If you Are Successful, You Will Get Sued…Protect Your Brand
What do Trump, Tony Robbins, JT Foxx, Jennifer Lopez and other successful people all have in common? They all have been the victims of extortion, malicious prosecution and abuses of power from litigious lawsuits or the threat of them.
I have been around and network with some of the world’s most successful people and I have always wondered why they are so guarded, hard to approach and never seem to let their hair down. One famous friend of mine told me that “Everything you say, good or bad, will always be used against you if you have money; people find easier to sue and make up things than to earn it the old fashion way—hard work.”
When you slapped with a frivolous lawsuit that is completely false, you are left with three options:
- Settle the case even though you didn’t do anything wrong, because the embarrassment alone is not worth it. People always believe the allegations but never care about the outcome, because by then everyone has forgotten about it.
- Settle because the litigation costs alone are more than the actual settlement. Although this is a very sound business decision, it can backfire because if the settlement terms ever leak, they will assume you are guilty.
- Fight, which is what I chose to do. I don’t like being extorted and every successful businessman, including my coaches, has said that it’s an unfortunate cost of doing business.
It is not a question of if you will be sued or extorted if you are successful; it is a question of when. You need to be prepared and you need to protect your brand.
The lessons are here for entrepreneurs:
Have everything in writing.
- Protect your brand from day one
- Do not keep a personal friendly relationship with any staff member because they will use it against you a later date if there are let go. When people they are no longer friends
- If you have a bad apple in your company, fire them, because if you keep them around they will poison all the other good apples.
- Always tell the truth and keep your head up high.