Does Your Company Have a Record Retention Policy? 

By: Alina Pargamanik, J.D.

Does your company have a record retention policy? If not, you could be putting your company at risk of significant legal repercussions.

What Is a Record Retention Policy?

Record retention policies specify the business’s processes and procedures for managing documents. A well-drafted record retention policy provides guidelines and procedures for the storage, organization, retrieval, and destruction of documents in accordance with both legal requirements and inter-company policy. Any record retention policy must provide a provision for the suspension of the policy in the event of litigation or upon the company’s notice of an investigation.

Depending on your company’s industry and the matter involved, there are various regulatory and legal standards for record retention. For example, the Internal Revenue Service requires organizations to retain employment tax records for a minimum of four (4) years; the Occupational Health and Safety Administration requires businesses to retain records on workplace injuries for five (5) years; and the Equal Employment Opportunity Commission requires employers to retain all personnel or employment records for one (1) year. The following federal laws also set forth specific record retention requirements:

  • Sarbanes-Oxley (SOX) Act: SOX created financial record keeping and reporting requirements for corporations to protect investors from fraudulent activity, including a five (5) year retention period for customer invoices, a seven (7) year retention period for tax returns and receivable or payable ledgers and an indefinite retention period for payroll records and bank statements.
  • Gramm-Leach-Bliley Act (GLBA): GLBA requires financial institutions to be transparent with consumers about their information-sharing practices and to make an additional effort to secure consumer data. GLBA does not require a specific retention period, but the general rule is to retain all financial records for a period of seven (7) years, in line with SOX.
  • Health Information Portability and Accountability Act (HIPAA): HIPAA is a regulation designed to protect patients’ private data against fraud and theft, but it does not set specific retention periods of medical records. It does, however, specify how long healthcare organizations must retain HIPAA-related documents. Healthcare organizations (or “Covered Entities”) are required to retain HIPAA compliance documentation for a minimum of six (6) years from when it was created or, in the event of a policy, from when it was last in effect.

Why Is It Important to Have a Record Retention Policy?

Having and implementing an appropriate and well-drafted record retention policy could prevent your business or organization from experiencing legal troubles should a government investigation or threat of litigation arise.

In 2005, the Supreme Court overturned the conviction of Arthur Anderson, a former Big Five accounting firm, for destroying documents related to a case involving Enron, an energy, commodities, and services company. Several weeks before the SEC launched an investigation into Enron’s accounting practices, Arthur Anderson destroyed approximately two tons of Enron work papers. The Supreme Court ruled that companies may destroy documents in the “normal course of business” and in compliance with a valid document retention policy. The destruction of documents in accordance with a record retention policy is permissible as long as the action is taken in “good faith” without any knowledge that the company is on notice of pending or anticipated litigation or a government investigation.

Even if your company has an existing record retention policy, it is important to regularly review and, if needed, revise the policy. Record retention laws and regulations are ever-changing, so it is critical to have an attorney confirm that your policy is in compliance and that your company is adequately implementing and enforcing the policy.

If your company or organization needs assistance in drafting or reviewing a record retention policy, please contact Batoff Associates. P.A. at 410-864-6211.

Potbelly Signs Multi-Unit Development Agreement with Company Founder Bryant Keil

Bryant Keil was represented by Justin Batoff and Alina Pargamanik of Batoff Associates, P.A. in Baltimore, Maryland.

27 Unit Deal Includes 15 New Shops and 12 Refranchised Locations in Maryland
CHICAGO, July 19, 2023 (GLOBE NEWSWIRE) — Potbelly Corporation (NASDAQ: PBPB), the iconic neighborhood sandwich shop, today announced that it has finalized a 27-shop agreement in Maryland with the company’s founder Bryant Keil and his son Hampden.
The agreement grants Mr. Keil exclusive territory rights in seven Maryland counties – Washington, Frederick, Montgomery, Prince George, Charles, Calvert, and St. Mary’s – to develop 15 new Potbelly shops in the next eight years. Additionally, Potbelly will refranchise 12 existing restaurant
locations as part of the transaction.
“The Potbelly brand we know and love was shaped by Bryant’s leadership. He has a keen understanding of the Potbelly vision and deep appreciation for the brand and what sets us apart,” said Bob Wright, President and CEO of Potbelly. “He oversaw years of incredible expansion for our brand, and we look forward to him accelerating our growth momentum in Maryland as we continue to execute our strategic franchise and growth strategy across the U.S. Along with refranchising several of our existing shops, this agreement will extend Potbelly’s presence in central and southern regions of the state over the next decade, giving residents and visitors more access to our delicious food.”
“For nearly three decades, I’ve believed in the strength of the Potbelly brand and the company’s growth potential,” said Mr. Keil. “I’m thrilled for this new partnership and the opportunity to open and operate additional shops on the East Coast. I’m especially excited to partner with my son Hampden to develop the market and our family business. He grew up in Potbelly and has significant restaurant experience. We are both very excited to join the system.”
Mr. Keil first purchased Potbelly in 1996, when it was a single antique shop in the Lincoln Park neighborhood of Chicago whose owners served sandwiches to their customers. As CEO, he leaned into the differentiated Potbelly business model – creating shops that serve delicious, craveable food in an environment prioritizing good vibes – and successfully expanded the company to 250 locations by 2008. Today, there are more than 425 Potbelly locations in cities around the U.S. Potbelly has a long-term goal of reaching 2,000 shops over the next 10 years, with at least 85% of those locations being franchised, as part of the company’s Franchise Growth Acceleration Initiative.
You can learn more about franchise opportunities with Potbelly at
About Potbelly
Potbelly Corporation is a neighborhood sandwich concept that has been feeding customers’ smiles with warm, toasty sandwiches, signature salads,
hand-dipped shakes and other fresh menu items, customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country – with more than 425 shops in the United States including approximately 53 franchised shops in the United States. For more information, please visit

Journey Acquires The Devhouse Agency, Expanding Their Metaverse Studio’s World Building, Gaming, And Web3 Capabilities And Offerings

The Devhouse Agency was represented by Justin Batoff of Batoff Associates, P.A. Journey / Growth Catalyst Partners was represented by Adam Arnett and Patrick Mock of Mayor Brown LLP

NEW YORK, Oct. 24, 2022 /PRNewswire/ — Fresh off of the launch of Walmart Land, Universe of Play and the production Electric Fest inside Roblox, Metaverse-leading design and innovation consultancy, Journey, today announced the acquisition of The Devhouse Agency (“Devhouse”). This new addition to Journey’s Metaverse Studio enhances the company’s metaverse, gaming, and web3 business offerings at a time of rapid-growth and increased client demand for world building capabilities and Metaverse offerings. 

The Devhouse Agency is a Dallas-based software development studio specializing in game development across a variety of platforms and industrial verticals, including gaming, NFT Utility, VR, AR, marketing and events. Founded in 2018, Devhouse’s team consists of highly-skilled and experienced Unity and Unreal engineers, 3D artists, Solidity developers, and game producers.

“The brands we work with are entering virtual worlds and launching web3 initiatives at record speed. This exciting acquisition expands our game development and engineering talent pool so we can better service our clients at a time of rapid-growth and increased demand from clients who look to Journey for an unmatched expertise,” said Cathy Hackl, Journey’s Chief Metaverse Officer, who has helped brands like Ralph Lauren, Clinique, P&G and Walmart with their Metaverse strategies and implementation. “We are seeing customers and brands realize the potential of virtual worlds and Web3, and now Devhouse will be an integral part of Journey’s mission to deliver immersive and industry-leading experiences for new and nascent customer touchpoints and journeys.”

Devhouse’s client base includes a PC and Console game for well known IP, as well as Roblox builds for major brands. 

“Our highly skilled team will aid Journey’s Metaverse Studio in scaling up its offerings, and help further support the kind of unique and forward-thinking ideas and experiences that Journey is creating across virtual, physical and digital,” said Jim Welch, Founder and CEO of The Devhouse Agency. “Our team is immensely proud of the work we’ve accomplished, and we are now thrilled to join Journey, allowing our team to continue, and substantially expand, our ability to create and execute amazing experiences in gaming, Web3 and beyond.” 

The Devhouse acquisition is the fourth that Journey has done in the last 10 months and the company will be announcing more strategic acquisitions in the near future. Journey is the agency of the futurescape and builds real products, with real technologies, to create meaningful experiences for real people – in whichever reality they choose. 

Journey’s Metaverse Studio, which is led by Hackl, offers both strategic and technical services such as game development in Roblox, Fortnite Creative, Rec Room, Core, VR Chat, Meta’s Horizon, Microsoft’s AltSpaceVR and more. The studio also specializes in custom development in Unity, Unreal, and Solidity while providing game testing quality assurance (QA), virtual concert production, motion capture and volumetric video production in multiple platforms and engines.

“Through this acquisition, Journey will be able to continue breaking ground in new worlds like never before, whether they be physical, digital or virtual,” said Andy Zimmerman, CEO of Journey. “Our capabilities are growing alongside our company’s size and influence, and we are thrilled to have The Devhouse Agency’s team joining us. They have worked on some of the most high-profile projects in the metaverse, and bring with them a one-of-a-kind expertise that is unmatched in this industry and we are proud that they are now part of our Metaverse studio.”

Devhouse has worked not only on game production, but has also helped web3 projects like Dippies and Chill Cowboys Country Club with their NFT development, games, drops and minting. 

About Journey

Journey is an innovation and design agency that enables companies to envision the futurescape, the next chapter of their end customer journey, designing, building and running 3D experiences in the physical, immersive and metaverse worlds at speed and scale. Backed by private equity firm Growth Catalyst Partners, Journey, founded in January 2022, was formed by the merger of ICRAVE, a physical design firm, Skilled Creative, a voice agency, and Future Intelligence Group, a metaverse consulting and design firm.  Marquee clients include Walmart, Clinique, Entertainment Weekly, HBO Max, JetBlue, Marquee Nightclub, STK, Warner Music Group, MoMA, Procter & Gamble, Wall Street Journal, Sloan Kettering, and other leading brands.

About The Devhouse Agency

The Devhouse Agency is an independent software development studio based in Dallas, Texas which specializes in crafting bespoke and stunning AR, VR, mobile and gaming experiences. 

About Growth Catalyst Partners

Growth Catalyst Partners is a middle market private equity firm investing in information, marketing and tech-enabled services businesses. GCP’s strategy involves targeting growth segments of industries and identifying and building market-leading companies with breakout potential. GCP partners with company founders and owners along with top executives within those industries and provides capital, proprietary deal origination and operating expertise to the management teams. GCP’s team has deep sector expertise and has led hundreds of transactions and successful investments in services businesses for over 20 years. Since the firm’s founding in 2015, GCP has completed over 75 acquisitions across its industry-leading platform companies. For more information, visit

Miner Limited, an OnPoint Group Company, Acquires Charles H. Hodges & Son

Charles H. Hodges & Son, Inc. was represented by Justin Batoff of Batoff Associates, P.A. in Baltimore, Maryland. Miner Ltd. / OnPoint Group was represented by Eric Halperin and David Ostermann of Willkie Farr & Gallagher LLP in New York, New York

September 07, 2022 

PERRYSBURG, Ohio–(BUSINESS WIRE)–Miner Ltd., the dock and door division of OnPoint Group, has acquired Charles H. Hodges & Son, Maryland’s oldest and most reputable loading dock specialist. A single-source provider for the design, installation and maintenance of commercial dock and door equipment, Charles H. Hodges & Son has been a partner to both commercial and industrial customers for more than four generations. The company serves businesses across Maryland, DC, and Northern Virginia.

“We are thrilled to have the opportunity to welcome the Hodges team to the Miner family as we expand our reach in a critical market. The team at Hodges serves a well-established customer base and their industry expertise directly aligns with our mission of improving safety and efficiency at the loading dock,” said Miner President, Dave Wright.

A legendary name in the dock and door industry, Hodges installed the first dock leveler on the East Coast in Baltimore in 1954. Today the team is an established leader in this top 30 industrial property market and a top performing distributor for a variety of key product suppliers.

“For more than four generations we have focused on providing customers with the best professional sales, service and installations possible for their loading dock needs. Whether it’s a Fortune 500 company or a family business, we are equipped to meet the full breadth of our customers’ needs—especially now as Miner expands our capabilities and national reach,” said Charles H. Hodges & Son’s President, Jamie Hodges.

Charles H. Hodges & Son, Inc. was represented by Justin Batoff of Batoff Associates, P.A. in Baltimore, Maryland
Miner Ltd. was representing by Eric Halperin and David Ostermann of Willkie Farr & Gallagher LLP in New York, New York

For additional information about Miner and Charles H. Hodges & Son visit or