It’s understandable and completely normal. Your business is yours and you want to keep it that way. That’s why the thought of even hiring an attorney is very difficult.
I often meet with business owners during their first few years of business. Often, their accountants advised them on what type of business structures to create and they went through online services to create the businesses. They have minimal, boilerplate documents for their businesses that they have at best never filled out and at worst never reviewed.
For some this is enough. They are sole business owners whose businesses will disappear with minimal legal work when they eventually retire. They own minimal assets and any loans they may have had have been paid off years ago.
However, for most, the above scenario is far from reality. Many business owners have partners, families, and other interested parties who have a stake in their businesses. Therefore, simply having blank documents, or no documents at all, will not work.
And while it may be frustrating to have to hire an attorney, an outsider meddling in your business affairs, causing you extra worry and expense, in the long run, finding a trusted advisor, such as an attorney, can actually save your business money.
As has been discussed in previous posts, planning for the future before tragedy strikes allows business owners to put a system in place which not only explains what happens should a certain scenario occurs, but also have their wishes met so that the business survives. This will save the business by not having the owners expend their funds on costly litigation, which could possibly leave a business in ruins.
I understand that it’s difficult to feel like you are giving up control over your business to a third party, but that’s not what the attorney-client relationship is. An attorney is a trusted advisor who is exists to advocate for, support, and protect your business, which will make it stronger. One of the ways an attorney can do this is by listening to his/her client’s wishes regarding the business and to draft documents which reflect those desires.
If you are in Philadelphia, Montgomery, or Delaware County and would like your business documents reviewed. Please contact Sallen Law, LLC.