If you ask yourself, as a business owner, what the role of your lawyer is, then you may come up with a series of different answers. Perhaps you think you only need to call on a lawyer when things go wrong with your business. Maybe you believe that you can ask your lawyer when a question arises. Possibly, you think that you only need a lawyer when you are expanding your business.
If you have such views, then you may be reducing your chance of running a successful business. Instead, you should see Lawyers as an integral part of your business endeavors from the very beginning. A business’ long term strategy should dictate and influence the type of business structure chosen as well as the arrangement of shares and the management structure.
Lawyers are able to envision and foresee potential legal conflicts which may arise in various commercial situations. Part of your business strategy should include this risk analysis and risk mitigation as well as exit strategy planning, which can, and should, be done through legal assistance. This is not to be taken lightly and the necessary investment of resources should be made. You will see that your return on investment is invaluable when a conflict arises and you have, for example, well-drafted legal provisions
to protect you.
Decision making is one of the most important yet complex processes in a business. It is essential for you, as a business owner, to ensure that roles are clearly defined and outlined in the business documents. In addition, the share distribution should enable you to make the necessary decisions when they need to be made.
All of the above can only occur by using extensive legal foresight and pragmatism. We strongly suggest that you speak to a lawyer before you make any business or commercial decisions.
