R. Shawn McBride recently spoke about working up front with only 3 hours instead of taking 300 hours later.
Hey folks, Shawn here, asking you an important question. Would you rather hire a lawyer for 3 hours or 300 hours? Most people would easily say the three hours. And that’s the clear choice.
You know, a lot of times people ask why documentation takes a long time. Why does it take time to write a partnership agreement? Why does it take so long to work through a buy/sell provision? Why do we do dispute resolution provisions? Well, you know what? Having the right provision can be the difference between spending three hours or 300 hours.
Three hours on the front to really carefully document and get it right, or 300 hours to litigate and work through it. Obviously, most people are going to want to spend the three hours rather than 300. But, that’s what your good, careful lawyer’s probably doing. They’re working through documents and they’re making sure they’re closing loopholes and contingencies, and avoiding problems. That’s why you want to work with somebody you trust. Somebody you believe in that knows how to do the things the right way because you want to save that 300 hours on the back end. You don’t want to end up in litigation over documents that were not carefully drafted that didn’t anticipate routine issues.
Nobody can guarantee you that you’ll get every issue. Nobody can guarantee they’re going to write the perfect contract. But a good, experienced lawyer will hit on key issues that they discuss with you. Maybe you don’t want to spend the time on it. But, at least understand what your risks are, understand what you’re doing, understand that difference between 3 hours vs. 300 hours.
Is this something resonating with you? Check out the McBride Attorney’s blog and the McBride for Business blog. The McBride for Business YouTube channel has lots of great content for business owners like you. And, check out the R. Shawn McBride fans and audience pages. Become part of our community. Check out lots of great videos there.
There’s a Business Valuation Check List for you to help get your valuation higher at mcbrideforbusiness.com. Get that and let me know how I can help you. Send me a message. Let me know what you’re wrestling with, let me know what your group or organization needs, let’s see if we can come up with something that solves their needs. I’m R. Shawn McBride, signing off, talk to you very soon.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Elizabeth French.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.