Imagine if someone came to you and said:
“I need 250 hours of your time, it starts now, you have no say in it, and I’m not going to pay you anything for it. And it’s going to be highly stressful.”
This is what I’m talking about when I say time bomb.
And I really mean TIME, because a lot of the other issues can be held up. They can be defended, professional insurance can pay out for us, but the biggest threat to us is actually time.
The best example to illustrate this was a story I heard of an accountancy firm acting for a business that was a man and wife director in that company. Everything was fine until the man and wife went through an acrimonious divorce.
The wife wanted to know why the accountancy firm had taken certain instructions for her husband and why they had done certain things for the business.
Now her main grievance was that she never signed the engagement letter and she never agreed that her husband should be the nominated person.
The reason we need to be concerned about this is the amount of TIME that it took the accountant to defend this claim.
Time that you’re not getting paid for, that’s taking up your energy and is preventing you from devoting time into other areas of your business that need it.
Now if the engagement letter would have been robust in the first place, this all could have been solved within a couple of minutes rather than creating all of that stress and taking up all that unnecessary time.
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