Asset Protection Tools For Business Owners
Welcome to the Wealth Curve Talk Podcast. In this episode, John continues his series on the Wealth Curve Blueprint. This time his focus is on asset protection. He reveals two key tools small business owners need to protect their business and personal assets.
John is the author of 5 Ways Your Wealth is Under Attack. He has lectured on financial planning at various faculties. He has also received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.
John’s strength is his ability and commitment to improving the level and quality of the financial planning process.
His dedication to his clients’ growth involves an evolving strategy. His focus is to meet the demands, desires, and needs of his clients in a changing economic environment.
Don’t miss John’s key points on asset protection:
- You are your business’s most important asset. Y so you need to protect your business and your personal assets in the event of your disability.
- Further, a business overhead policy pays all of your business’s overhead expenses while you’re disabled. This way, you can keep on your staff and keep things operating at the right level.
- Also, you may have unknowingly signed personal guarantees that put your personal assets at risk if your business experiences trouble.
- Long-term leases, with elevators, frequently include personal guarantees.
- Bank loans often have covenants and restrictions with personal guarantees.
- Whether you work alone or with one or more partners or employees, you need a buy-sell agreement.
- Also, this document spells out how the owner’s (or owners’) assets and shares are transferred upon their death, disability, or retirement—or according to their activity level.
- Lastly, it establishes an appropriate valuation methodology and makes sure it is well funded.
For more details on asset protection for business owners, listen above. I’ll go more in-depth into valuation methodology in a future podcast. You can schedule your Wealth Curve Conversation here or on any of our social media platforms. You can also call 800-797-1000 so that we can start on your Wealth Curve Blueprint and Scorecard.
Looking forward to hearing from you.