Reduce Risk with Education

At a recent gathering of fellow colleagues in the industry, the topic of legal liability started to migrate through the conversation. Throughout the afternoon, several business leaders discussed their experience with the litigious society that surrounds us and I was very impressed that the common theme in our talks was how, over the years of managing very successful careers, almost all of us have avoided lawsuits, both as plaintiffs and defendants. Certainly, over the years of producing, directing, performing, load-ins and load-outs, and the myriad of opportunities to get sued, none of us had to endure the expense of both time and money in a courtroom.

In avoiding exposure to liability, our group discussed the wealth of information available to entrepreneurs on the Internet that can help guide business owners and employees in making decisions and choices to reduce liability. The first asset that I recommended was a short video I’d seen several years ago on ted.com by internationally recognized law professor Michael Sandel titled, What’s the right thing to do? Professor Sandel is an outstanding educator that has the great talent of explaining very complex ideas and concepts in easily understood language. His concepts are simple and sound, making the right decisions in the first place greatly reduces future exposure to risk. Professor Sandel’s contribution to the subject is explained in detail in his book, Justice: What’s the right thing to do?

With more evidence of colleagues doing smart things with smart phones, it seems like everyone had a favorite learning tool that started their education in avoiding litigation. Numerous assets were shared and two I had never seen before really stood out in the crowd. Similar to the ted.com educational videos, iTunes has two great educational audio podcasts that I would recommend to everyone wanting to manage their exposure to risk. The first one is by Bob Ambrogi, in an interview with California entertainment attorney Gordon Firemark, on the subject of celebrity status and liabilities in managing individuals that attain that level of media exposure. This is a short, but very informative, segment from a series of interviews conducted by Ambrogi of several well know experts on entertainment law.

The second asset recommended by the group is also part of an audio podcast lecture series by Attorney Gordon Firemark on the subject of the JOBS Act and crowdfunding. Both subjects are current and relevant in starting a new business or expanding an existing one. Hiring employees in the current economic climate with the prospect of higher corporate taxes and mandatory healthcare coverage is a subject all business owners are interested in and this episode in the series has great information on reducing the potential liability during the hiring process.

These videos and audio podcasts offer a wealth of information about doing business in today’s litigious environment and how to avoid excessive exposure to risk. There has never been a time in history when so much information is readily available to us to assist in managing our businesses. Take advantage of these and other assets at every opportunity. Until then, go out and enjoy some live entertainment!