It’s new, it’s exciting and you’ve been waiting for the right opportunity to present itself for some time now. You can’t believe that you’re finally about to start your very own business.
Although this is certainly a time of great excitement and anticipation, it’s also a time that calls for calculated, careful and strategic planning.
- Do you know exactly what you’re getting into?
- Have you done your homework before putting yourself into a position to say “yes”?
- Are you aware of all the red flags and warning signs to look out for?
- Have you sought the advice of a legal advisor – ahead of time?
There are no shortcuts to success.
Be weary of letting yourself become too hasty in the decision-making process. Whether you’re acquiring an existing business or you’re in the process of launching a new company, take your time, analyze every detail and understand the provisions within the agreements you sign. If something looks too good to be true, it probably is.
Do you need a lawyer more than you think you do?
Maybe this is not your first business acquisition or startup. Or, perhaps you’re new to the entrepreneurial world. Whatever your situation, take a moment to step back and look at the big picture. It’s easy to think that you’ve considered everything, that you understand completely what you’re about to commit yourself to, and that there is absolutely nothing a lawyer can say that you haven’t already thought of. But does this sound logical?
Accept help where you know you need it.
When it comes to the legalities of acquiring, running and owning a business, it’s highly likely that you don’t know everything you need to know. This is a corporate lawyer’s domain – the same way running a business is your domain. Accept the fact that information, advice and guidance from a business lawyer is likely to be some of the best money you spend on your new company.
Budget for professional advice at a time when you can avoid critical mistakes.
After the agreement is signed, the lease is finalized or the office remodelling is complete, there’s not much a lawyer can do if you suddenly realize you’ve made a huge mistake. In new acquisitions and startups, it’s difficult to budget for everything you need. Products and services always seem to cost more than you think, and you may be tempted to cut and slice where you see fit. Just be sure you’re skimming what you can afford to skim.
Getting corporate legal advice at the beginning, before anything has been finalized is one of the wisest decisions you can make for yourself and your business. The right lawyer can help you understand the implications of your decisions, make important considerations you would have otherwise missed, and enter into an agreement not only that you’re comfortable with but that has your absolute best interests at hand.