Starting a business is both exciting and risky. You want your business to do well. Part of the success of your business is, of course, the health of the market. However, other factors also impact how well your business will do in the future. Some of those factors include your ability to represent yourself and your business with potential and current clients, negotiating with vendors and clients, creating and managing win/win agreements, and even your relationships with your employees or contractors.
Running and maintaining a business is so much more than making sales. Often, when people start a business, it’s in an area where they have some expertise, talent, or practical experience. To some degree, that makes being in business easier. However, it can create fertile breeding ground for certain business issues if, as a business owner, you don’t have experience in handling certain business activities. These business activities are transactional in nature. They involve at least one other party. Even though the success of your business is your priority, it may be difficult, if not impossible, for you to know that the relationship or transaction will help or hurt your business. A Colorado transaction attorney can partner with you to help make sure that your business is both well-represented and protected. In this post, you’ll learn more about how your business can benefit from you working with a Colorado transaction attorney.
Better Risk Management for Your Business
Business involves risk. When you work with a transaction attorney, you are better able to manage all of the risks associated with running a business. As someone educated in and practicing business law, a transaction attorney may notice potential risks. Knowing potential risks can help you minimize the likelihood that the risks could devastate or disrupt your business.
Drafting and Reviewing Contracts and Agreements
Another important benefit of working with a transactional attorney is their ability to draft and review contracts and agreements on behalf of your business. There’s no more guessing about whether a contract or agreement is in the best interest of your company. There’s no more wondering if the terms are reasonable. A transactional attorney can draft contracts and agreements for your business to use in the future as well as review contracts and agreements offered to your business.
Improve Communication and Negotiation
Successful business is a mix of the ability to provide the right solutions for your target market and likeability. In both representing your business offerings and presenting a professional image that makes others want to do business with you, communication and negotiation are a must. There’s a misguided belief that being successful in business means that you must act ruthlessly. While it is certainly okay to look out for what is in the best interest of your company, it’s important to create win/win relationships. When it’s easy to do business with you and others believe that you’re interested in creating great relationships, it makes it more likely that they will refer your business to others.
Good communication and negotiation aren’t just about being involved in a lawsuit. In fact, good communication and negotiation from the beginning of a business relationship could help reduce litigation expenses. In addition to using these skills to potentially avoid lawsuits, they are also tools for creating a good impression of your business if you’re seeking financing, when acquiring or merging with another business, and even for the management of leasing or licensing agreements.
A Reduction in Overall Legal Fees
Although it’s true that people pay to have problems solved for them, running a business should be done in a way that is cost-efficient. As a business, if you choose to only hiring a lawyer at the time it is needed, you will pay more when compared to a long-term relationship with a transaction attorney. You’ll pay less over time and have continued access to a lawyer who is concerned with what is in the best interest of your business.
Making Compliance Easier for Your Business
Some industries have more regulations that must be followed than others, but all businesses must comply with the laws in the state (or states) where they do business. Regulations aren’t always easy to read and understand, let alone deciding whether you’re doing enough to comply. A transaction attorney can help you understand your obligations as a business as well as help you determine what you must do to remain in good standing with the law. With an ongoing relationship with a transaction attorney who knows your business, you have no more guesswork now or in the future. This is just one more way that your business can reduce its risks.
Negotiate with Vendors on Your Behalf
For both daily business practices and compliance with regulations, you’ll need great working relationships with vendors. Researching and talking with vendors that you need can be a full-time job in its own right. That would take a lot of time away from running your business. A transaction attorney can help you locate and negotiate with all of the vendors your business needs. This saves you both time and money.
A Relationship with a Transaction Attorney Adds Value and Expertise
You value your time, and your time is best spent doing the things for your business that only you can do. An ongoing relationship with a transaction attorney adds value by giving you the ability to rely on a lawyer who is experienced in contracts, negotiation, regulation compliance, licensing, risk management, and more. A transaction attorney is an investment into the future success of your business.
To learn more about how a transaction attorney can benefit your business, contact Larsen Law. Located in Colorado, Larsen Law uses its decades of experience to help business owners across the nation get the access to the opinion and advice they need to meet their goals and to properly mind their business. To schedule your consultation with Larsen Law, call us now at 303-520-6030 or use our contact form!