Business Brain – The Entrepreneurs’ Podcast What to do When Your Small Business gets Sued – Small Business Show 145
Many Small Business owners would agree, it’s not “if” but “when”. Will you have someone file a frivolous lawsuit against your company, or perhaps have a disagreement with a supplier that winds up in court. Or maybe a disgruntled employee feels like they were mistreated and they want to be compensated. No matter how it comes about, lawsuits can be a tricky minefield that can cause you to take your eye off your business.
Join us on episode 145 of the Small Business Show to hear how to avoid getting sued in the first place, how to respond if you are sued and where to turn for help.
Dave and Shannon discuss both sides of the courtroom – suing or getting sued and offer some sage advice about leaving your ego at home and not bringing your sense of justice when trying to settle a case. But first, learn about the mechanics and timing of a lawsuit – the more you know the more you can avoid pitfalls that can sink your chances of winning a case.
Once you know how things will unfold, we jump into the Demand Letter and what to do if you receive one. Along with how to work with your attorney, insurance company and banker to be sure you and your business are protected during the entire process.
Listen in and then visit the Small Business Support Group to offer YOUR advice and comment on our stories!
Sponsor: StoryBlocks. Get a “Triple Bundle” – images, video, and audio – for the price of one with our special deal. Visit StoryBlocks.com/sbs to get all of this for just $149 for a full year of unlimited access where all content is royalty-free!
Chapters/Timestamps:
- 00:00:00 Small Business Show #145 for Wednesday, November 15, 2017
- 00:01:43 What to do when you’ve been sued
- 00:04:38 Lawsuits are like spiders
- 00:07:12 Opportunity Cost of lawsuits
- 00:08:43 Learn judgment
- 00:10:47 Demand Letter
- 00:11:14 SPONSOR: Storyblocks.com/sbs gets you their Triple Bundle for just $149
- 00:12:51 Shannon’s story about being sued because he didn’t license his images
- 00:15:19 End sponsor slot
- 00:15:25 Avoid ego with lawsuits, leave your sense of Justice at home
- 00:17:00 Watch your cashflow during a lawsuit
- 00:18:23 The process
- 00:22:24 Meet your attorney before the lawsuit arrives
- 00:24:40 Check your insurance
- 00:26:03 Talk to your employees, your banker…
- 00:29:53 …and your spouse!
- 00:31:38 SBS Outtro
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