Who’s on your Team?
February 4th, 2010
Copyright © 2010 Integrated Profitability TM
I had an interesting chance encounter, and felt the topic it raised important enough to interrupt the Equity-Capital series this week. I was writing and editing Integrated Profitability papers over breakfast at a newly opened establishment. The owner and a colleague brought me into their conversation. In a nutshell, there was a problem:
The property manager is raising issues regarding the types of goods the new store can sell
The lease, a thick document printed on legal-size paper, is probably mostly standard commercial boilerplate. But it does have a section relating to products and services—which is the crux of the matter between the two parties. Unfortunately, the lease was signed without the review of a lawyer.
To point: have a lawyer who is your legal representative review legal documents related to your business. You can be sure the other parties who are asking you to sign documents have had their lawyers review them. If you are not a lawyer, current with the most recent developments in the relevant law (e.g., commercial leases), get one.
Otherwise, you are at significant disadvantage. Worse, you will end up spending time trying to understand what the other party is saying, responding to the situation and generally taking time away from your main mission:
serving your customers & running your business.
In the worst case, given that the U.S. is one of the most litigious countries on earth, your business and, possibly, your life savings could be sacrificed.
It’s true in health and it was driven home in business law:
Prevention is much, much cheaper than actually having to cure a problem
Bottomline: make sure you have a good lawyer on your team.
Bill
William A. Stong
Email: william.a.stong@gmail.com
SBF&P # 52
Telephone: 925-202-6244
Copyright © 2010 Integrated Profitability TM
Subscribe to our blogs using either our 
