Entrepreneurs: Don’t Make this Expensive Mistake!
Written on April 16, 2014
There’s a great article in April’s Entrepreneur Magazine entitled “That’s Gotta Hurt”. The author, Lorie Parch, details the top 6 most expensive mistakes made by successful entrepreneurs when starting out:
#5 Most Expensive Mistake : Skimping on Attorneys
Tobin Booth, CEO of Blue Oak Energy – “If I could do some of the early stuff over, it would have been to pay a few thousand dollars to have an attorney write up a proper contract. I didn’t have the right attorney who really understood my business.” Booth ran into problems as some early customers refused to pay and he later discovered that he failed to include the proper language to recover attorney’s fees.
Sarah Shaw, CEO of Entreprenette, a Consulting Firm in Durango, Colorado – She unknowingly signed a contract that gave her handbag company the trademark rights to her personal name. Shaw says “ I can’t use my own name in business again. I wish I would have had hired an attorney to look out for me”
Remember, It is a lot easier to do it right the first time – Lawyers can’t always put the milk back in the bottle.
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