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Oct 24, 2019

Is Your Business Sick?

“Businesses don’t die, they commit suicide.”

Have you heard this phrase before? It’s pretty ugly to watch a company implode – electricity gets shut off, payroll is slashed, and resumes start flying out the door.

Even if we are not talking about a failure of the business, it can be unbearable to work at a company that is poorly run and disorganized. For sure the owner and key executives are probably losing sleep and stressed out constantly.

Last week, I wrote about why companies fail and had experts in tax planning and asset protection reveal the issues they see that destroy businesses. You can watch that discussion here.

Since that last blog, I have been getting a flood of questions from owners asking how they can best tighten up their foundation and processes. They have connected with our team of experts and are now getting some high level input.

If you own a business or advise others who do, then you know that entrepreneurs are hyper focused on growth, marketing, and product/service development. What these entrepreneurs don’t do very often is to take a step back to assess if the legal foundation is in place to ensure long-term health of the company.

The pitfalls associated with a poor legal foundation are many. Below could be:

  • Lousy contracts
  • Inadequate buy/sell agreement
  • Bad entity choice for the business
  • Commercial lease issues
  • Challenges related to company equity
  • Employee problems

In response to the overwhelming feedback from owners, I want to make sure to include you in the follow up interactions we are having. The entrepreneurs we are assisting are taking advantage of our 50 Point Legal Business Check-Up. Our team is working with the owners and their advisors to ensure they have a solid foundation to guard the business (and the owners personally).

To learn more about the 50 Point Legal Business Check-Up, visit our site below to watch a short video from our Founder, Harry Barth. Harry will reveal what is involved and you can sign up for the review on the page.

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