Going hand-and-hand with spending money to save time, it is important to begin building your legal team before you find yourself in any specific need for them. That way, when a crisis or any other urgent need for a legal consult is needed, you already know who and how much it is going to cost. There is nothing worse then needing to terminate an employee ASAP, surrounding a sticky situation, and then turning to the phone book to sort through a bunch of people. By deciding to build you team in advance, you can perform you due diligence now with the luxury of time.
There is an adage which many company’s continually contend with: at points we will spend time to save money, at others spending money to save time… During various stages, typically during the early growth stage, we spend a lot of time, 60-70-80 hours per week, in order to save every penny possible. Later on, we learn and have the financial resources to spend money to save our valuable time. This goes back and fourth throughout every stage of a company’s existence.
The big lesson hear is to first acknowledge this principle and then decide how to best leverage this for your own business. Sometimes the right knowledge and expertise provided by a professional is worth more than 100 hours of personal research. So, spending money may actually be priceless.