Minimizing risk and maximizing value are key goals for every business owner. However, many business owners do not know where begin in to understanding their business’s risk and value. The answer, conduct a Legal Audit.
A legal audit is an in-depth examination of your business by a business attorney. The attorney will identify
- the business’s risks and determines if the business is sufficiently protected against these risks, and
- the business’s value (assets) and determines if these assets are properly secured.
What the attorney looks at during the audit and how thoroughly the information is reviewed will vary from business to business and industry to industry, but generally an audit will involve the review of the business’s corporate structure, daily operations, tangible and intangible property, compliance programs, and liabilities. Within each of these areas the attorney should examine the business’s actual practices and review the corresponding legal documents, such as licenses, contracts, leases, employee files, corporate books, etc.
The ultimate goal of the audit is to establish a plan of action to reduce your business’s exposure from the risks identified and to shore-up the protection of the business’s assets. Hopefully, the attorney will find that many of these matters have already been addressed: trademarks have been registered, employee handbooks have been implemented, well written vendor contracts are in place, licenses have been obtained, etc. However, the audit will almost certainly identify areas where corrections/changes will need to be made. Conducting the audit will give you peace of mind that you have a clear path forward to put you and your business in the best place possible to minimize risk and maximize value.
Let Ser & Associates help you with a legal audit and ensure you are minimizing risk and maximizing value. Contact us at 305-222-7282
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