Don’t let someone else determine how your assets are distributed.
By Corrie Thrasher, Founder of Thrasher Law
A community-based business academy is a wonderful opportunity to encourage young entrepreneurs to get their hands dirty. It checks all the boxes that more entrepreneurs should have access to — it can provide mentorship from established business owners, plus access to necessary resources, such as accounting, admin and legal; all while students are making real products, designing websites, and learning how customers, branding, and money actually work. And the bottom line is that all business startups experience the same legal issues that trip up established businesses every single day. For example…
Branding. A student entrepreneur might pick a name like “Starbax Coffee” because it sounds cool and the domain is inexpensive. No one is calling the trademark police, but plenty of real businesses are building impressive growth engines with unprotected names, unclear logos, or website images borrowed from Google. I’ve helped more than one midsize company return to the drawing board after a trademark issue they never saw coming. Trademark legal disputes are expensive, but the downstream costs of rebranding can be even worse. New logos, rebuilt websites, updated marketing materials, and fresh packaging add up quickly. A simple legal check on the front end is far easier and more cost-effective than untangling the mess later.
Contracts. A student lawncare service can take Venmo payments based on a quick conversation with a homeowner about scope. But plenty of adult business owners still rely on handshake deals, vague assumptions, or the classic “we’ve known each other for 20 years; it’ll be fine.” As a lawyer, I usually get called when it turns out not to be fine. Scope of work, payment terms, and responsibility when something goes wrong are exactly the details that create the biggest headaches for established businesses. A basic contract review by an attorney can help you spot your biggest risks and pain points before they turn into expensive disputes.
Privacy. Students selling custom stickers online aren’t thinking about data privacy laws. Plenty of adult business owners aren’t either, when they should be. If your business collects names, emails, payment information, or cookies, you’re playing in a regulated sandbox. Privacy laws don’t give anyone a learning curve. A startup client recently forwarded me a demand email that cited potential violations of federal and state privacy regulations; the client didn’t even know whether these laws might apply to their business model. It took hours to confirm the client hadn’t accidentally crossed a classaction threshold. That’s why early legal support matters. All entrepreneurs have to understand which privacy laws and other regulations apply to their business, because a minor issue can quickly become a very expensive, very stressful distraction.
The same types of issues that trip up a high school entrepreneur are the ones that blow up future business sales for seasoned owners. When a buyer begins digging through due diligence, every “backburner” problem suddenly becomes embarrassing at best and a dealkiller at worst. Missing documentation and unclear ownership of intellectual property can all reduce the value of a deal or derail it altogether. Getting legal counsel involved early not only prevents those problems from snowballing but also makes your company more valuable and far more attractive when it is time to sell.
Getting legal support does not have to mean hiring a fulltime lawyer or destroying your budget. Many businesses start by setting a small annual legal budget, scheduling periodic checkins, or working with attorneys who offer flexible pricing models, flatfee reviews, or projectbased help. The point is simply to build in a rhythm where someone is looking at your contracts, your records, and your compliance before issues stack up. A little structure on the front end keeps surprises to a minimum and protects the value of what you are building now, which becomes especially important when the time comes to sell your business.
When business owners get involved in a local business academy as mentors or judges, they often realize their own companies could use the same tuneup they’re preaching to students. It’s tough to talk about “doing it right” when you haven’t looked at your contracts in years, your corporate records haven’t been updated, or you’re not entirely sure if you have an operating agreement. Getting ahead of those details now is what turns a future sale from a scramble into a smooth exit.
Legal disclaimer. This article is for general informational purposes only and does not constitute legal advice. Readers should consult with a qualified attorney about the specific laws and requirements applicable to their particular circumstances.
Corrie Thrasher, founder of Thrasher Law, leverages nearly two decades of experience in providing ongoing legal counsel to business owners and executive teams who want consistent, senior‑level judgment in business operations and growth. Explore more at www.thrasherlegal.com.
