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Risk management encompasses handling a company crisis

Both New York start-up enterprises and more established businesses face wide-ranging challenges in tandem with attractive opportunities that emerge when they are smart and competitive.

Those challenges come in many forms. We collectively term them "diverse legal concerns" on our commercial law website at Rich Michaelson Magaliff, LLP.

Indeed, entrepreneurs and established business players confront hurdles across a broad spectrum. Entity selection can be a difficult choice. Financing is often an ongoing challenge, as can be product/customer issues, legal blowback in problematic employment-linked matters, contract disputes, leasing concerns, litigation risks and more.

All of those things entail the identification and management of business risk. The degree to which a company successfully does or does not do that often conclusively determines its fate as a commercial entity.

A recent Accounting Today article notably underscores crisis management as a key risk factor that looms large for every business concern. Responding to a business crisis is either a potential or actual necessity for all commercial enterprises.

That raises an obvious question for any business principal: Are you prepared to deal with a sudden emergency confronting your company?

Perhaps a business is suddenly assailed by allegations that it has defrauded consumers in a material way. Maybe there are emerging hints of a corporate culture marked by sexist office behavior. It might be the case that one or more high-profile executives have become targets in a criminal investigation. Company stock could suddenly start tanking to an alarming degree.

Those are just some representative examples. The point Accounting Today seeks to make is that business leaders must be ready to publicly respond quickly and in an optimal way.

Obviously, that is unlikely to be done if a response is reactive and coming in piecemeal following negative news. Due thought needs to be given to various scenarios, and business executives need to prepare for them, well in advance of their occurrence.

Assembling a crisis team is an imperative for promoting the likelihood of a successful response to and emergence from a business crisis.

Rich Michaelson Magaliff routinely helps diverse New York businesses manage all types and levels of commercial risk. We welcome contacts to the firm to discuss the proven advocacy we bring to bear on behalf of our valued clients.

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