Ep. 52 — Business Dispute Resolutions from Top Trial Attorney Kirk May

Welcome to the "Show Me The Way" podcast with David Seitter

In this episode of "Show Me the Way," Dave and guest Kirk May, a distinguished first chair trial attorney, delve deep into the world of business disputes. Kirk shares stories from his extensive legal career, offers invaluable lessons on both large and small business litigation, and provides insightful advice for business owners.

Ep. 52 — Business Dispute Resolutions from Top Trial Attorney Kirk May

Kirk shares his journey, starting from his early life in Springfield, Missouri, to his education at Duke University and the University of Tulsa College of Law. He highlights his 43-year career in litigation, primarily in commercial law, across various states. Kirk humorously acknowledges his lack of experience in traditional divorces but asserts his expertise in business divorces.

Lessons from a Business Dispute Attorney

Kirk delves into his first significant business dispute case, offering lessons learned from the experience. He emphasizes the importance of understanding the business you're acquiring and the perils of entering unfamiliar territory. He cautions against expecting too much from a deal, advising instead to aim for reasonable, sustainable returns.

The Importance of Skepticism in Business Transactions

Kirk suggests bringing a healthy dose of skepticism to any transaction. He illustrates this with a personal anecdote about learning accounting on the job and applying a critical eye to every deal. This skepticism, he argues, helps in fairly evaluating transactions and avoiding pitfalls.

The Role of Litigators

Kirk advises business owners to have a litigator review agreements, as litigators often foresee potential issues that transactional lawyers might miss. This foresight can prevent future disputes and ensure smoother transactions.

Arbitration vs. Trial

A common question Kirk addresses is whether to include arbitration clauses in agreements. He explains the pros and cons, noting that arbitration is not always cheaper or faster and can sometimes be just as complex and costly as traditional litigation. The decision, he says, depends on the specific circumstances of each case.

When to Hire a Lawyer

Kirk advises business owners to consult with a lawyer to determine whether they need legal representation. He stresses the importance of seeking legal advice to avoid costly mistakes and ensure that agreements are structured to protect their interests.

Advice for Business Owners

In closing, Kirk offers three pieces of advice for business owners considering selling their business:

1. Fair Pricing: Ensure you get a good, fair price and avoid holding out for an unrealistic "home run" deal.
2. Practical Skepticism: Be cautious and evaluate transactions with a critical eye, considering all potential risks.
3. Consult Specialists: Bring in litigators or other specialists to review agreements and foresee potential issues.

 

Dave wraps up the episode thanking Kirk for sharing his wisdom and insights. He encourages listeners to reach out to Kirk for their legal needs and emphasizes the value of the lessons learned from this engaging conversation.

 

For those interested in contacting Kirk May, his office number is: 816-460-3303. He can also be reached via email at kirkm@gmlawpc.com

 

 

 

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com

 

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.