Listen to episode 197

Show Notes

Nobody wants to get sued.  It’s time consuming, stressful and incredibly expensive.  Today, we’re talking about litigation in your business. Specifically, we are discussing five ways to avoid litigation.

Put it in writing

That might sound simple, but any agreement must be put it in writing. Because when two people talk, they often misunderstand certain things. So if you put it in writing, you avoid that problem

Actually reading the agreement

Make sure you read it! Make sure there’s nothing in there that you missed or that you weren’t aware of.  But also, if you think there’s going to be a dispute and you’re got a problem with someone make sure you read through that first before you go off and start firing off correspondence. Because that’s one way to definitely bring litigation forward is to get sort of aggressive in correspondence.

Keep them in the loop

There’s no point trying to stick your head in the sand.  Communicate with them, talk to them, help them understand your reasons why you might need the extra time to pay the debt. So communication. Keeping the other side in the loop is such an easy way to avoid litigation

Act before it escalates

A lot of litigation escalates quickly, when, for instance, one party’s not responding at all, or in a in a timely, timely fashion.  Once it escalates, it’s very hard to back down

Put yourself in the other sides shoes

People that people understand agreements differently. People have different expectations. So make sure that you put yourself in the other person’s shoes. Because it’s amazing when you do that, how you might actually empathize with that position. And you might be able to come to a resolution quickly.

 

More about this Show

We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms.  Most importantly we want to help you to develop a plan to take your business successfully into the future.  There’s a startling statistic the underscores the importance of developing a solid plan.  The majority of business owners are just seven months away from losing everything.  A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly.   Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients.  We want to close that gap once and for all.  We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.

Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV.  We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with.  Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.