Asset Protection – “It’s as easy as 1 – 2 – 3!”

Posted on | January 25, 2009 | 1 Comment

If you own a business or are going to start one, you MUST develop a plan to keep your personal assets protected against business risks.  Such planning is as important as your marketing plan, your capitalization plan, or your sales strategies. 

So, how do you develop and implement an asset protection plan?

There are time-tested, court-approved and easy things to do to keep a lawsuit from ruining your finances.  Here are the three key elements:

• #1    Use a corporation or LLC.
• #2    Get some insurance.
• #3    Develop and implement Standard Operating Procedures.

That’s it.  Those are the keys.  There’s more to learn about each of these three key elements, of course, but EVERY business should have an asset protection plan and EVERY plan should include all three elements.  WITHOUT EXCEPTION.

You can’t wait to get sued and then implement your protection plan.  At the moment you have a dispute with a customer or another business, it is too late to plan.  So, you have to develop and implement your plan TODAY to prevent TOMORROW’S risks from ruining your financial FUTURE.

Asset protection planning is not fun.  It’s not exciting.  It doesn’t generate profits.  And, it costs some money to do it properly.  So, most owners ignore it or avoid it, until it’s too late.

DON’T WAIT UNTIL YOU GET SUED!  An ounce of prevention or the pound of cure?  It’s your choice.  Which will you chose?

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