- January 4, 2022
- Posted by: Paul Foster
- Categories: Managing business expenses, Small business financial help
Do you cringe when you get an envelope from your accountant or lawyer that arrives with some unknown and surprise fee inside?
It drives me crazy!
My original trademark lawyer did some work to defend my trademark a few years ago. It was “my bad” for not getting clarity on the fees as I made some incorrect assumptions.
A full six months after the dispute was settled I got the bill – $16,000.00!
Yikes! – It took me a year to pay it off (How do you tell a lawyer you’re not paying them?) but I did finally pay it… Then I got a new trademark lawyer!
My new lawyer is awesome in his approach to fees. Everything is agreed upon up front before he starts. No surprises! But what if we are not sure how much time he will take? Simple solution. I just prepay him $1,500 towards fees and authorized him to spend anything up to that amount. He can’t go over unless that agreed upon amount unless I authorize it!
It is the way the rest of the world works already. If you take your car in for an oil change, they don’t replace the motor and tell you afterwards how much you owe them!
So I have an idea! Let’s get all the independent business owners together and form a new deal for the professionals we work with; fixed fees upfront or determine an upper limit which they can spend of our money without asking us. If you want to set the limit at zero that is fine. Imagine a business that has to ask your permission before spending your money? Do you think it’s too radical?
If not, let me know and I will start planning for the first meeting of the “Get Your Hand Out My Pocket” program for professionals!