Everything your compliance department needs to know about the hidden challenges of researching business licenses.
The best-organized, most efficient companies in North America still struggle with the burden of their business licenses and live in fear of government interference. That’s because their tax departments know what happens when they run afoul of irksome (and often arbitrary) regulations. When acquiring companies, penetrating new verticals, opening new stores, or expanding existing operations, it’s better to get permission than pay for forgiveness.
But although everybody agrees on the importance of compliance, getting there isn’t as easy as 1-2-3. Our researchers have conducted audits for thousands of sizable companies and we have always found gaps in their license portfolios. These license gaps come in many shapes and sizes, but there is a common thread; every company that is forced to delay a product launch, disrupt a prospering business, pay a costly penalty, or otherwise face punitive measures wishes they had done their research in advance. That’s where we often enter the picture. After a decade of consulting with large enterprises, we have developed a framework that guides our advanced research teams. It’s true that the process isn’t 1-2-3. It’s actually 1-2-3-4-5-6. Let’s jump in.