Does your family business own a piece of property that may be contaminated? We often hear clients say they do not want to know the answer to that question because they will be forced to do something about it. We disagree with that approach because you can’t make a good business decision about your potentially-contaminated property unless you have all the facts. In this case, ignorance is not bliss.
We view potential environmental contamination like catching a cold. You have to get a diagnosis from a qualified expert before you can pursue the proper treatment.
Once you know the nature and extent of the environmental problems potentially plaguing your property, your family will be able to make better business decisions about how much or how little action to take and whether to spend resources now or later to address the issues.
Of course, there might be a problem that must be reported to a regulatory agency, potentially requiring action in the short term. In most jurisdictions, however, the business would still have the ability to determine the timeline for resolving the issue, as long as it addresses potential pathways to human exposure – including inhalation and ingestion – that could harm people. Actions could include mitigating harmful vapors intruding into a building that could make people sick or impact particularly sensitive populations like children, pregnant women or the elderly.
There is no better time than the present to determine if your family business is sitting on contaminated property. If it is, you could then decide how best to deal with the problem. Once potential exposure pathways are addressed, you would have the power to wait and complete the cleanup when the property is redeveloped or take some action now to increase the value before a sale.
The sooner you gain insight about potential environmental contamination, the more time you will have to make sound business decisions and take steps to improve the situation on the ground, if desired. You may all even sleep better at night knowing that you no longer have to assume the worst.