In Show 096 – 5 Tips to Avoid Litigation originally broadcast on Facebook Live on Monday 4 June 2018 we explore this interesting topic.
It’s a new month and that means it’s time to start a new phase of the Business Legal Lifecycle. This month we will be talking about Phase 10: Litigation and Dispute Resolution. No matter how well you run you business you are going to have to deal with disputes and the courts at some point. Today, we wanted to offer five tips to avoid litigation.
Ignoring something in the hope that it will just go away is not the best strategy. Communicate with the other party and address what they are requesting in a straight-forward way.
One of the first things you learn in law school is that pursuing litigation over the principle of a matter only makes lawyers rich. Don’t pursue litigation over just the Principle.
3. Other point of view
There’s quite a few things to think about here. You’re buying the intellectual property of a franchisor and their systems and processes. You’re also going to be paying royalties over a set period of time. You need to speak with your accountant and financial planner to make sure you can afford it.
4. Put things in writing
It’s so crucial to put everything in writing. Especially anything that might turn into a dispute. A judge will very heavily favour the party that has commited important conversations to paper.
5. Reading the agreement
So often a misunderstanding between two parties hinges on the contract. Everyone needs to have read and understood what they have signed.
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.