Whatâs Your Lawyer Done for Your Business Lately?
We all know great lawyer jokes. The lawyer always ends up associated with the sharks. I donât know about you but sometimes I want a shark on my side.
As business owners, we donât need a shark. We need lawyers who will stop us from stepping in it. But if I talk to a lawyer (actually, I think all we get is a letter, not a conversation) once per year to update our corporate record book, I have no idea if what weâre doing is going to dump us into the deep end of the ocean.
What We Donât About Know Lurking Under the Water
And thatâs what we all do â we continue on our merry way, not knowing what we donât know, proud we are doing it all ourselves. HmmmmâŚ whatâs wrong with this picture?
Did you hear the one about the business owner who had a buyer all ready to go for their business but hadnât looked at their distribution agreements lately? They were not transferrable. Suddenly the buyer backed off the deal and the value of that company dropped over night.
Or how about the business partners that had written their own employment agreements and shareholder agreements way back when. Now one of them wants to leave and be bought out. The partners are arguing about how to do it.
The shareholder agreement didnât spell it out in any way that could easily be actionable. Now they are barely talking to each other.
Heâs quit twice. If that knowledge walks out the door, without any succession planning, then the company is at risk. The fact that the partner is sporadically showing up at work is already ringing alarm bells for employees.
This is an open letter to lawyers and business owners. Thereâs a bonus at the end of the letter you will only get if you read the whole letter.
Here is my rant:
Dear Business owners:
âNot paying attention to what you donât know that you donât know is a recipe for business failure!! You need to be talking to a law firm that understands business strategy as much as the law who cares about your future and how to protect everyoneâs interests.â
âA letter once per year to renew the corporate record book means you donât know what you donât know about how to help your client stay out of business failure. What kind of care and feeding is that? If nothing else, lawyers, you are leaving money on the table not finding out what fresh landmines lurk in your clientsâ businesses.â
Thatâs a million dollar idea, Lawyers.
You can thank us now by telling us how youâre going to change your game plan this year to truly be of service.
Leave your comments, horror stories and what you do thatâs better, different for your clients, below.
Business owners, want more from your law firm?
We know the lawyers who careâŚ meaning they value their clientsâ business as much as their own:
In the US:
Roger Glovsky and John Koenig atÂ Indigo Venture Law Officesin Boston, MA and Boulder, CO
âSpeaking with lawyers is somewhat of a scary ordeal, however Roger Glovsky breaks the mold by making everything manageable and easy to comprehend. He has a groundbreaking approach to finding what is most important to protect in your business, which is unparalleled to any lawyer or legal system that I have encountered thus far. I now have a clear picture of what I need to do in order to protect my business, which is very empowering, and I suggest that any business looking to protect its âSecret Sauceâ should make an appointment ASAP.â Trevor M.
In Canada, we like:
Ken Burnett ofÂ Miller ThomsonÂ in Vancouver, BC