T. Phillip Boggess of TPB Financial discusses the necessity of thinking of your future when starting a business.
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Bill: Where do you start to plan when you have a new business? Here's T. Phillip Boggess.
T: Almost everyone, when they start a business, wants limited liability, so let's make sure that we create the entity that's gonna have limited liability so we aren't opening the door for any litigators to pierce the corporate veil. At the same time that's happening, we have to plan our exit strategy, because trying to plan for that later is too difficult. So we need to create some sort of buy-sell agreement or some other way for these business owners to know, when it comes time that I want to leave or that I have to leave, that here's how it's going to work. It's going to protect everybody, it's going protect people who are staying in the business, because they're going to get to have the business and run the business as they are without necessarily being in business with their former partner's family, and it's going to protect the former partner's family because if something were to happen to him or her, it makes sure they are going to get what they deserve.
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