Another nugget of wisdom from the Small Business Trends article listed in the last post:
“…keeping minor issues and theoretical concerns from taking on a life of their own during contract neogotiations… No contract, no matter how detailed, is going to stamp out all risks in a business transaction. At some point the business owner has to exercise common sense, take the situation out of the lawyer’s hands, and be responsible for making the decision.“
Amen! It’s so easy to spend hours (Days? Weeks?) going down an endless rabbit hole of possible contingencies… however, you need to keep the amount of resources– both time AND money– spent on creating and negotiating your contract proportionate to the amount of financial risk involved in the deal itself. Sometimes, you need to make sure that your attorney gets out of the way of you doing business.