Reib Law - January 2020



WWW.REIBLAW.COM | 940.591.0600

Well, the company I was working for liked that extra revenue I was generating, but they weren’t so keen on paying me a commission for it. I had a contract with them, but as I came to find out, it wasn’t as good as I thought it was. There was a loophole that allowed them to get out of paying me a commission on those extra sales, and this company was too big for me to fight. It was a turning point. You don’t know what you don’t know, and I found out the hard way that I didn’t know anything about business contracts. After discovering how important a solid contract is, I knew I never wanted to find myself in that situation again. That experience is why I became a lawyer. I wanted to set myself up to make educated decisions and to help others do the same. My own experience and the stories I come across all the time are my motivations to help other business owners avoid these pitfalls. It’s why I’m so insistent that you put things in writing and work with an attorney to safeguard your business. Whether it is setting up your initial agreement with a business partner, creating a legal entity, or creating the asset protection plan that will shatterproof your business, taking proactive steps to protect what matters to you needs to be at the top of your 2020 to-do list. You’ve got to put those plans in place now. If you haven't created an asset protection plan, it needs to be a priority this year. If you don't have a contract with your business partner, make one. I know you get busy; I know other things can feel like a priority. But if your business is important to you at all, this cannot wait . Your 2020 resolution is simple: Put the measures in place that will protect your business. Often, it’s as simple as calling us to ensure that the contract you’re about to sign isn’t going to cost you thousands of dollars. (Trust me, it happens more than you’d think.) I’ve been there, and it’s why I do everything I can to help folks like you shatterproof their business. – Scott Reib


More times than I can count, I get phone calls from folks who’ve landed on the wrong side of a business contract. You know how people get sympathy pains when they see someone get tackled in a football game or tear a ligament? I feel that when I see someone get clobbered by a bad contract. It isn’t just a story I hear every day; it’s a story I’ve lived. Before becoming a lawyer, I found myself on the other side of a bad contract. Fresh out of college, I got a job selling phone systems for a big telecom company. I got pretty good at it, and at 23, I thought I was making it and bringing in what felt like good money at the time. As I learned the computer system, I discovered a way to generate additional revenue for the company. Within the system, I found a list of warranties that were about to expire. So, using my marketing degree and thinking proactively, I put together new contracts for those folks and sent them out. Over 25% of the people got back to me with a signed contract. After I called the other 75%, over 60% came back and renewed their contract. I felt like I’d scored big.

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