JUNE 2023
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Lessons Learned: Buying your First Business
Purchasing an established business involves a mix of excitement and anxiety, and entails navigating uncharted territory and potential legal pitfalls. In this informative piece, RIW Corporate and Hospitality Attorney Bethany Grazio sheds light on essential factors to contemplate when embarking on your maiden business acquisition
Retail Roulette: The Risks and Rewards of Relocation Clauses in Commercial Leasing
In an article published recently in the Spotlight Edition of the New England Real Estate Journal, RIW Attorney Adam Barnosky explores the delicate balance between flexibility and stability in commercial lease relocation clauses. The article highlights the benefits of adaptability, cost savings, and risk mitigation and emphasizes the importance of carefully negotiating lease terms to avoid strained relationships and unforeseen expenses.
Why tech efficiency is the biggest challenge for emerging restaurant operators today
A recent article published by Nation's Restaurant News focuses on how restaurant operators are adapting to changing consumer demands, specifically the increasing demand for omnichannel convenience. These operators are currently learning about the distinction between technology cost and technology investment, as well as determining the necessity of having an app and other considerations.
How the Credit Card Competition Act could impact your restaurant’s finances
Legislation introduced by the U.S. House of Representatives aims to eliminate “excessive fees” and the duopoly of Visa/Mastercard to allow for more competition in the marketplace and reduce credit fees for business owners. Read more about the pending legislation in Nation's Restaurant News.
RECOMMENDED READING
The Heart of Hospitality:
Great Hotel and Restaurant Leaders Share Their Secrets
By Micah Solomon
Micah Solomon is a distinguished author, keynote speaker, and industry expert who has gained widespread recognition for his invaluable contributions to the subject of customer service. With years of experience and expertise, Solomon has become a thought leader in the hospitality industry, with a deep understanding of what it takes to provide stellar customer service.
In his book, The Heart of Hospitality, Solomon has shared his insights on how global brands such as the Four Seasons and Ritz-Carlton, along with renowned restaurateurs and chefs, go above and beyond to wow their customers. The book is a treasure trove of information for anyone seeking to learn the art of delivering exceptional customer service, covering a wide range of topics, from creating bespoke experiences for luxury-loving patrons and millennials, to building a robust internal culture that empowers employees to provide world-class customer service.
The Heart of Hospitality is a must-read for anyone who wants to learn how to deliver exceptional customer service in the hospitality industry. With its practical insights and real-world examples, this book is an invaluable resource that can help you take your customer service skills to the next level.
RECOMMENDED LISTENING
Good Dirt: Conversations with Leaders in Real Estate & Beyond
Episode 4
"Good Dirt: Conversations with Leaders in Real Estate & Beyond" is an engaging, Boston-centric podcast that features captivating interviews with influential figures in the commercial real estate sector. Hosted by Mike Greeley and Tom Greeley, experienced professionals from the Newmark capital markets team, this podcast goes beyond the boundaries of real estate by inviting notable guests from various fields like private equity, venture capital, retail and hospitality. Through candid conversations, listeners gain insights into the guests' career journeys, investment strategies, business development, market trends, and personal interests, making it a must-listen for industry veterans and aspiring real estate professionals.
Check out Episode #4, featuring Jonathan Davis and Stephen Davis from The Davis Companies.
INSIDE RIW
Attorney Kelly Caralis attended the New England Food Show and MRA Annual Awards Dinner.
RIW attorneys and staff participated in the annual Harpoon Brewery 5-Miler in support of the Angel Fund.
RIW attorney Eric Sigman released a new podcast titled Transaction Talk with business broker Jennifer Fox of TransWorld MA. The podcast focuses on the current Boston business for-sale market, from a business, brokerage, and legal perspective. A resource for business owners, buyers and entrepreneurs, Transaction Talk offers interviews and real-life deal experiences from industry experts and key transaction players.
CLIENT NEWS
Congratulations to RIW clients:
Tonino on their positive review in Boston Magazine. Read more
Daiquiris & Daisies and Charles River Speedway on their inclusion in Conde Nast Traveler's "Boston Bars Reinventing the City's Drinks Scene."
ROW 34 on the opening of their new Cambridge location.
Briar Group on the expansion of The Harp to its second location in Foxborough's Patriot Place later this month.
Tavern in the Square on their feature in Food Service and Restaurant magazine in April. Read more
Nightshade Noodle Bar in Lynn on their recognition as one of five finalists for this year’s James Beard Award for Outstanding Chef (non-regional).
ATTORNEY SPOTLIGHT:
Eric Sigman
Practice Areas:
Corporate law with a focus on M&A and Franchise Law. My corporate practice focusses
primarily on mergers and acquisitions and other general corporate matters. My franchise
practice focusses primarily on representing multi-unit franchises and area developers in
connection with franchise agreement negotiations, commercial lease negotiations, and
sales and acquisitions.
Number of years practicing: 18
Number of years with RIW: 2+
Hometown: Acton, MA
Favorite Movie: The Matrix
What is your favorite part of being an attorney?
Whether it is helping someone buy several franchises and realizing their goal of becoming an entrepreneur, or helping someone expand their business through franchising, or selling their business to move onto the next phase of their life, being a trusted advisor and seeing my clients achieve their goals is one of the most fulfilling parts of what I do.
What's one thing people don't know about you that they would be surprised to find out?
I am an avid obstacle course racer. I run 5-6 Spartan Races each year. I just finished my first for 2023 in Montana.
What piece of advice would you give to your younger self?
Believe in yourself.
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CLIENT SPOTLIGHT:
Jefferson Macklin, Partner - Traveler
Street Hospitality
Bar Mezzana, Shore Leave, No Relation, Black Lamb
How did you get started in the restaurant industry?
I worked previously in Boston venture-backed start-ups as well as the music
business. I was able to keep this combo of business and creative endeavors
going when crossing paths with Barbara Lynch. She was expanding into Fort
Point and needed some help with her company's expansion, so she hired me
as COO of her company.
What inspired you to open your first restaurant?
After eight years working with Barbara, we parted ways and I was fortunate to be able to immediately start planning Bar Mezzana with two amazing partners, Colin Lynch and Heather Kennaway.
What do you love the most about your job?
Working on incredibly difficult and unrelenting challenges with people I admire and enjoy working with everyday.
If you could trade places with anyone for a day, who would it be and why?
I think being Kai Lenny for a day wouldn’t be too bad - he's paid to spend his time on the water in Hawaii.
What’s a fun fact that people probably don’t know about you?
I graduated from the US Army's Ranger School with class 2-90.
When you’re not working, how do you enjoy spending your time?
If I’m not doing something with the family, you’ll find me running out on trails in the woods of MetroWest.
