How you can prepare your business for economic uncertainty
Updated: May 1
In times (or anticipated times) of economic instability and uncertainty, it is important to assess and evaluate your business and your asset holdings – where and how they are held. Litigation risk increases as economic certainty decreases (see 2023 Annual Litigation Trends Survey). We have seen a number of businesses use litigation more as a strategy – than a means of resolving a legitimate dispute. Protecting your assets in a comprehensive and tax-efficient legal structure is paramount. Any asset (with few exceptions) held in your individual name is susceptible to litigation and can be taken from you. Additionally, if you were to unexpectedly pass away, those same assets would require probate before those assets could be transferred – consistent with your estate planning documents. During this 2 nd Quarter and as part of our Annual Meeting with every client, we will review every asset to ensure that is held appropriately and in a way that protects you and the asset.
In terms of your business, there have been a number of excellent articles discussing how you can prepare your business for economic uncertainty. This February 9, 2023 article in Forbes recommends:
1. Be decisive;
2. Get creative with saving;
3. Review all existing contracts;
4. Discover more ways to monetize the business;
5. Look for tax credits/government assistance; and
6. Be conservative with growth estimates.
Please let us know how we can help you, your business or your clients mitigate and protect
against the anticipated risks of doing business in our changing world.