What do you think when someone mentions a private investigator? Do you envision a man taking pictures of an unfaithful couple from the parking lot of a seedy motel? Or do images of distraught parents searching for their wayward adult children come to mind?
Private investigators are known for helping people handle some of the more unsavory parts of life. But the skills and knowledge these independent investigators offer can also help people make more informed decisions and protect their assets. This is especially important for small business owners and entrepreneurs, who can sometimes lack reliable information sources.
Here are five little-known ways a private investigator can benefit your business.
When acquiring new businesses, background checks should be a vital first step. A Business Due Diligence Report provides information that can help you decide if the business is a sound investment. It also provides valuable material that you can use to your advantage at the negotiating table.
A Due Diligence Report should provide some basic information:
• Company profile
• Parent companies
• Officers and directors
• Current and former employees
• Corporate assets
• Property information (i.e. foreclosures, evictions, UCC filings)
• Judgements and bankruptcies
More comprehensive reports include risk assessments, trades, collections, and other risk factors.
With over a million active attorneys in the United States today, it can be difficult to select the right one for your business. Referrals can help narrow your choices, but choosing the wrong lawyer can cost you time and money.
A private investigator deals with attorneys in a variety of specialties daily. They can connect you with legal representatives, both in the civil and criminal arena. Further, they know the inner workings of the business community and are knowledgeable in the art of process of finding those employees who are stealing time, money and product. The right private investigator can also assess your individual needs and research the best attorney for you. Interview and interrogation skills, as well as the ability to research a legal team’s effectiveness, can ensure you hire the right team for the job.
Due Diligence On Chief Financial Officers
The right financial officer should take good care of your funds, so you can concentrate on growing your business. A dishonest or unprofessional CFO or a Vice-President of Finance could ruin your business and livelihood.
A private investigator uses financial forensics techniques to examine and analyze potential financial problems. They can uncover many issues involving theft and fraud. An investment of a few hundred dollars for the right private investigator could save you years of trouble and many thousands of dollars lost with an incompetent officer.
Investing in other businesses is an intelligent way to make your money work for you. A private investigator will research any firm or potential partnership to ensure your investment is in good hands. They thoroughly inspect all business records to verify the information investment seekers supply.
• Personnel files
• Board and advisory members
• Supplier and contractor agreements
• Injury claims
• Current and pending lawsuits
Investigators also conduct in-person interviews with key employees and clients to ensure that all levels of the business have been inspected. Armed with accurate information, you’ll be confident that your next investment is a sound one.
Business owners should have a background check on every employee with whom they work. American businesses lose over $32 billion each year from theft. Almost 35% of that is employee theft. A private investigator will run background checks and analyze the information to give you an accurate understanding of an employee’s potential risk.
• Private investigators know where to look to uncover patterns that indicate irresponsible or illegal behaviors.
• Private investigators double check educational background and job history to ensure you choose the best-qualified candidates.
Background checks decrease the probability of hiring unscrupulous or dishonest employees and they can help protect your assets.
Private investigators are more than martial surveillance investigators snapping incriminating photos. They are professionals who can help you find the best doctors, set up surveillance systems, and invest your resources wisely. How could a private investigator help your business grow and thrive? Contact us today to find out what our skilled professionals can do for you.