Risk Management: Questions that Need to be Answered
We now live in a fast-paced world and whether it is a personal affair or a business affair you are involving yourself with, it is important that you are confident enough with whatever transaction or agreement you are making. Here is where mitigating risks and performing due diligence come in.
Before you can apply proper risk management, a powerful tool to protect your investment, customers and employees, there are some questions that should be answered first. Let us go over them one by one…
Are you hiring future problems?
If you are a business owner, it does not matter what size of business you have. You have to be very careful when hiring employees. It is essential that you are not hiring future problems, but rather, assets. In order for you to know if your potential employees will not be problematic in the future, you can do certain searches on them.
Are there “skeletons” in the closet?
When partnering with an individual or a company, it is always best to know who you are “marrying”. There could be hidden information that are just really problems waiting to happen. The company you might be partnering with is actually going bankrupt, the person you are going to marry might actually have some debts to pay. You might even be in a divorce situation and you would want to know that all properties and assets are being declared. There are also certain searches that can help you find out this information.
Are you making an investment?
Money might not be an issue to you, but if you are making an investment, you might as well make sure that you are making a great one. Before putting your trust in other people and just blindly investing in something, it will not do you any harm to perform certain searches on that thing you are planning on investing in.
Are you planning to purchase a business?
Purchasing a business is a great thing, but not if you are going to purchase one that is bankrupt! Before deciding on pushing through a transaction or an agreement, make sure that you perform certain searches first to ensure that you are not on the losing end of your transaction.
Remember, getting to know an individual or a company thoroughly before getting involved with them is NOT an option. It is actually your responsibility to get to know them – you are not going to waste time with them, you are going to be in a serious business with them, so make sure you are responsible enough to perform the searches that are essential before agreeing to anything.
Here at Select Document, we offer the following search options:
*Family Law (where available)
*Federal Court and Federal Court of Appeal
*Tax Court of Canada
*Property Searches (Land Registry)
*Personal Property Searches
Note: The last three searches might have some restrictions. Employment and Banking History are not available.
Contact us today for more information on the services we offer!