Asset
Protection
Safeguard Your Business Against Claims & Lawsuits
Asset protection is a set of legal strategies and financial planning techniques that help protect assets from creditors, lawsuits, and other claims. The goal of asset protection is to safeguard your assets without breaking the law. As a business owner, you likely understand that running and owning a business comes with numerous challenges and risks. It's not enough to simply turn a profit; you must also safeguard your business against claims and lawsuits.
Safeguard You & Your Business
Implement measures to safeguard your business and personal assets from risks and liabilities
Protect Yourself from Litigation
Implementation of robust asset protection plans to shield business and personal assets from potential litigation risks.
Prevent Depletion of Wealth
Proper entity structuring and adherence to corporate formalities safeguard assets, preventing depletion of wealth due to legal challenges.
Building Resilience: Protecting Your Assets, Securing Your Future.
A random selection of the ever-increasing media articles concerning succession would suggest up to 70% of small, particularly family-owned businesses in the US will be looking to change ownership in the next 3 to 5+ years. This is a result of the “Baby Boomer” generation of business owners looking to retire in that period, all of whom will be seeking successors for their business ownership.
IMPORTANT QUESTIONS:
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Insurance Coverage: What types of insurance do you currently have in place to protect your assets (e.g., general liability, workers' compensation, property insurance)?
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Risk Management: How do you assess and manage risks associated with your construction projects?
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Contractual Protections: What measures do you take in your contracts to protect your company from potential liabilities?
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Asset Inventory: Do you maintain an up-to-date inventory of all physical and intellectual assets? How do you track and secure them?
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Legal Structure: What legal structure do you use for your business (e.g., LLC, corporation) and how does it help protect your personal assets?
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Safety Protocols: What safety protocols are in place to minimize accidents and liabilities on-site?
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Employee Training: How do you ensure that your employees are trained in safety and compliance to protect both themselves and the company?
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Cybersecurity Measures: What measures do you have in place to protect sensitive data and digital assets from cyber threats?
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Compliance and Regulations: How do you stay informed and compliant with local, state, and federal regulations that impact your business?
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Asset Recovery Plans: In the event of theft, damage, or loss, do you have a plan for asset recovery?
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Financial Planning: How do you manage your financial resources to ensure the company remains solvent during downturns or unexpected expenses?
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Consultation with Professionals: Do you work with legal, financial, or insurance professionals to regularly review your asset protection strategies?
Shapcott & Lauber along with our vetted associated partner can provide the answers to these questions to help our clients reflect on their current practices and identify areas for improvement in protecting their construction company's assets.