If you are a small business owner or are thinking of starting your own small business, think about consulting with a small business lawyer. There are many important reasons for this, and we want to make sure you succeed during your small business journey.
3 reasons why it is important to consult with a small business lawyer as a small business owner
1. Knowing how to write and read contracts
Even though there are many resources on the internet for writing your own contract, not all of these templates or opinions are trustworthy in terms of your needs. The contract templates found online, or opinions from online users, might cause more harm than good as they could potentially contain clauses that are not applicable to your situation, or might have laws in them that are irrelevant to your province or country.
If you do decide to go with an outsider’s opinion or a contract template, it is a good idea to have a small business lawyer look through it to make sure everything is accurate and beneficial to your needs as a small business owner.
2. Selling your business
Selling your business can be a frustrating process. There are lots of things to note when selling, such as:
∙ Working with the wrong people
A common theme for business owners who are looking to sell is to put their trust in the first expert they meet. Having a trustworthy team is critical to selling. Be aware of who you are choosing to have a part of your selling team, as these people can make or break your sale.
∙ Waiting too long
It can take months or even years to prepare your business for sale and find a buyer. With that said, you want to make sure you are getting a reasonable return for what you have put into your business, so don’t take the first offer that comes along, especially if you feel that it does not reflect the value of your business. The perfect opportunity will be there so don’t wait too long, but long enough to get what you want.
∙ Incorrect valuation
Not sure how much your business is worth? Be sure to contact The Canadian Institute of Chartered Business Valuators for more information. Be sure to also ask your small business lawyer for advice on how to improve your business before selling it.
3. Adding potential partners
Although there are wonderful opportunities out there for creating a positive and healthy partnership, about 60% of business partnerships fail. Having a small business lawyer to advise you before adding a potential partner is important in order to avoid being a part of that statistic.
A small business lawyer can help guide you through this process and give advice on matters such as: creating a partnership agreement in writing, being careful when mixing business and personal relationships, and avoiding choosing someone that doesn’t align with business values and goals.
Owning a small business can be exciting, and working with a small business lawyer can ensure that all your legal aspects are in order and that your small business will run smoothly. Do you own a small business in BC? Ourlawyers specialize in small business! Contact us today for your complimentary consultation.