05 Jul Why Every Business Owner Should Consider a Legal Audit 

As a business owner, it’s easy to get caught up in the day-to-day operations.  As Michael Gerber says in The E-Myth Revisited, your attention is working in the business rather than on the business.   Especially for family-owned and closely held businesses, personal relationships and informal practices often shape business operations.   Unfortunately, that can lead to being lax in having the right legal structure and documentation in place.   

Cracks in the Foundation? 

Consider this: 

Are your company’s formation and legal documents current? 

Do you have the required contracts in place for your workers? 

Do you have the right insurance coverage in place to protect you? 

These are just a few of the issues that, if left unaddressed, can hold you back from growth or worse, expose your company to dangers that could threaten all you’ve worked for. 

If you are serious about growing your company and protecting what you’ve built, it’s wise to make sure your company is operating on a solid legal foundation.  That’s where we come in.  Our Legal Audit and Assessment will do just that. 

The Value of a Legal Audit and Assessment 

An audit might sound intimidating or unnecessary if you believe everything is running smoothly. However, the legal landscape is always evolving.  What worked yesterday might not be sufficient today.  Take, for example, the Corporate Transparency Act that went into effect January 1st of this year.  Or the Federal Trade Commission’s recent ruling banning non-compete agreements.  Are you on top of those changes?  If you have any doubts, getting a legal audit is a savvy move to get clear on any cracks in your legal foundation. 

During our audit process, we cover your legal structure, intellectual property protection, employee situation, insurance coverage and more. Our expert team analyzes your responses to pinpoint potential liabilities and areas of exposure. This proactive approach isn’t just about identifying problems—it’s about providing peace of mind and a strategic path forward. 

Here’s how our Legal Audit and Assessment helps you: 

1. Identify Hidden Risks:  The most dangerous threats are often the ones you don’t see.  Many business owners are not aware of their vulnerabilities until it is too late. Our audit sheds light on these areas, allowing you to address them proactively rather than reactively. 

2. Customized Legal Strategies:   The types of legal protections you need depend on your unique company make-up and your position in the marketplace.  Our recommendations are tailored to your specific business needs and goals, providing a personalized approach to legal protection. 

3. Enhanced Partner and Investor Confidence:  Are you looking to bring on a partner or investors in the future?  A thorough legal audit can significantly boost the confidence of investors and business partners in the stability and governance of your company. Demonstrating that your business adheres to legal best practices and proactively manages potential risks makes it a more attractive investment and partnership opportunity. 

4. Protection Against Intellectual Property Risks: For businesses, especially those that rely on unique products, services, or brands, intellectual property (IP) forms a core asset that needs safeguarding. A legal audit includes a detailed review of your IP management and protection strategies. Ensuring that your intellectual property is properly registered, defended, and capitalized upon can prevent costly disputes and enhance your competitive edge in the market.  

5. Plan for the Future: Our audit includes looking at your business’s future, and helping you plan for events like ownership transitions, expansion, or unexpected market changes. 

Invest in Your Business’s Future 

As a business owner, you have poured your heart and soul into building something significant.  Investing in a Legal Audit and Assessment helps you secure your business’s future. It’s peace of mind.  You’re protecting not just your business but also your legacy and the well-being of those who depend on it.

Let us help you ensure that it stands on a solid legal foundation.   

Take the Next Step 

Don’t wait until you face a legal challenge; take proactive steps today to ensure your business thrives tomorrow.  Schedule a free 15-minute here.