We’re on the entrepreneurial journey together. I own two businesses: The R. Shawn McBride Law Firm and McBride for Business. You take risks, my clients take risks, and I take risks.
I understand risk and have become comfortable with it. I know I may invest time or money in a project and it may not return results. That’s okay. Other projects will have a tremendous upside as I learn, adjust and build. That is part of the business owner’s journey.
Of course, there are times when risks are too high.
You don’t want to expose your personal assets beyond what you invest in your business. Limit your exposure.
You don’t want the Securities and Exchange Commission to bar you from future securities offerings as part of your settlement for a bad offering.
You don’t want the local newspaper to write about you for violating the law. Is there a risk worth tarnishing your brand forever?
Entrepreneurs face normal, everyday risks. The risk of losing money. The risk of business not growing fast enough. The risk of wasting time and effort. We take these risks again and again. But the risk of ruining our reputation, of going to prison?
It’s my job to help manage these huge risks, to help people so they can take more of the routine risks. Don’t go soft on legal. Get the right team behind you so you don’t end up in a position where you can’t move forward with your business or your life.
What are your thoughts and experiences? What are you doing to manage risks?
Each case is unique. Past results do not guarantee future outcomes. 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 Charles Thompson.
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