April 9, 2021
Let’s face it: Once you’re headed to the courthouse to collect a bad debt, you’ve lost. Lost, because you rarely, if ever, get 100 cents on the dollar. Lost, because you lost time and energy dealing with the situation. Lost, because you had a client who likely will never return. As Monica Mehta writes in Businessweek, business bankruptcies are nearing a 16-year high. So now there’s even more incentive not to get caught short with a slow payer, because you may get nothing in the end. My colleague, collections attorney Jocelyn Nager, is a staunch advocate of having a credit and collections policy for your business. Not only does it eliminate guesswork when this uncomfortable situation arises, but also, as she points out in Mehta’s article, “[it’s] your best defense against bad debt.” Have you done what you can to have clear payment terms and get credit details in advance? Mehta suggests that small businesses implement the following steps: Initiate direct contact after a payment deadline is missed. Take broken promises seriously. Contemplate hiring a…
Continue Reading“I only want to focus on 3 things,” says Caryn. “But who will do the rest?” Burned out, tired, and constantly pulled away from her family, Caryn Kopp reached her limit. Her company, Kopp Consulting,…
Read MoreI don’t advocate that entrepreneurs treat their legal work as a DIY project. And neither does California attorney Nina Yablok. But in her post, “How to Write a Contract,” she gives some great pointers in how…
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I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.
With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.
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