As an entrepreneur, you are already facing so many risks as you work to grow your business. The threat of facing a substantial and expensive lawsuit is probably one of the last things you want to think about. But unfortunately, the possibility that you could face criminal charges isn’t totally out there. Do the work to be prepared if this situation ever comes your way.
Protecting your business from criminal charges starts with creating a solid brand image and with developing a solid reputation. In many cases, entrepreneurs find themselves trying to expand their business only to realize that while their previous scope did not present any serious problems, expanding their scope could result in stepping on other businesses’ toes. If you’ve done the work to build a solid reputation and to build trust within and without your company, it will be easier to respond to any criminal charges that come up and still stay afloat.
Ultimately, when you are in a situation that becomes legally troubling, it’s essential that you already have legal counsel that you trust. Finding the right lawyer to advise you and your company and potentially take you through court proceedings isn’t something you should leave off to the last minute.
As you think about which lawyer to turn to, there are a lot of different lawyers you should consider. Make sure that you find a lawyer who specializes in helping entrepreneurs. A civilian lawyer with a military background can offer the best defense for legal trouble.
One of the most important ways to prevent your business from ever getting into a position where you are facing criminal charges is to develop a culture of transparency. Often, tech startups can adopt an urgent sense of secrecy around their application, invention, or product.
In an effort to preserve trade secrets, these businesses can inadvertently create an environment where the effort to move the company forward seems to take precedence over being completely upfront with investors and other interested parties. These situations are often the situations where problems arise.
As you work to build your business, don’t forget to think about your legal counsel. Even the least expecting startups could find themselves facing bankruptcy if they aren’t prepared to go up against potential criminal charges. Doing the work to be prepared will take time, effort, and money, but it is worth it.
Get more help on your entrepreneurial journey with FrameWork4Freedom!
Breaking taboo called FAILURE by talking openly about it, sharing my fail stories and lessons that I learned on my way back from hell. I had four successful companies that at one time all went bankrupt. You could say that I went from hero to zero. But I managed to survive! Down that road I became Fail Coach not by degree but by failing personally and professionally, learning from my failures and growing. If you are looking for a coach try not to find one with shiny diploma hanging on his wall but one that has personally gone to hell and back.