen white papers that replicate or try to appear like they are scientific studies. But they are, I would say, still in the marketing realm. And they’re anecdotal as far as the sample sizes that they’re looking at. And so, I think it’s early days. You know, this form has been around since 2006. We’ve had corporations in the United States that have been legally recognized since the 1600s. And of course, the corporate form goes back to the Merry Olde England, you know, even further. And LLCs have been around since mid-century of the 1900s. So, you know, these are the new kids on the block. They are so new that I don’t know that we’re going to have trend information that is really anything that you can rely upon for a while.

Juliana Neelbauer: [00:52:38] I would say we got to almost give it 40 years minimum before we know whether that’s just an overall economic trend versus some kind of benefit that this form has. That’s me. Maybe I’m a little bit too scientifically oriented in that way as far as wanting to have a big enough sample size. But I will tell you that I’m seeing objective shifts that could, in fact, create opportunities for these entities that other entities can’t capture. And anytime that you make a choice on a business level that gives you an advantage and puts you in a smaller competitive pool, that’s a good thing, right? That can only benefit you fiscally over time if you have your other fundamentals of your business operation in order.

Juliana Neelbauer: [00:53:24] And so, for example, there are grants that traditionally were only available to nonprofit organizations. That now, there is movement to open those up to benefit corps and to benefit LLCs. By definition, if you’re in a benefit LLC or benefit corp and everyone else in your industry is for-profit and they can’t access that capital. And it’s, you know, a low-cost type of capital to get a grant versus having to give out the very expensive over time, you know, buying capital with your equity or, you know, paying interest on capital that you get from other financial institutions. Boy, that’s a real advantage.

Juliana Neelbauer: [00:54:02] And I would expect that if that trend matures, where more grant organizations consider these almost like quasi nonprofits and allow them to compete for grant and major grants, then we will start to see that there’s an advantage in that realm for sure. And then, in addition, you know, B-Labs and others are not only trying to create a trade group to conglomerate and standardize what these organizations are, how they operate, how they evaluate success and performance. But they’re also trying to conglomerate investor pools that are only willing to invest in these entities. And so, if they are successful, then again, got a cartel. The moment you have a cartel, others can’t compete to get into that realm.

Juliana Neelbauer: [00:54:49] Now, there’s a whole tranche of capital out there that you can only access if you’re a benefit corp, if you’re a BLLC. Boy, that should give you some kind of advantage over time if, again, your fundamentals of your business are proper, if your market fit is proper, if your ability to execute is real.

Mike Blake: [00:55:12] Well, I’m planning on being around 40 years from now so we can check in on it, because I’m still waiting for my ticket to Mars. So, I’ll tell you what, we’ll circle back in 40 years. We’ll have another podcast. And assuming I have any more — left at all, we will come back and check and see how B Corps did.

Juliana Neelbauer: [00:55:31] That’s great. We’ll do it from Mars. How about that?

Mike Blake: [00:55:33] We’ll do it from Mars. Yeah. Well, we’ll have to be. There’ll be too much to land in the interview. So, Juliana, this has been great. And thank you for coming on. For those of you who are listening, we’re doing sort of a late-night recording here. This is late night with Decision Vision. And so, thanks for staying on and staying up so we could get you on here. This has been fantastic. I’ve learned a ton about B Corporations that I didn’t know and probably should have before I valued them. But that’s something here or there. If someone wants to ask you questions we didn’t cover, would you be willing to take a question? And how can they best contact you?

Juliana Neelbauer: [00:56:14] Sure. Yeah. So I’m happy to answer questions about these. And if I don’t know the answer already, I will track it down. I’m happy to do that. It’s education for your listeners. It’s education for me, too. I’ve heard a lot of mixed bag of questions, so hopefully I can answer most of them. The way to reach me is through my e-mail address, which I think is going to be made available through this podcast. But also, I’m online almost everywhere because with my website —

Mike Blake: [00:56:41] Yeah. It will be on the website for sure.

Juliana Neelbauer: [00:56:41] Yeah. I’m on Twitter @neelbauer and @neelbauerlaw. I think I have both of them on Twitter, two accounts. I’m on Facebook. I’m accessible via Messenger. I’m on every major messaging app, you know, that you can imagine because a lot of my clients are on all major apps. So, I’m on LinkedIn as well. And the law firm is in these places as well. So if you can’t remember my name, but you remember Drew Eckl and Farnham, either one is a great way to reach me.

Mike Blake: [00:57:12] Do you have a TikTok account?

Juliana Neelbauer: [00:57:14] I do have a TikTok account. Have I posted anything? Absolutely not. And I have removed the app from my mobile devices, even though I still have an account out either. Because the terms of service are ridiculous. And it is a backdoor for you have given up so much of your data rights when you join that thing. And then it’s extremely hackable, I think, by design. It’s almost as bad as Facebook Messenger as far as the data rights you give up. But I think they’re neck and neck for being the most atrocious online that I’ve seen.

Mike Blake: [00:57:50] All right. We will wrap that up there. A little bit of free information about TikTok. Although, I am disappointed I’m not going to get to see your post on it. But I would like to thank Juliana Neelbauer so much for joining us and sharing her expertise with us today.

Mike Blake: [00:58:03] We’ll be exploring a new topic each week. So, please tune in so that when you’re faced with your next executive decision, you have clear vision when making it. If you enjoy these podcasts, please consider leaving a review with your favorite podcast aggregator. That helps people find us that we can help them. Once again, this is Mike Blake. Our sponsor is Brady Ware & Company. And this has been the Decision Vision podcast.

Tagged With: b corp, b corporation, benefit corporation, Brady Ware, Brady Ware & Company, Drew Eckl & Farnham, Juliana Neelbauer, Michael Blake, Mike Blake

Business RadioX ® Network


 

Our Most Recent Episode

CONNECT WITH US

  • Email
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Our Mission

We help local business leaders get the word out about the important work they’re doing to serve their market, their community, and their profession.

We support and celebrate business by sharing positive business stories that traditional media ignores. Some media leans left. Some media leans right. We lean business.

Sponsor a Show

Build Relationships and Grow Your Business. Click here for more details.

Partner With Us

Discover More Here

Terms and Conditions
Privacy Policy

Connect with us

Want to keep up with the latest in pro-business news across the network? Follow us on social media for the latest stories!
  • Email
  • Facebook
  • Google+
  • LinkedIn
  • Twitter
  • YouTube

Business RadioX® Headquarters
1000 Abernathy Rd. NE
Building 400, Suite L-10
Sandy Springs, GA 30328

© 2025 Business RadioX ® · Rainmaker Platform

BRXStudioCoversLA

Wait! Don’t Miss an Episode of LA Business Radio

BRXStudioCoversDENVER

Wait! Don’t Miss an Episode of Denver Business Radio

BRXStudioCoversPENSACOLA

Wait! Don’t Miss an Episode of Pensacola Business Radio

BRXStudioCoversBIRMINGHAM

Wait! Don’t Miss an Episode of Birmingham Business Radio

BRXStudioCoversTALLAHASSEE

Wait! Don’t Miss an Episode of Tallahassee Business Radio

BRXStudioCoversRALEIGH

Wait! Don’t Miss an Episode of Raleigh Business Radio

BRXStudioCoversRICHMONDNoWhite

Wait! Don’t Miss an Episode of Richmond Business Radio

BRXStudioCoversNASHVILLENoWhite

Wait! Don’t Miss an Episode of Nashville Business Radio

BRXStudioCoversDETROIT

Wait! Don’t Miss an Episode of Detroit Business Radio

BRXStudioCoversSTLOUIS

Wait! Don’t Miss an Episode of St. Louis Business Radio

BRXStudioCoversCOLUMBUS-small

Wait! Don’t Miss an Episode of Columbus Business Radio

Coachthecoach-08-08

Wait! Don’t Miss an Episode of Coach the Coach

BRXStudioCoversBAYAREA

Wait! Don’t Miss an Episode of Bay Area Business Radio

BRXStudioCoversCHICAGO

Wait! Don’t Miss an Episode of Chicago Business Radio

Wait! Don’t Miss an Episode of Atlanta Business Radio