Entrepreneurs and business owners are normally optimistic self-starters. Most never consider the possibility of a lawsuit or being forced to declare bankruptcy. Unfortunately, it can happen – even to your business – which is why you need to protect your assets from creditors.

Most business owners tend to pour all of their profits back into the business. While this is understandable, it’s also risky. It takes just one incident to make you vulnerable, and creditors could get everything. You may have little to show for years of hard work.

Fortunately, there are options to protect your assets. One strategy is to invest a portion of your profits in segregated funds. Offered by insurance companies, these funds are essentially creditor-proof. In addition, you may want to consider these options as well:

  • Putting personal assets, such as your family home, in your spouse’s name (provided they aren’t involved with the business)
  • Setting up holding companies or family trusts
  • Acquiring business liability insurance, which protects you in the event of a lawsuit

While you can’t control everything, you can take steps to protect the assets you’ve hard to build. In just 30 to 60 minutes, I can help you set a course to protect your business and your family from these risks. Contact me now to get started.