Successful business owners Beware! Why? Lawsuits

I met with a business owner yesterday and I noticed a common problem that I see among entrepreneurs and business owners. This business owner owned multiple businesses and was doing well. Unfortunately, at some point, I predict this business owner without my counseling advice would fail and may file bankruptcy. A lawsuit is inevitable and asset protection is underestimated by business owners. One secret of the wealthy and smart business owners are a disciplined approach to legal advice such as corporate structuring, estate planning, and asset preservation planning.

I hear Donald Trump has filed bankruptcy or undergone several setbacks in his career. I suspect that Donald Trust is exceptionally smart about utilizing cutting edge legal strategies such as Trusts, LLCs, and Corporations. As an entrepreneur, you understand your business well and perhaps, a lawsuit has not come your way or you avoided a nightmare.

I love reading Dave Ramsey because I agree with him that credit and debt produce a lot of problems including litigation risks. I often see business owners that are age 60 and beyond that have signed personal guarantees and they unexpectedly have the Bank call in their business loans. Obviously, this is a problem for a lot of them because they do not have huge sums of cash to alleviate their bank and credit problems. Often times, with time, these entrepreneurs and real estate owners would be okay. However, when you need a bank or loan, it is too late.

The purpose of asset protection is for your protection. One foreclosure should not result in your entire wealth being lost. That is exactly what is happening with a lot of business owners and real estaet owners today. I strongly recommend that you pre-plan this issues because it is the difference between bankruptcy and keeping your assets.

Sean Robertson is an business and asset protection attorney in Cook County, Chicago, Illinois. Sean Robertson may be reached at 312-487-6080 or Sean@RobertsonLawGroup.com.

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