KEN KIRSCHENBAUM, ESQ ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and white list ken@kirschenbaumesq.com ****************************** More on cancellation notice / register for next financial webinar - see below September 19, 2020 *********************** Webinar 9/22/20: How to Finance Organic Growth Register: https://attendee.gotowebinar.com/register/3255545487536556558 *********************** More on cancellation notice from article on September 14, 2020 *********************** Ken, Regarding the comments on the 3 day notice of cancellation in your September 14, 2020 email, while Alarm company owners may be able to justify omitting the notice if they have personal knowledge that they never set foot onto the customers’ locations, a buyer of contracts may not be convinced of this. Many banks may balk at financing these contracts which translated into the Buyer not being able to purchase them. As I have said many times, while enforceability of the agreement is paramount, marketability is important as well. If a Buyer doesn’t like the agreement, they aren’t going to buy it. Don’t let your brother-in-law who works for a title company prepare your contracts. Don’t “copy” someone else’s. I have never seen a Buyer reject a well written contract. I have had several conversations with Buyers and their banks in which they asked our opinion of the contract during due diligence. If we say “Kirschenbaum Contract,” that’s all that is needed. Mitch Reitman Reitman Consulting Group 817-698-9999 http://www.reitman.us ************************ Response ************************ Failure to comply with the 3 day notice requirement can have severe consequences. AHJs [consumer agencies, such as Attorney General in your state] can take the position that you are engaging in deceptive business practices. The penalty can range from cancellation of contracts, refunds, fines and revocation of license or authority to conduct business in the state. At the very least you call the enforcement of the contracts into question and most potential buyers [of your accounts] will, at a minimum raise a question, and more likely reject the contracts or discount the multiple to account for the added risk that the account will cancel with impunity. Why not comply with the cooling off period? I don’t have statistics but how many consumers actually cancel within the 3 day period? I suspect very few. So the thought process is what? Let’s not give the 3 day notice because too many customers will use it to cancel? If you don’t give the notice how many of the customers that would have canceled had you given the notice will end up canceling anyway, before or after you install the system? I suspect the number of consumers who would cancel within the 3 days will quickly cancel anyway, and because you don’t comply with the 3 day notice you won’t be able to pursue them anyway for breach of contract. Since most customers won’t cancel, why risk all customers by not complying with the notice requirement? We provide the 3 day notice cancellation form for your state when you get the Residential All in One. Be sure to use it. ***************** WEBINAR SCHEDULE AND REGISTRATION ********************* Webinar Series: Financing for the alarm industry When: September 22, 2020 12 PM ET half hour presentation and then Q&A Topic Details: How to Finance Organic Growth - A more specific drill-down on the many ways loan financing can help an alarm dealer grown organically through covering creation costs, enabling leasing, expansion, etc. Presented by: Jim Wooster and Jim Wooster Jr. Alarm Financial Services, Inc 866-204-9350 ext 1200 www.alarmfunding.com Hosted by: Ken Kirschenbaum Who should attend: company owners and CFOs Register: https://attendee.gotowebinar.com/register/3255545487536556558 This webinar will be recorded and available at https://www.kirschenbaumesq.com/page/alarm-webinars ********************* To order up to dateStandard Form Alarm / Security / Fire and related Agreements, click here: www.alarmcontracts.com ************************* CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304. *********************** NOTICE: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles *********************** THE ALARM EXCHANGE
This area is reserved for alarm classifieds, alarm company announcements, solicitations, offers, etc. There is no charge to post a listing here.Include your contact information, phone, email and web site. If you would like to submit a post, please send an email to ken@kirschenbaumesq.com. To create a reciprocal link to our website, click here. ************************************************ Getting on our Email List / Email Articles archived: Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up. You can read articles and order alarm contracts on our web site www.alarmcontracts.com ************************** Ken Kirschenbaum,Esq Kirschenbaum & Kirschenbaum PC Attorneys at Law 200 Garden City Plaza Garden City, NY 11530 516 747 6700 x 301 ken@kirschenbaumesq.com www.KirschenbaumEsq.com
