business planning
Most people seem to have realized that our country has fallen on hard times. Credit is tighter than it has been in years, unemployment is high, and our federal government has allocated huge sums to “bail out” some of our largest corporate institutions.
An Increase in Litigation
One of the less publicized changes this economic situation has caused is a rise in claims made against small business owners. As the usual sources of income dry up, some in our society are seeking to make money by threatening litigation. Small business owners are plentiful, and generally lack the reserves to mount a full legal defense. Thus, they become relatively easy targets. We have seen attacks by former employees as well as vendors. Although we haven’t seen it yet, we expect to see such claims increasing over the next few years, as our economy works its way through one of the worst downturns in American history.
It is important that business owners plan the development of their business and operations proactively.
An Increase in Litigation
One of the less publicized changes this economic situation has caused is a rise in claims made against small business owners. As the usual sources of income dry up, some in our society are seeking to make money by threatening litigation. Small business owners are plentiful, and generally lack the reserves to mount a full legal defense. Thus, they become relatively easy targets. We have seen attacks by former employees as well as vendors. Although we haven’t seen it yet, we expect to see such claims increasing over the next few years, as our economy works its way through one of the worst downturns in American history.
It is important that business owners plan the development of their business and operations proactively.