Tully’s Selling Coffee Shops to Kachi for $4.3 Million
Tully’s Coffee Corp. has seen its ups and downs recently. The company filed for Chapter 11 bankruptcy protection in October, and announced Wednesday that it will sell its coffee shops in Washington and California to Kachi Partners, a Colorado-based entrepreneurial financial group. Kachi was one of 13 companies that expressed interest in purchasing Tully’s, and one of the 56 potential buyers that were contacted.
Subject to court approval, the acquisition will close by the end of December. Kachi… Read the rest
It’s important to keep up-to-date on state and local regulations that govern the purchase and sale of goods within Washington state, including which sales taxes may affect your business. Washington no longer uses resale certificates; instead, it requires every business that sells goods at wholesale to apply for a reseller permit to present to vendors. Reseller permits allow you to purchase goods (or services) that you intend to resell without having to pay retail sales tax on the original purchase. If you run a business that purchases items that you are intending to resell, you… Read the rest
Mergers and Acquisitions
Starbucks Acquires Teavana for $620 Million Cash
On Thursday, the Seattle-based coffee giant announced its plan to acquire Atlanta-based tea company, Teavana Holdings Inc. This acquisition comes as part of Starbucks’ general strategy of moving into non-coffee areas, including juice and tea. The U.S. tea industry is a $95 billion market.
The acquisition certainly doesn’t break the bank for Starbucks, as it is sitting on roughly $1.5 billion in cash.
Mega Law Firm Merger Announced
What do you get when you combine two of the larger… Read the rest
Whistleblower Receives Multi-Million Dollar Settlement
The former CFO of Seattle-based biopharmaceutical company Omeros Corp., Richard Klein, received nearly $4 million in settlement to resolve a wrongful termination and whistleblower lawsuit. According to Klein’s attorney, the former CFO alleged that Omeros falsified timekeeping records on a National Institute of Health research grant. Klein alerted Omeros’ audit committee and was subsequently fired from Omeros.
Omeros denies any wrongdoing, and stated its reason for settling as, “given a ruling by the court that deprived Omeros of evidence that Omeros would have… Read the rest
You’ve likely noticed the growing trend of small businesses ‘going green.’ More and more businesses are operating on green power in an effort to help the environment. For some of these businesses, it goes beyond the positive environmental impacts, ‘going green’ is a way for the company to build its branding and profitability.
The Growing Trend in Small Business
Earlier this year, the Environmental Protection Agency (“EPA”) released an updated list of organizations that voluntarily choose to use clean, renewable electricity to run their business. Wind, low-impact hydropower, and solar energy qualify as “green” power.… Read the rest
Two close friends decide to start a company. They agree on just about every issue, including how the business should be formed and managed. They are ready to launch, make money, and grow their idea into a sustainable business. Each partner has an equal stake in the company, and they’ve decided that each will receive equal compensation as well. They want it to be simple, no lawyers, no accountants, no additional partners, etc. You get the picture, right?
Both partners trust each other, and neither has any reason to believe that their relationship will deteriorate. What they haven’t taken into… Read the rest
Apple Proposes to Pay Google $1 per iPhone
Motorola Mobility, a wholly-owned subsidiary of Google, and Apple have been engaged in a messy dispute over patent rights. On Wednesday, Apple formally announced to the court its willingness to pay Motorola for a license to use its standard-essential wireless patents, but only if the per-unit royalty rate does not exceed $1.
Apple declared that if the court sets the FRAND (fair, reasonable, and non-discriminatory) rate at or below $1, then it will take a license and start paying right away. If the… Read the rest