Sears went bankrupt after 132 years of being in business. In its heyday, no one could conceive that a company like Sears would go bankrupt. It was the Amazon of its day, using the innovative concept of a catalogue to take advantage of the industrial revolution and poised to be a major player at the dawn of America’s consumer economy. How things change over time.
The benefit of being a Wills and Trusts attorney is that I get to learn about the legacy of different business owners. One concusses emerges, running a business is roller coaster ride of highs and lows. All the owners I speak with whose company values exceed $4 million tell stories of substantial obstacles they had to overcome. Many of the obstacles they faced turned out to be opportunities in disguise as it forced them to innovate.
This is the reason why it is so important to plan when things are going well. As a business owner, you have the legal right to hold and gift assets in a way that should the inevitable business struggles arise, there is a nest egg available to insure that a portion of your wealth is preserved for yourself and your family. Too often owners going through the good times do not see the possibility of hard times. Their optimism, is in many instances, one of the reasons they were able to grow the business in the first place. Thus, if you are the head of a family, and you are enjoying prosperity – whether through a business or a lucrative employment – it is important to take steps to protect your assets. There are wide variety of asset protection trusts and investment tools that are not subject to creditor claims. Hear the siren call of Sear’s bankruptcy, and appreciate its historic significance by availing yourself of these strategies.