#87 Don’t throw your family home out with the business-water
This episode is designed to be a bite-sized taste into what it is you need to know about protecting your business, your risk mitigation strategy and your exit strategy.
With proper planning, good information and good education you can set yourself up for business with peace of mind and confidence.
New business owners are often hesitant to plan ahead. But I encourage you to flip the script on this. If you go all-in at the beginning, back yourself and get yourself set up for success, you change the whole narrative around your business. This will position your business to grow from strength-to-strength.
I run through the three components of an iron-clad risk mitigation strategy
1) your business structure
2) insurance and
3) your legal documents.
This episode delivers the information you need to know to understand the business protection you need to have in place to protect yourself, and your personal assets.
TOPICS DISCUSSED AND WHERE TO FIND THEM:
[00:43]: I have been talking a lot about protection in business recently. Hint: if you haven’t checked out the resources pages, please do.
[1:11]: In today’s episode I talk more about protection in business. Proper planning, good information, good education - you can set yourself up for business to deliver peace of mind and confidence.
[1:40]: If you set yourself up properly early on, there is no need to throw your family how out with the business water.
[1:55]: New business owners are often hesitant to plan ahead. Why don’t we flip it - back yourself, go all in. Then you don’t put off business protection.
[3:13]: We should all have an exit strategy in our business - not only if things go wrong and you need to get out, but also for if things go well and you want to sell.
[4:10]: An iron clad risk mitigation strategy is key. Your risk mitigation strategy is made up of three things 1) your business structure, 2) insurance and 3) your legal documents.
[4:42]: Taking the time to get your business structure right, can position your business to grow from strength-to-strength. It also helps you protect your personal assets.
[5:34]: Winding up a business is straightforward if you don’t have any debts. If your business does have debts, it is a different process and having a solid risk mitigation strategy is key to ensure your personal assets are protected.
[7:23]: It’s important to choose the business structure that is right for you, your personal circumstances and your business.
[7:59]: We all need insurance - sometimes it’s required by law, other times it’s just good business to have it. My insurance broker will join us for an episode in a few weeks. Send questions to me, as we haven’t yet recorded this episode yet.
[9:08]: Your legal documents are so important, and I revisit it a lot. They set you up for long term success.
[9:49]: We have legal obligations to tell our clients or consumers certain things in a certain way at a certain time, before they decide to engage us. Managing the expectation of clients is key.
[10:04]: Legal documents also contain the contractual obligation to make sure you get paid. They will also have an exit strategy that works for you, as well as a dispute resolution clause.
[11:26]: Once you have considered your risk mitigation strategy,it’s then much easier to get clarification around your exit strategy.
[12:18]: This episode is designed to be a bite-sized taste into what it is you need to know about protecting your business, your risk mitigation strategy and your exit strategy.
[12:34]: If you’re feeling nervous or curious about what I’m talking about. Jump over to our website and take a look at the new Legally Empowered Masterclass Series.
[13:51]: I really hope that I have opened your eyes to the importance of risk mitigation in business and given you food for thought in terms of what you might need to do next to protect your business and personal assets.
LINKS:
Join The Legally Empowered Entrepreneur Masterclass Series here
Get your copy of my Annual Legal Checklist here
Website: tmsolicitor.com.au
Instagram:https://www.instagram.com/tmsolicitor/