Is it true businesses don’t get the same protection as consumers when it comes to online banking fraud?
It is. Thanks to the Electronic Fund Transfer Act (EFTA) and Regulation E, as long as a consumer reports the fraud in a timely fashion, they’re not liable for more than a marginal portion of the loss. Businesses, however, get no such protection. The liability is typically governed by the terms and conditions of the account agreement, which typically place more responsibility on the business to maintain security. The results of a cyber-attack on a small business can be devastating, at times forcing it to close when thieves wipe out their payroll or checking accounts. You thus need to be proactive in protecting yourself. This means:
- Prioritizing cybersecurity.
- Understanding the terms of your business account and the bank’s liability for fraud.
- Considering insurance.
- Monitoring accounts, setting alerts, and notifying your bank if you suspect fraud.
- Possibly implementing dual control procedures.
- Staying up to date on the latest cybersecurity threats.
What is the best way to sell a business without letting your current customers know that you are planning to retire within a certain period of time?
If you feel your patients’ loyalty and trust would be hurt by news that you are planning to sell, then your best option would probably be to work with a confidential business broker. They specialize in discreetly marketing your business to qualified buyers without revealing your personal intentions or timelines while you carry on with business as normal. If you sell to relatives or a store insider like a manager, then the issue is more about messaging. And even if you work through a broker, the communication is still going to require careful handling and lots of planning. There shouldn’t be anything inherently worrying to customers or patients about a change of ownership if you make it clear you have their interests at heart. And you can do that by keeping it positive, emphasizing continuity and commitment to customer service. As time gets closer to your exit, thank your customers and patients for their support over the years and share your excitement about this new chapter, emphasizing that the business’s core values and commitment to their eye health will continue.
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