When you own your own business, your time is precious. Between tending to your customers, employees, administrative tasks and future plans, there never seems to be a spare minute.
However, there are times when you have to slow down, whether you feel like you can afford to or not. The reality is, you can’t afford not to!
Here are some times when you need to sit back and tell yourself “it takes as long as it takes”.
1. When you are forming your corporation or partnership. Choosing your business organization and having the documents drafted is important. It is tempting to rush through it when you are impatient to get started, but its just not worth it. Take your time. If things go as planned, you are going to have to live with this _______________ (fill in the blank: partner, business organization, company name, key employee) for a loooooong time. Having an experienced business attorney help you with your set-up will minimize problems and help you make the most of your time.
2. When you are evaluating a claim or lawsuit. How to respond (and how not to respond) are important considerations. Responding in anger or frustration can create problems that you may not be able to fix later on. Seek an opinion from your business attorney and insurance company when appropriate and do it sooner rather than later. Ignoring problems is not a good idea.
3. When you are making business-altering decisions. Any major decision that has a significant impact on your business’ daily operation, structure, tax liability, or future growth is one that is worth taking the time to fully investigate. Seek good advice, do research, and consider taking some time “away” where you can think and read without interruption.
A qualified and experienced business lawyer can help you evaluate many aspects of business organization and operation and help you create a program for risk management. Don’t wait until you have a problem to contact a business attorney.