The “Conflict of Interest Disclosure Statement” is a practical method of informing people that there are conflicts of interest in the business that would potentially affect the performance of their business or cause them to lose money. This can be accomplished by utilizing a professionally written, signed form that can be accepted by a business’ management or CPA.
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An effective way to avoid these types of conflicts of interest is to design your business’ policy, personnel files, organizational structure, and/or budgeting framework to preclude any actual or potential conflict of interest from arising. However, if it does happen, a conflict of interest disclosure statement can help you deal with it.
An example of a simple TSB would be: “My financial institution has been involved in an ongoing legal dispute with a company whose products and services I use regularly. While it would be too difficult for me to enter into a formal agreement in this regard, I have created a series of no-loss arrangements, including a minimal interest rate, a personal guarantee, and a waiver of taxes on the difference between the amount of interest I am paying and the actual value of the principal balance.” A more complex example would be: “My company pays a broker a commission based on the number of sales it receives, even though the broker has an interest in promoting the company’s products and services at my expense. I have entered into a monthly retention contract with my friend to cover this cost until we have qualified for an alternative source of revenue, such as a sale of the broker’s interest in the company.”
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A TSB like this, although rather mundane, can come in handy for both business owners and the clients they are dealing with. First, it allows the client to have a solid understanding of the business and its compensation structure and benefits before entering into any type of financial transaction. Second, it helps the client to keep their end of the deal while providing the business owner with more control over their actions, which in turn provides them with a better understanding of the operation of the business and the benefits and risks associated with every decision they make.
Another useful TSB can be found in the form of a letter that can be written and signed at the beginning of the contract to detail exactly what was agreed upon. This letter can specify who is responsible for maintaining and fulfilling the contract or it can list all the provisions of the contract that need to be adhered to. There can also be a clause stating that if a party is not in compliance with the contract, they are liable for the full amount of the agreement. A simple conflict of interest disclosure form should help to protect both parties from accidental or unforeseen financial loss.
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A basic requirement in writing a good TSB is to outline how the conflict will arise. For example, a retail store may have a CPA who pays his or her employees based on commission rather than on a salary or commission and the CPA has chosen to focus his or her attention on a specific client.
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A TSB can be effective in mitigating the potential damage of conflicts of interest, but it is very important to follow the rules and regulations regarding employment contracts. Each business must develop its policy and procedures, but business owners are strongly encouraged to know their rights and the rules concerning the handling of conflicts of interest. By keeping the rules and laws in mind, they can better understand the nuances of a potential conflict of interest situation and possibly prevent the problem from occurring.
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