Don’t Lose your Sh!t (The Practical Guide to Asset Protection). In Blackboard Fridays Episode 106, Jacob talks about Legals. Need this implemented into your business? Talk to the international business advisor who can do exactly that – Contact Jacob, Learn More, or Subscribe for Updates.
I always love welcoming new expert presenters, and I LOVE this week’s video from Carrie Payne, part of the businessDEPOT Legal team.
We’ve talked accounting on Blackboard Fridays in the past – so you know by know that it’s not how much money you make, it’s how much you keep. But once you have it … how do you make sure it’s protected?
I genuinely feel this is a must-watch video for every business owner, because we’re all comfortable taking risks … and there are some risks we really shouldn’t.
By the end of this video Carrie will have walked you through 3 simple things you can do to ensure you have a more robust business … and you’ll also know, once and for all, whether you’re a dog or a cat person.
Who is Jacob Aldridge, Business Coach?
“The smart and quirky advisor who gets sh!t done in business.” Back independent since 2019.
Since April 2006, I’ve been an international business advisor providing bespoke solutions for privately-owned businesses with 12-96 employees.
At this stage you have proven your business model, but you’re struggling to turn aspirations into day-to-day reality. You are still responsible for all 28 areas of your business, but you don’t have the time or budget to hire 28 different experts.
You need 1 person you can trust who can show you how everything in your business is connected, and which areas to prioritise first.
Today, I want to talk about asset protection for you and your business. Asset protection is very appropriately named because its primary objective is to protect your assets.
Now, most people think that asset protection should be centered around protecting parties from themselves but in reality we see commercially that most asset protection is about protecting people from third parties such as creditors. While asset protection gets me out of bed in the morning, I don’t pretend to think that that’s everybody’s cup of tea.
So today, I’m going to talk about asset protection with reference to one of my favorite things–cats. Now for those of you that aren’t crazy cat ladies like me, you can feel free to substitute the word cat for any other animals that you like, like a dog.
The three main points of asset protection I’ve got here on the border: Do your job, get insurance, and look like you’re poor. We’ll talk about those each. Now before I introduce two cats to each other, remember cats, I will always look online at videos at posts articles by other people about what has and hasn’t worked for them when you introduced to cats. I will also speak to my vet and I will also speak to my peer groups about what they have found does and doesn’t work.
The same thing should happen with you in your business. Get professional development, do take every opportunity to expand or refine your knowledge base, go to courses, connect with other peers, read articles, get certification.
The other thing about me and my cats is that I try to make sure that as a good cat mum, I make my cats feel safe and loved. Mostly it so they don’t get on to the RSPCA hotline and call the animal abuse line.
But certainly, the same should apply to you in your business. Take care of your clients. Grow your emotional intelligence. I once read a statistic that 80% of complaints in dentistry in the UK were about communication, that means that only 20% were about the actual treatment that they received. Look after your clients, show them that you care so that when there is human error you can have an open dialogue with these people rather than resorting straight to the next step down.
The next step down is probably pretty simple, insurance or habit. You too can have overpriced pet insurance in case your cats take this the words of the song I have the tiger a little too literally. From a business perspective, get insurance, get advice about the types and the level of cover that you need.
The final one here looking like you’re poor get it poor is to talk about separating your cats. For me if I’ve got two cats that won’t get along, the reality is you just keep them separate. While that might mean that my cats are probably looking at writing the next installment of Catty Potter and the Prisoner of the staircase, it does mean that there’s probably less likely that they’ll be injuring each other.
Now the same thing can be said for you in your business. Get advice about the structure. Asset protection is about separating those assets and quarantine them into similar risk profiles. What I mean by that is you don’t put low risk assets in the same structure as high risk assets. That investment property that you own should not be in the same structure as your CSR shrivels shares from the 90s.
Very appropriately the term don’t keep all your eggs in one basket is something that you should always think about here when you’re setting up your business structures. In order to get asset protection right, make sure that you reach out, listen to advice, and protect your assets .
Want to learn more about how this can apply to your business? It costs nothing to chat:
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