Law Suits and Sales are like oil and water. Avoid litigious business partners, customers, and competitors at all costs. A large legal suit against you or your firm can take over your whole professional and personal life. Many small firms are put out of business not only by the direct costs of pursuing their case in court but also by the indirect costs of being distracted away from selling. In 90% of all cases most sales professionals should cut bait and re-work another sales route when a legal threat in pending. Your reputation, time, and the opportunity costs of writing jargon-filled letters between lawyers vs. landing another large client can bring your business to a halt. The following is a list of legal considerations that should be taken during a sales career. Most of these are more reminders than novel ideas and please email me with any additional tips you might have.
- Always keep a copy of every contract you sign at home and in your office.
- If you are forced to sign a non-compete clause carve out the relationships and contacts that you bring in from your friends, past experience, and personal networking off the clock.
- Always treat an employer or boss as you would want to be treated if you were in their position.
- Always take the high road. Don't trash your competition or past employers behind their backs or to their face.
- If you are unsure about which laws or regulations to follow in a gray area follow the highest level of ethical standards and compliance rules.
- Never send an email or have an instant messaging conversation that you wouldn't have right in front of your boss or coworkers. Many large corporations scan the emails of all employee for certain keywords and many small employers check on their employees because they can't afford to have someone substituting selling of company products for selling themselves on match.com
- Full disclosure of all past, current or potential future relationships that could effect your employer's or customer's long-term interest in working with you.
- Always have a lawyer review your employment contract before signing it.
- Avoid litigation at all costs. Always opt to cut bait and fish somewhere else. The biggest fish in the sea gets that way by not being caught. If you start cutting ethical corners or filing law suits instead of cashing checks you have been caught and you just might get fried.
Tags: Hedge Fund, Hedge Funds, Hedge Fund Lawsuits