My Thoughts On Lawsuits 👀

Recently, I had to defend a frivolous lawsuit. It cost tens of thousands of dollars to defend. Legal fees alone.

The person suing me hadn't talked to me in years. The tough part was that I could settle out of court for much less than defending it would cost. Why did I choose to defend it?

You only have one reputation. It is worth defending. Settling outside of court would have been on public record. I would have accepted being guilty and not have been able to talk about it.

Here is what I have learned about lawsuits.

1.) Most important: DO EVERYTHING you can to live by the law. Don't do nefarious things. Pay your taxes. Make sure EVERY license and legal document is in order. Honor your signature and honor your word. Not because I am Mother Teresa. Because #2.

2.) If someone threatens, I take no action. Until someone serves the papers, I am not going to let it take up mindshare. If I have done everything according to the law, I shouldn't have to worry. Worrying, losing sleep, and arguing are a waste of limited energy. Deploy that against growing your business. That is the best revenge. If you need it.

3.) If I am wrong, take immediate action. Be humble. If I overlooked something and made a mistake, take the "L" without delay. This has cost me a lot of money when I was young and dumb. It has also freed me from the constant need to look over my shoulder. Fear is the enemy of decisive action.

4.) After you hit $3M in annual revenue, find yourself a great attorney =)

Keep grinding!

-Mike

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