[MBV Playbook] Ch. 24 — Settle Any Outstanding Lawsuits (#184)

In this week's episode of the Maximize Business Value Podcast, Tom dives deep into Chapter 24 - "Settle Any Outstanding Lawsuits." Join us as we unpack the wisdom behind settling legal matters and the impact it can have on your business's value.

Tom begins with a candid reflection on lawsuits, acknowledging that, while some lawyers may prosper, the cost and distraction for business owners often outweigh the benefits. Drawing from personal experiences, he emphasizes that lawsuits are generally not worth the effort, diverting valuable resources from the core of your business.

Tom shares a poignant example where standing on principle led to a legal victory but at a staggering cost — over $30,000 in legal fees and countless hours. The lesson learned: lawsuits, even when won, may not translate into a tangible victory.

The episode encourages business owners to think rationally about settling legal disputes, especially as a business approaches a transition. Any ongoing legal battles can hinder a smooth transition and potentially impact the business's overall value.

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Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon.
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