Power of Attorney for Entrepreneurs: The One Thing You Must Do to Protect Your Business with Nicole Wipp at Joe Polish’s Genius Network™

Episode Summary

It’s an issue Smart Planning 101: What every entrepreneur needs to prepare for so their business can be self-sustaining.

What do you do if you have an unexpected medical crisis? Who will handle your business? How will your business survive?

Nicole Wipp is the Elder Law/Estate Planning Principal Attorney and founder of the Family & Aging Law Center.

Here’s a glance at what you’ll learn from Nicole Wipp in this episode:

  • POA’s For Entrepreneurs: The one thing you MUST do to protect your business
  • What do you do if you have an unexpected medical crisis? Who will handle your business? How will your business survive? Less than 1% of entrepreneurs have the correct plan in place. Here’s EXACTLY what to do to make sure you have a smart plan in place for your business and your loved ones…
  • Nicole shares her eye-opening, life-changing story that took place January 4th, 2015 at 11:16 A.M.
  • Smart Planning 101: What every entrepreneur needs to prepare for so their business can be self-sustaining

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Show Notes

  • An unexpected medical crisis can happen to anyone, including entrepreneurs. Less than 1% have the right plan in place.
  • If an unexpected medical crisis were to happen to you, would your business survive?
  • There are many things you can do to protect your business, but there is one thing you must do.
  • Most people don’t plan for a crisis because it isn’t very pleasant to think about.
  • The majority of the planning around medical emergencies is done in the context of estate planning, but what happens if you continue to live?
  • Nicole was hospitalized for 30 days straight. What would happen to your business if that happened to you?
  • We don’t have cookie cutter businesses. We don’t have cookie cutter families or life situations. Your plan can’t be a byproduct, it has to be a conscious process.
  • What assumptions are you making in regards to the law around your business? Small business owners are rarely making the right assumptions.
  • You need a specific legal document to cover a variety of activities that occur in your business. There are at least 25 areas that you need to think about in the event you are taken out of the picture.
  • Power of Attorney may cover some aspects of your business, but it is more geared towards personal life events.
  • Your spouse is probably not the right person to run your business, especially in the event that you have a medical crisis.
  • At the end of the day, the unexpected can happen to anyone, at any time. You need someone who can step up and run things while you can’t, it could be key employee or an in-law, but it has to be someone other than your spouse.
  • We all make hard choices every day, this is just another one we have to make for smart planning.

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