Twenty Nickels
If you save twenty nickels, you’ve made a dollar
by
Raymond Matkowsky
www.datastats.com
email: rdm@datastats.com
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Issue 1-14 January 2014
How Much Money Has Your Lawyer Or Accountant Made For Your Business?
by
Raymond Matkowsky
The answer to the above question is most likely zip, nada, none. Their jobs are to perform a service for your business and not to run it. Don't take me wrong, they are both critical professions. A good lawyer or accountant can be vital. I utilize their services regularly. The problem is that many people have a misconception about their duties.
An attorney's job is to determine the risks to your business and devise means to protect you from those risks. He is to identify all risks, but there is no business deal that does not carry some risk. It is your job as the business owner/manager to determine what risks are worth taking and which ones are too great to take. Remember that you, not the lawyer, is ultimately responsible and that in every lawsuit there are two opposing lawyers that believe their position is the correct one. Only one will be correct in the end!
Unfortunately, I have seem a number of what I would deem as good tranactions fall apart because one of the attorneys was empowered to make business decisions that tried to protect his client from all risks. The lawyers were doing their jobs. The business owner was not!
The same is true of an accountant. He or she is there perform a financial analysis of your business. If there are any problems he or she will tell you. It is up to you to come up with solutions to those problems.
No one understands your business as well as you do. To delegate responsibility to an outsider is equivalent to a football coach going with his second string team during a championship game.
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A Call For Reader Input
We at Data Stats would like to see this newsletter become a reader supported forum for help questions, answers, or general comments on anything appearing in this newsletter or Data Stats’ website. If you have a question, answer, or comment to contribute send them to me at newsletter@datastats.com. I will try to publish it here.
If you have an urgent question to ask, you don't have to wait for our newsletter to come out. We will try to find you a reader or one of our experts that may be able to help you. So, if you have a question, comment, or think that you can be of help, send us an email at once to: newsletter@datastats.com.
Also, in your email, please let us know if we have permission to share your email address with experts that may be able to exchange ideas with you directly.
Raymond D. Matkowsky
Copyright © 2014 Raymond D. Matkowsky
Data Stats
P.O Box 672
Old Bridge, New Jersey 08857-0672
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