How to not lose your house in Business
I of course do not want you to go broke. I am focused on your success. But I am also a realist. Stuff happens that is sometimes out of your control. What if you contract to a big building contractor and they go broke and you don’t see the $100k+ they owed you, what then? Or what if someone trips over in your premises and for some reason the Insurance company decides they are not covering you. What if that shiny excavator you own digs up a vital line and you have one of our major Telcos on your tail, and worse, what if an employee gets fatally injured. All things you would never wish on anyone but this stuff happens and this is WHY I am so passionate about structures. Structures are your shield that protects your family and your assets.
It is a technical area and worthy of a good coffee and sit down. From Trusts to Companies and multilayer structures to your family succession plan and long term plan for wealth creation, these are all the thing that need careful consideration to ensure your business is in the right entity structure.
I have seen so many new clients come onto KLAS that are in partnerships or sole trader structures in high risk business that would lose everything in an instant. I have also seen how a great structure has protected a director from losing years of hard work.
This isn’t something you leave to chance so let’s take a look and make sure you have the best protection you can.
Stay Klassy (and protected)