Keeping good records for your business can be challenging. There’s always a lot of paper flying around, and it causes a disruption, and unexpected things happen. Of course, there’s the reality of just trying to grow your business and not being a file clerk. But records become so critically important later in the life of the business such as in acquisitions, in strategic transactions, and in litigation. There are many times that people are going to want to look at your books and records, and they can be critically important to adding value. In some cases, they can be the difference between a deal or no deal, particularly in the acquisitions situation.
If your company is up for sale and you don’t have proper records, a buyer might walk away. I work with clients on their processes and procedures by making sure that they’re keeping their records correctly. I help them be prepared for the contingencies, for the litigation, the insurance claims, or acquisition transactions which might happen from time to time. If you’re not keeping good records, now’s the time to start. You want to make sure that all of your paperwork’s in order to minimize your legal risks. I work with clients in this very area to help them get what they need to be done correctly.