For Arizona’s small businesses finding themselves on the razor’s edge of bankruptcy, neglecting to plan for the recent minimum wage increase could corner them into making tough choices — including cutting employees or merging employee roles.
AzBusiness Magazine recently tapped Lamar Hawkins to share his insight on how the minimum wage increase will impact businesses and how they can weather the change. He explains that not every Arizona business is affected the same way and details the exceptions, including low-revenue businesses and tipped employees. Additionally, Lamar shares key strategies for businesses looking to navigate the ripples of the minimum wage hike with resilience and foresight, including leveraging asset liquidation, automation adoption and more.
Chair of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission, Lamar is one of the leading voices in Arizona for bankruptcy law. His practice focuses on all phases of debt workout and bankruptcy services, including Chapter 11 and Subchapter V 11 reorganization, Chapter 7 liquidation, financial workout negotiation and creditors’ rights. He is recognized by Southwest Super Lawyers as well as Best Lawyers in America©.