this is a continuation of the series targeted at inspiring young Nigerians to be successful inspite of any limitations.

the previous articles are in these links below..

1 https://www.nairaland.com/703247/salary-slavery-series-business-life

2 https://www.nairaland.com/832707/salary-slavery-series-business-life

3 https://www.nairaland.com/989537/salary-slavery-series-business-life

GET YOUR LAWYER INVOLVED

Starting a business or entering into any other business relationship without involving a competent lawyer is like sleeping in a room with the roof on fire. You could be consumed! Don't launch that business until a competent lawyer has okayed it... Read this and other tips in the article below


In the past three editions of this column we discussed some business and life mistakes many of us often make and proffered suggestions on how to work around them. We have discussed eight of such mistakes that often stand in the way of people and prevent them from achieving their dreams. The errors already discussed include: not giving priority to spiritual things; not minding one’s business; bringing partners prematurely into your business; ignoring finance and marketing functions as CEO; failing to qualify those who should be admitted into your circle of influence; talking too much about your vision rather than settling down and producing results; failing to make the best use of your mentors and circle of influence and; filling up your business with friends and people you really don’t need. They were frank talks from some of my mentors, personal advisers and members of my master mind alliance. The idea is that you should see the ones you are guilty of and try to correct your ways.

MISTAKES 9: Ignoring legal opinions at the start of your business. I was in the office of a member of my “Master Mind Alliance” who is a corporate lawyer and he was sharing with me some of his experiences with his clients over the years. He said: “Do you know that I still find it difficult to understand why people would start business without giving full consideration to the legal aspect of it? I have handled cases that looked ridiculous to me. Sometimes you would see friends jumping into business without any legal agreement binding the relationships. Seeking legal advice is usually not on their ‘to do’ list . I should not be saying this because this is where we make the most money. This is what I am saying: to get a personal lawyer to incorporate your business and stand by to provide legal advice would not cost much. Surprisingly, you see people who are not willing to pay small amount of money to retain a legal adviser paying millions of naira in litigations.

I should think getting sound legal advice for any business you want to set up should make sense. First, lawyers are trained to look for what could go wrong ever before they do. They believe that things would go wrong in most relationships and therefore they think of ways of escape before they happen. Take a particular example of two friends who started a business together. They agreed between themselves that they would be rotating the position of the CEO without much friction. But in the eleventh year, the company won an international business and the CEO at the helm had to go abroad to represent the company. He was given a lot of media attention in the country where the event took place. Some of those reports found their way into the country. The other partner was angry that his friend did not mention his name in all the interviews he granted. Initially it looked like a small matter but it later snowballed into an irreversible crisis. Ultimately the 11 year old partnership was dissolved. This is what people don’t understand, you really don’t know people until they have handled money and power.”

“We usually advise people to tidy up all legal aspects of the business before they start anything. If it is partnership, they need to have written agreements that state the role and responsibilities of each partner, how they would be compensated; who would lead the organisation; how disputes will be resolved, the role of spouses and how they would part in case the partnership doesn’t work. Relationships that are not properly tidied up at the very beginning usually end up in avoidable and bitter divorce. Some say the best time to agree on how to share money is before the money is made. This makes a lot of sense. Friends should not assume that they know themselves”. I should think that is a loaded nugget you should learn by heart and keep for life. It would save you avoidable heartache in life and business.

Mistake 10: Failure to upgrade your wife to your level while you are on your way to the top. I was touched by the testimony of the wife of one of my mentors. She openly confessed that her husband has turned her from a woman who had no appetite for intellectual work to a woman whose hobby is now reading. In her words: “ Before I met my husband and even in the early days of our relationship, I was always quarrelling with him over what I called excessive intellectual adventure. I thought the role of a woman is in the kitchen but my husband changed that. Any time he bought a book he would ask me to read and he would create time for us to discuss the lessons from the book. Over time, I have become increasingly fascinated with seeking knowledge. Today I represent him at events he cannot attend personally.” My mentor shared this tip with me: “Most men who get busy with being successful without carrying their wives along are digging their graves. If you fail to upgrade your wife at the time you should, when crisis comes you may not survive it because there is no cushion at home to fall into. I can confirm that it can be scary when your face is hit outside and in your home there is no-one that can provide the healing balm.” A good piece of advice I should think.
Prosperously yours.
TAKE AWAY
o Before you launch into any business get a competent lawyer to help you fix the legal aspect. Don’t launch the business until you have done this!
o The measure of a man is gleaned from what he has been able to impact on his wife. Start from today to take your wife along on your path to the top

Gud one! Keep it coming!




Kudos

guy salary no be slavery o if ure earning good money. Although i also understand there is always a need to have ur own biz to secure a good future when strenght wont be there again but while planning for dt,SALARY NO BE SLAVERY AT ALL IF URE EARNING GOOD MONEY

realbomax: guy salary no be slavery o if ure earning good money. Although i also understand there is always a need to have ur own biz to secure a good future when strenght wont be there again but while planning for dt,SALARY NO BE SLAVERY AT ALL IF URE EARNING GOOD MONEY

You have said ur opinion until the company that is paying you that fat salary decides to restructure the Company thereby sacking the workers like the banks in Nigeria always do, then u will know the truth...Ask the current Md of shell if he can hand over his position to his child when he the md is leaving that position....MR SALA

i will continue this series shortly

this article series will continue shortly