Business owners take unnecessary risks with their business and financial futures by not proactively preparing to prevent or survive litigation.
Face it – we live in a very litigious society in which a new lawsuit is filed every 30 seconds. Economic woes further contribute to the litigation nightmare. Our society permits contingency fee arrangements, in which a desperate person can hire an attorney and pay nothing unless the litigation is successful. Talk about having nothing to lose. You, on the other hand, may have everything to lose!
It’s not uncommon to see a completely innocent business owner reach a substantial financial settlement to AVOID costly litigation.
That’s the problem – it’s cheaper to settle an unwarranted claim than submit to a lengthy, costly, and time consuming litigation process and eventually prevail years and many dollars later. This is perverse and unfortunate. Is there a solution? Proactive asset protection planning, to make yourself unattractive to litigation, is the only realistic option. A lawsuit can have a dramatic impact on your business, life, and financial future. Believe us; most lawsuits can be avoided with preventative proactive planning. Remember, when presented with a potential lawsuit, an attorney will look at you and your business and determine what wealth you have exposed to satisfy the damages in the event that the litigation against you is successful.
You want to avoid the appearance of deep pockets, and implement an asset protection strategy that limits an adverse party’s ability to reach those deep pockets.
The wealthy and their businesses have been practicing wealth building and asset protection for generations. They all started just like you – small. They developed and capitalized on successful planning strategies that are available to everyone.
Think about it – Ford Motor Company operates with hundreds of separate entities for tax planning and asset protection purposes. If you successfully brought litigation against Ford – Do you think you could get production line assets or inventory?
Not a chance.
Do you think you could reach the assets of the Ford family?
Not a chance.
Then why in the world are your personal assets and business assets fully exposed to business lawsuits – ?
● Lack of knowledge
● Lack of proactive planning