I have been thinking a lot about vision. A lot about what can be done in your business, if you only take the time to step back and look at your path moving forward. Working with small businesses I see a lot of businesses that try to sell first and plan later. Though this works early on, when the owners are wearing all the hats and you can be scrappy, it does not scale well.
Of course, the opposite of this is to focus only on vision and not spend enough time on implementing the vision. I see this a lot in the requests business owners have for legal services. We have talked before about the different pillars of legal protection. The problem I see is that many business owners want to spend all of their money on investment and equity and don’t want to spend any money on creating legal infrastructure.
Don’t get me wrong. Limiting the liability of the owners is a good thing. It is one of the most important elements of getting started. Making sure you are properly structured for your future plans is all part of creating a legal entity that can grow.
But, it shouldn’t stop there.
Limiting the liability of the entity is essential to making sure that there is something worth protecting. Making sure the entity can collect its fees, charge attorneys’ fees and collection costs, and get out of lawsuits that shouldn’t have been filed in the first place takes regular and tailored focus on legal. That is why you should have legal in your corner. That is why you want to make sure you have a lawyer who can answer your questions. Who understands your business. Who understands your process. Who knows your limits and your tolerance for liability.
Protecting your business from liability should be a top priority. In fact, many investors want to know that you have focused on legal. They want to know that limiting the liability of the entity is important to you. They want to know you are protecting your intellectual property. You are ensuring you own the intellectual property of your employees and contractors. They want to know that your contracts are enforceable and add value to your business.
Too often this is ignored. It is ignored by entrepreneurs. It is ignored by the legal field. I am on a mission to change that. Protecting your business for growth is about the day-to-day. It is about the systems. Setting yourself up to grow and take on investors and take the proper steps is important, but it is more than just the formation of your legal entity. It is about more than subscription agreements and membership interests or stock certificates. Protecting your business for growth is about protecting the entity and making sure it is an asset worth investing in. Without proper protection, you may be making a bad investment.
So, what do you want to hear about? What do you want to see? What do you need to know about the day-to-day legal protections?What do you want to know about how to limit the overall liability of your business?
Let me know and let’s start this conversation! Let’s dive deeper into protecting your business. Into understanding the legal that impacts your business everyday. Let’s talk about what keeps you up at night.
Let me know! I am hear to help.