It’s a terrifying thought for any business owner, that when faced with financial difficulty, the personal assets you have worked so hard for could be lost as a result of your business’ financial situation.
It’s important to act to protect your assets long before your debts become a problem, but we understand that’s not always possible with third parties and creditors sometimes forcing your hand. If demand for what you sell has changed, your revenue is decreasing, your debtors are taking longer to pay you, or you’re relying increasingly on credit, your debt will mount. Without adequate protection, your personal assets may be used to pay creditors and third parties.
My Business Path is here to help make sure you don’t lose your personal assets, regardless of the decisions you make about your business’ financial future.
DO YOU KNOW WHAT THREATENS YOUR ASSETS?
As a savvy business owner, it’s likely that you’ve had thoughts (however fleeting) about protecting your hard-earned wealth and you may have already taken steps to protect it. However, many business owners do not have a complete picture of the potential threats to their assets.
We asked 37 businesses from varying industries and of various sizes to identify the risks they may need protection from.
Here are their answers:
- public and product liability
- debt/creditors (e.g. insolvency)
- employees (e.g. industrial action)
Whilst all of the above are very real threats to business owners, there were a number of risks that weren’t identified, potentially leaving the business owners’ personal assets unprotected.
What other threats are there?
Have you considered how your business would be affected by the following:
- business partners through (in)action or incapacitation (e.g. serious illness)
- fraud (internal or external)
- external relationship pressure (e.g. divorce)
With years of experience protecting Australian businesses just like yours, we know the risks but more importantly, we know how to safeguard your business against them.
Want to protect your personal assets?
If you haven’t seriously considered the risks the above threats pose or you’re already at risk from the above threats, it’s time to start taking steps to protect your assets with a free consultation.