Getting sued is one of the business owners' worst nightmares, making it a must to learn to protect yourself and your business to avoid this scenario.
David and Ken share their experience getting sued, the challenges they have to face as business owners and how they have settled by avoiding the trial, and all the headaches that come with a lawsuit.
[00:01 - 11:42] Opening Segment
- Ken and David recall the time they were sued one of their great service providers
- They spent 200 hours sorting things out when they could have been used for income-generating activities
[11:43 - 23:50] A Training to Become Better Businessmen
- Seek legal advice to determine the validity of the lawsuit
- Make decisions not based on emotions but a logical business perspective
- When you start looking at things that way, that’s when you can pivot to a better path
- Ken and David decided to self-represent considering these:
- High professional fees
- The impact on business exposure
- How much is the overall cost going to be
- No one knows the case better than the duo
- Understanding the other person’s perspective: The lawsuit is an inconvenience to both parties
- Settling things out and avoiding trial
- Want some Amazon refunds? Check out GETIDA
[23:51 - 29:21] Lessons Learned from The Lawsuit
- A phone call is convenient but email is preferred as it’s documented and can be presented as evidence in court
- Always aim for a prompt communication
- Compare several service providers' offerings with a track record of success
- Being sued means your business is providing value and the other party thinks it’s worth it
- Separate your emotions from what’s best for the business
[29:22 - 32:24] Closing Segment
- Ken and David’s advice on business owners who have been sued
- Final words
- Connect with the duo!
Quotes
“I would say that getting sued can happen to anybody. And it kind of goes along with operating a business. That is telling your business to create value. And there are people that want to go after that value. I think it's just part of doing business.”
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