The Entrepreneur’s Tool Kit: Legal Consulting
“Speed in reaching a final decision may help create legal certainty.” — Stephen G. Breyer
In this week’s installment of the “The Entrepreneur’s Tool Kit,” we move to the ninth step, legal consulting.
Now that your product or service has come together and you’ve begun to build valuable partnerships, your business is set for growth. You’re starting to see traction, and your business is slowly gaining more momentum.
This steady movement understandably inspires excitement and optimism. You’ll want to increase your efforts to help speed things along and expand. Discussions may start to take place to accomplish this. New ambitious goals now seem possible. A sense of urgency arises to push harder and faster.
But before you plow full steam ahead, this is the moment to consider any legal obstacles in your way.
There is no doubt these developments are positive and the sense of urgency is legitimate. However, you didn’t make it this far without building a solid foundation from which to grow. This effort came with both action and … planning.
Your business has morphed, adapted, and possibly even pivoted to get where it is. These changes may place you in a different situation from when you first consulted with experts, particularly legal experts. This can open your business up to a number of legal issues resulting in setbacks for growth.
Strategizing with legal counsel prior to making your next moves could prove beneficial. Sound advice can help avoid new pitfalls. (Some examples of the questions you should seek can be found here.)
Taking a step back to consult with legal counsel is a wise move to protect your business and allow it to continue to grow without potential legal issues. Think of it like insurance.
Taking the brief time to secure your next moves will allow you to pursue that sense of urgency with confidence and more importantly …legally.
Previously on “The Entrepreneur’s Toolkit”: Building Partner Relationships
Next week: Managing equity
