What comes across your mind when someone talks about a private investigator?

Do you picture a man who's taking pictures of an unfaithful couple from a seedy motel's parking lot? Or, do you visualize images of upset parents who are searching for their wayward children?

Well, what you think is partly true. Private investigators are famous for helping people handle unpleasant life parts. But independent investigators have the necessary knowledge. These experts help people make decisions while seeking to protect business assets. Private investigators are a must-have for entrepreneurs and small business enterprises. It is because these business enterprises don't have reliable sources of information. Business people hire professionals to extract information, which they might not extract themselves. Thus, hiring a qualified agency for meeting their needs is the only way for small businesses.

Studies show that Private Investigators and Detectives have been growing at a higher rate. Their presence has been upsurging at a rate of 2.29% from 93,957 people in 2018 to 96,107 people in 2019. Quite an impressive number, right!

Now that you're wondering if PI only helps business extract information, then you're mistaken. Yes, some other reasons a private investigator helps your business with are:

  • Business Acquisitions:

Background checks should be the very first step during acquisition processes.

Companies use due diligence reports. This report helps in ensuring that the firm they're eyeing will be a sound investment for them or not. With private investigations, you get details that help you at the negotiating table.

Another vital information a Due Diligence Report provides you with is:

  1. Company profile
  2. Parent companies
  3. Subsidiaries
  4. Directors and officers
  5. Current and former employees
  6. Corporate assets
  7. Property information
  8. Liens
  9. Judgements, and
  10. Bankruptcies.

Other comprehensive reports include trades, risk assessments, and other risk factors.

  • Attorney Referrals:

There are over a billion active attorneys in the country. Thus, it can be pretty daunting for you to select the right attorney for your business. But what if you get referrals? Well, these work well to narrow down your choices. After all, you never want to hire the wrong attorney- the one that costs you significant money and time.

But, how can a private investigator help your business? PI's deal with skilled lawyers. You have the ease of selecting a lawyer both in the criminal and civil arena- all thanks to a detective on your side.

PI's have a clear idea of your business community in the best manner. These people find employees that steal companies time, money and product. Thus, the right investigator assesses your individual needs. They can dwell on extensive research in finding the best attorney for you.

Their interview and interrogation skills help you hire the right team for your job.

  • Due Diligence on CFOs:

A proper financial officer takes care of the company's growth. An unprofessional CFO may work wonders in ruining your livelihood and business.

Thus, a private investigator makes use of financial forensic techniques. They examine and analyze business financial problems. Their expertise helps businesses in uncovering issues associated with theft and fraud. Research suggests companies must never run from oozing money. A few hundred dollars in hiring the right private investigator save you from the troubles of an incompetent officer.

  • Investment Inquiries:

One of the best and most intelligent ways of making money work for you is investing in other businesses. Thus, a private investigator assists in researching for a firm or potential partnership. They do this to ensure that your business investments are in good hands.

PI's run a thorough inspection on all your business records to verify the information. The details may be in the form of:

  1. Personnel files
  2. Subcontractors
  3. 1099s
  4. Advisory and board members
  5. Supplier and contractor agreements
  6. Current and pending lawsuits, and
  7. Injury Claims.

PI's work revolves around conducting in-person interviews with crucial workforce and clients. It is because they want to check if the business workflow revolves smoothly. Accurate information makes businesses feel confident about their next investment.

  • Employee Background Checks

It is always a wise step for businesses to run background checks on every employee. You may want to think why, but know that your employees work day in and day out for your company.

Studies show that American businesses lose around $32 billion each year from thefts. 35% of the total amount is employee theft.

Businesses run background checks on potential employees- all thanks to PI. After all, you wish to have an accurate understanding of the risk an employee can put you at.

Private investigators are aware of the maxims of uncovering patterns. They scrutinize which behaviour is irresponsible and which is not. These experts check the educational background and job history of each candidate. By doing so, you know that your organization has only the best-qualified employees.

Background checks reduce the probability of hiring unscrupulous and dishonest employees. Besides, it also protects your assets in the best manner.

  • Miscellaneous Tasks:

A private investigator not only safeguards the company but also helps with tasks like:

  1. Insurance investigations: False claims cost the insurance employees and companies a significant amount. This amount is in billions of dollars in precision. Whether a worker's compensation claim is being stretched upon or has lies surrounding it, business detectives use surveillance methods to show the actual condition.
  1. Custody cases: People usually go in for these experts for domestic investigations. These may include winning your child's custody. A top business person may want to find if their spouse is a part of unethical business activity or not. Getting enough evidence may help you prove his/her worthiness in the child's custody.
  1. Electronic device sweep: Private investigators conduct bug sweep tests. These tests help to find hidden cameras and other electronic devices. The presence of such devices during secretive business meetings may put you at risk.

Final Walkthroughs

Private investigator's work is much more complex than martial surveillance investigators. These experts assist you in diverse aspects. Their work includes finding medical professionals, setting up surveillance systems, and resource investments.

Still not sure how a private investigator works wonders for your business growth? Reaching out to a professional and speaking in person sounds the best decision.