EP231Profit Paths: Shielding Your Business Journey - Scherrie L Prince

PROFIT With A Plan

Marcia talks with Scherrie L Prince on Profit With A Plan Podcast about Asset Protection and Entrepreneurship

Personal and Business Asset Protection:

Highlighted Sherrie Prince's personal experience with the impact of a lack of will. Emphasized the need for a comprehensive plan for safeguarding personal and business assets.

Introduced the 30-day Profit Booster training by Marcia Riner focused on increasing net profit. Entrepreneurial Journey Insights:

Sherrie Prince shared her entrepreneurial journey, starting with challenges in a partnership at age 21. Discussed ongoing challenges related to personal finance and investing. Emphasized the importance of recognizing life's signals toward entrepreneurship.

Asset Management and Supportive Networks: Stressed the importance of identifying, inventorying, and classifying personal and business assets. Highlighted the value of a supportive network ("village") including an insurance agent, banker, financial advisor, and attorney. Marcia's emphasis is on seeking legal advice early to prevent issues.

Business Exit Strategies: Importance and Planning: Discussed the importance of planning for business exits from the outset. Emphasized considering different exit strategies such as selling the business, bankruptcy, or dissolution of the partnership. Shared personal experiences illustrating the financial and emotional hardships of not having an exit plan.

Legal Protection Strategies for Businesses: Outlined a three-entity structure for legal protection, including a personal entity, holding company, and operating company. Acknowledged potential benefits despite cost and complexity concerns. Highlighted equity stripping as a strategy for shielding assets, with consideration of costs and time. Stressed the importance of legal protection for businesses of all sizes.

Insurance Coverage and Business Dynamics: Discussed the importance of adequate insurance coverage without overinsuring. Suggested saving money on premiums through a legal structure offering comparable or greater protection. Emphasized the significance of team dynamics and tailored business plans. Explored the potential use of AI, including Chat GPT, in simplifying business planning processes. Business

Operations and Advisors: Focused on tailoring business plans based on specific needs. Discussed the role of business entities, filings, and the need for multiple entities for risk management and protection.

Highlighted the potential use of AI, such as Chat GPT, in business operations. Concluded by stressing the need for the right team of advisors and the importance of protecting business assets.

Listeners can find Scherrie's monthly webinar "Asset Protection Blueprint" at https://www.scherrieprince.com/ap-blueprint.

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Want a 45% boost to your net profit? Join Marcia's new training, "30-Day Profit Booster". Just by following a simple 3-step method that doesn’t require chasing more customers. This quick & easy profit-boosting strategy can be done without spending more on marketing, hiring additional staff, or working longer hours. Go check out https://www.30dayprofitbooster.com for this free training and valuable information Please subscribe & ring the bell for reminders about next week's show

About Marcia: She is a business growth strategist who helps business owners double and triple their revenue, profit, and the value of their company. In fact, she is able to show prospective clients a clear pathway to profit and an impactful ROI for working here before hiring her firm. Through her proven Profit Booster™️ strategies, she gets results.

Marcia is the CEO of Infinite Profit Consulting and can be found at https://www.InfiniteProfitConsulting.com

Got questions? Text Marcia @ [phone] ♾️