To be honest, when small businesses decide they need the services of a lawyer, it’s because there’s an urgent problem that needs solving.
It’s akin to calling a plumber. You’d only do that when you have plumbing issues right? Candidly, that’s where the similarities stop, because if you wait until you need a lawyer, you’d be doing more than fixing a leaking pipe.
Another scenario is that you’ve agreed to retain the services of a lawyer, but to be honest, asides from getting your business registered and cross-checking some very important contracts, you can’t figure out what else you need their services for.
We’ll help you out. Smart business planning also includes forestalling future problems and making it easier for your business to scale in the future. See below very smart activities your lawyer can carry out for your business.
If there are plans to scale your businesses as it is with almost every other business, there is one thing you cannot afford, getting your corporate governance wrong.
This is one of the biggest hindrances to scaling a business. How do you set the guidelines for how your corporation is governed? Ideally, you don’t. You get a lawyer who understands the workings and dynamics of your business.
How will your organization be directed and managed? What should you pay attention to? Neglect of key legal requirements could jeopardize your corporate status and as a result, give you a much harder time when scaling.
No, this is just not another contract.
As a startup, one of your assets is the knowledge your employees possess. So… what have you done to protect your assets? Mostly, this where nondisclosure and noncompete agreements come in. You cannot stop employees from leaving but you can stop them from taking your trade secrets to your competition.
On the flip side, a good number of businesses cannot differentiate among telling someone to resign, firing them without cause or terminating an appointment.
The importance of employment agreements is quite evident when it’s time for both parties to part ways. Do it the clean, simple and legal way. Having a lawyer who can cut through the legal maze gives you time to pay more attention to your business.
As a small business, you don’t have a lot of assets, to begin with. But the little you have, such as intellectual property, should be legally protected. Your company name, logo, brand name even your goods and services depending on how distinctive they are entitled to copyright protection.
Patents, trademarks take the protection farther. How do you determine when it is the right time to take these steps?
Doing it at the wrong time could challenge the real reason you are doing it in the first place which is giving your business a competitive advantage in the marketplace.
They help you get ahead of your exit strategy
You weren’t thinking about an exit strategy, were you?
Many startup founders actually don’t. As an entrepreneur, sometimes, actually most of the times your focus is running your business and making sure it thrives. This distracts you from paying much attention to what happens if one of your partners decides to leave the business.
When a major partner who contributes a lot to the business decides to exit, it can to a large extent threaten the ability of the business to continue operating. Having a lawyer can take care of all the necessities like having buy-back agreements. They ensure that your partners can sell their stake in the business without stressing the company.
If you are worried about the cost of dealing with all these issues, remember, “A lean compromise is better than a fat lawsuit.”
When you have a brief consultation with your lawyer, you can determine what your legal needs are.
For an entrepreneur, your passion convinces you that you can do everything by yourself, but all that does is take you away from the real things that matter. Having access to a good lawyer who can help you through some of these major decisions could be a deal changer for you.
And we know just where you can find these lawyers. See here