Questions For Your Professionals

Setting up and operating your new business in the first year and beyond inevitably raises a myriad of issues and challenges.  You no doubt realize that you should be asking questions of your professionals to meet these challenges.  But particularly during this critical, fast-changing period, how do you zero in — quickly, concisely, and comprehensively— on right questions to ask?

Fail at this, and no one pays a bigger price than you do.

Over the years, too many clients have told me their sad stories of lost assets, income and lawsuits, purely because they did not know which questions to ask — or realized them too late.

I won’t let that happen to you.  I’ve put together a “get you started” list of questions to help you hit the ground running with your professionals. Of course, it’s not a complete list — and can’t be.  Your situation is unique, and may change based on the economy, changes in your focus, goals, needs… but I’ve found that the concerns addressed here are virtually universal.  Posing these questions may also help you clarify the distinctive aspects of your business that could spell the difference between struggling and success.

For Your Attorney:

1. Which contracts do I need to have in place for my business?

        a. Review lease

        b. Employment contracts

        c. Independent contractor agreements

        d. HR manuals

        f. HR posters

        g. Employment laws

        h. Buy sell / agreement (if you have a partner)

        i. Shareholder agreements (if you have a partner)

        j. Profit sharing for employees

        k. Any specific changes to bylaws or operating agreement

2. How do I replace a board member?

3. How do I add a new shareholder?

4. How do I bring on an investor without violating SEC rules?

5. What commonn problem areas expose a new business owner to lawsuits, and how do I avoid them?