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In business, conquering adversity legal issues is key

Michigan business owners know that adversity is an inevitable part of running a successful business. There is no shortage of situations that can produce adversity in the business world. For some, there may be problems negotiating a lease or signing off on a purchase agreement for real or personal property. For others, there may be employment problems that need to be addressed in a sensitive manner.

Given that adversity is bound to happen at some point in time, those facing the adversity need to know how to respond properly. For example, when business disputes between different companies develop into

business litigation, business owners must take appropriate steps to protect their interests and resolve the litigation in a positive way.

This can be easier said than done as there may be many different factors to take into consideration to figure out what is in the best interests of the company. For instance, while the monetary damages in a lawsuit are at the forefront of everyone's mind because of the direct impact on the business's bottom line, there may be other considerations at issue as well. The way in which one dispute is resolved might affect future matters, for example, which can make it all the more important that the first dispute is resolved properly. In other cases, negative publicity or outside issues might be at stake, and these issues need to be considered as well.

Business owners can also take steps to avoid litigation to begin with, including putting in place policies aimed at reducing conflict and addressing disputes with others early on before they develop into full litigation. For instance, a quick settlement may be better in some cases, rather than letting a matter drag out into prolonged litigation.

Ultimately, each case will differ depending on the circumstances involved. The bottom line is that businesses need to be prepared to conquer the adversity they face when it arises.

Source: Crain's Detroit Business, "Will a crisis make or break you? Legal experts provide guidance," Daniel Duggan, May 20, 2016

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