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Due diligence: Identifying challenges, exploiting opportunities

A recent business article underscores in its headline the “unpleasant surprises” that can confront a business owner quickly after the onset of a new startup or somewhere down the road thereafter.

Concededly, the potential for some bumps in the commercial road does need to be spotlighted. At the same time, though, it’s obviously not all about gloom and doom for entrepreneurs and company principals. And that, too, is highlighted in the above article, especially via its reference to due diligence and its key importance to any smart and prudent business player.

If there is a summary bottom line applicable to any prospective business owner stressed in the above article (and we submit there is), it is this: Do your homework before you commit. The time and effort you expend up front will pay dividends in spades once you commence business operations.

One former New York business owner referenced in the aforementioned piece (who eventually sold his company for a profit) uses the term “heavy lifting” to best describe the pre-operational efforts that can best ensure long-term business success. Taking shortcuts before launching a company will almost certainly sabotage hoped-for results.

We know that intimately and based on decades of collective business experience at the established Manhattan commercial law firm of Rich Michaelson Magaliff. Our deep legal team of business advisers routinely works with passion and informed acumen alongside valued and diverse clients, helping them identify business challenges and optimally exploit commercial opportunities.

Conducting thoughtful, timely and thorough due diligence across all relevant business considerations is an exercise that can pay huge dividends in the future for company principals. A solid legal team with a demonstrated record of client advocacy can help intimately with the process.

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