Page 10 - BusinessWest January 20, 2025

EDITORIAL >>
A Tradition of Entrepreneurship
In 1996, BusinessWest created a new recognition program, its Top Entrepreneur Award. We did so to acknowledge this region’s deep history of entrepreneurship and to recognize
those that are continuing that tradition today.
As for that history, you know the names — or many of them,
anyway: Milton Bradley, Horace Smith and Daniel Wesson, Charles and Frank Duryea; Everett Barney (clip-on ice skates), George Hendee (Indian Motocycle); Curtis and Prestley Blake (Friendly’s); Paul and Gerry D’Amour (Big Y), William Skinner (the Skinner Silk Mill) ... the list goes on. And the people on that list created tens of thousands of jobs and helped shape the region.
Today, this tradition continues, although mostly with people creating dozens, and perhaps hundreds, of jobs, all of them vitally important to this region’s future. Indeed, entrepreneurship cre- ates more than wealth — although it does that, too. It creates vibrancy in our communities, jobs (sometimes for generations of people), and opportunities for others to make their own mark.
This is why we recognize those that continue this region’s proud tradition of entrepreneurship with our annual award. Over the years, we’ve honored some traditional entrepreneurs — the Balise family of auto dealers, the D’Amours, the Falcone fam-
ily (Rocky’s Hardware), and people like Paul Kozub, founder of V-One Vodka. We’ve also honored some non-traditional entrepre- neurs, such as the Food Bank of Western Massachusetts; Andrew Scibelli, former president of Springfield Technical Community College; and Craig Melin, former president and CEO of Cooley
OPINION >>
Dickinson Hospital.
For 2024, we blend the past with the present and future by
honoring John and Chris DeVoie, founders of the Hot Table chain of panini restaurants (see story on page 12).
Their story echoes many of those from the past. They started with an idea and started small, and eventually grew the venture. Indeed, from humble beginnings in the Breckwood Shoppes in Springfield, they have grown the chain to 13 locations across this region, into Eastern Mass., and also into Connecticut, with plans to continue growing and taking the concept to new markets.
Beyond growing their venture, the brothers DeVoie, along with third partner Rich Calcasola, have succeeded in creating a culture of giving back as well as a pattern of providing employ- ment opportunities, especially to young people. These include all-important first and second jobs to high school and college stu- dents, who need the experience as well as the paycheck, but also opportunities to advance and take on leadership positions.
While doing all this, the partners have exemplified the traits of all successful entrepreneurs — vision, persistence, imagination, perseverance, and the ability to overcome adversity and learn from mistakes.
They share traits with Smith, Wesson, Bradley, Skinner, Bar- ney, and three generations of the D’Amour family, and, like those others, they have become true inspirations to others.
They are making their own mark, but they are also carrying on a proud tradition, and that’s why they’re the Top Entrepreneurs for 2024. BW
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Understanding and Managing Contracts
BY SEAN HOGAN
In the bustling world of modern business, contracts form the backbone of countless transactions, agreements, and partner- ships. Yet, many businesses remain unaware of the myriad con-
tracts that exist within their operations, particularly those for soft- ware and services. This oversight can lead to significant financial and operational pitfalls.
Contracts are not merely formalities; they are binding legal agreements that dictate the terms of business relationships. These documents encompass a wide range of commitments, from software licenses and service agreements to leases and supplier contracts. Unfortunately, the complexity and volume of these con- tracts can often lead businesses to lose track of their obligations, especially when it comes to the fine print.
A common feature in many business contracts, particularly for software and services, is the auto-renewal clause. These clauses are often buried in the small print, easily overlooked during the initial review. An auto-renewal clause stipulates that the contract will automatically renew for another term unless the client explic- itly opts out, usually in writing, within a specified period.
Many businesses fall into the trap of neglecting these clauses, leading to unintended renewals. These renewals can range from a minimum of one year to as long as three to five years, depend- ing on the contract. The implications of such automatic renew- als can be profound, locking businesses into costly agreements that may no longer serve their needs or align with their strategic goals.
The financial impact of auto-renewals cannot be overstated. Consider a scenario where a business has multiple software sub- scriptions, each with an auto-renewal clause. If these contracts renew without the business’s knowledge, the company could find
itself incurring substantial, unexpected expenses. These costs can quickly add up, straining the company’s budget and diverting funds from more critical projects.
To mitigate the risks associated with auto-renewals, busi- nesses must implement robust contract-management practices. Tracking contracts involves maintaining a detailed and organized record of all agreements, including their terms, renewal dates, and termination clauses. This level of oversight ensures that busi- nesses remain aware of their contractual obligations and can take proactive steps to manage renewals effectively.
Engaging legal counsel can provide invaluable support in man- aging business contracts. Legal professionals have the expertise to review contract terms, identify potential pitfalls, and negotiate favorable terms on behalf of the business. Their insights can help businesses navigate the complexities of contract law and ensure that their interests are protected.
Finally, fostering a culture of contract awareness within the organization is crucial. Employees at all levels should be educat- ed on the importance of understanding and managing contracts. This includes training on how to read and interpret contract terms, recognizing the significance of auto-renewal clauses, and knowing the procedures for contract termination.
By promoting contract awareness, businesses can empower their teams to take an active role in managing contractual obliga- tions. This collective effort can lead to more informed decision making, better risk management, and ultimately, a stronger finan- cial position. BW
Sean Hogan is president of Hogan Technology Inc.
10 JANUARY 20, 2025
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