02 Dec Build a team – lawyers
Last week on my blog, I shared some advice for reaching higher levels of success. Tip #11 was: “Recognize the power of association and surround yourself with people who will elevate you, not people who will drag you down. Build a professional team to help you do your deals.”I would like to dedicate my blog posts this week to talking a little more about the second part of that tip: building a team of professional s who will help you do your deals.
The fact is that no one person can possibly master all of the different areas of running a business. And even if they could, their days only have 24 hours in them, which means their time is limited. So instead of trying to do it all, a much better solution is to find the best and hire them to work for you. Over the next few days, I will talk about working with a title company, a CPA, and a coach, but first I would like to talk about adding a lawyer to your team.
A lot of folks get nervous when they think about hiring a lawyer, perhaps because TV lawyers only show up when someone is accused of a crime or when there is a lawsuit. But in the world of business, lawyers are simply professional consultants who help make sure that contracts are correctly prepared, that their clients don’t accidentally violate any laws, and that the proper legal entities are duly created. Lawyers are a HUGE asset when it comes to making money, and any long-term plan for success absolutely needs to include one.
While circumstances vary, start by finding out how much a lawyer charges to handle the types of transactions you will be doing. If you find the price a little high, then use the lawyer to help you prepare the first few documents and afterwards you will have the option of just editing the documents yourself.
Also, the mere presence of a lawyer’s name on documents will help clients take you more seriously and can go a long ways towards resolving any disputes that might arise in the future.
Ask around for the name of a good real estate lawyer or open up the yellow pages and pick one yourself. You won’t regret making that contact and adding him or her to your team.