E07: Mitigating Legal Risks to Safeguard Your Cash Flow with Matthew Fornaro
Episode Overview
In this episode of Getting to the Bottom Line, Stephanie Smith sits down with Matthew Fornaro, a seasoned business attorney with over 20 years of experience helping small and medium-sized businesses navigate their legal needs. Matthew dives into the critical role of business law in ensuring your business runs smoothly, from reviewing governing documents and contracts to addressing litigation issues.
He shares eye-opening stories of what can go wrong when businesses neglect legal planning, explains the importance of tailoring contracts to your specific state laws, and highlights why having a lawyer is a necessity, not a luxury. If you’re serious about protecting your business and avoiding costly mistakes, this episode is packed with actionable advice and insights.
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Show Notes
In this episode of Getting to the Bottom Line, Stephanie Smith welcomes Matthew Fornaro, a business attorney with over two decades of experience helping entrepreneurs protect their businesses and navigate legal challenges. Matthew provides invaluable advice on why every business needs a lawyer, the dangers of using generic documents from the internet, and how poor legal planning can lead to catastrophic consequences. Whether you’re a new business owner or a seasoned entrepreneur, this episode offers essential guidance on how to set your business up for success and avoid common legal missteps.
What You’ll Learn in This Episode:
- Why having an attorney is a necessity, not a luxury, for small businesses.
- The risks of using generic contracts or documents found online.
- Key legal documents every business needs to have in place.
- The importance of separating personal and business finances to protect your assets.
- How legal planning can save you from costly mistakes, lawsuits, and even the loss of your business.
Key Takeaways:
- Plan Ahead: Include legal expenses in your budget and consult an attorney from the start.
- Tailored Contracts Matter: Generic contracts may not account for your state laws or specific needs.
- Never Ignore Legal Issues: Ignoring lawsuits or legal notices can result in devastating financial consequences.
- Run Your Business Professionally: Keep personal and business finances separate, follow state regulations, and ensure all documents are in order.
- Build a Team: Work with professionals like attorneys, accountants, and bankers to support your business.
Resources Mentioned:
- Matthew Fornaro’s website: https://fornarolegal.com/
- Access to blogs, white papers, and how-to videos
- Podcast appearances and media resources
Connect with Matthew Fornaro:
- Website: https://fornarolegal.com/
- Social Media: Links available on the website
Final Thoughts:
This episode is a must-listen for business owners who want to safeguard their businesses from legal pitfalls and focus on growth. Matthew’s expert advice and real-world examples will empower you to take proactive steps in protecting your business.
