Asset Protection - Protecting yourself from the ‘what if’s’

by Michael Garrone Published

Many builders and developers are focused on managing and growing their businesses. While managing your business should be your primary focus, what happens if something goes wrong? Have you got a strong asset protection strategy in place to protect the wealth you have built up?

Whether you are starting out, in the growth phase or looking to get out of the game you need to understand the risks that come from many years of being in business. There is no point building up wealth only to get to the final stages of your career and find out that you don’t have adequate plans in place to protect your assets.

Asset protection is all about asking what if – for example:

  • What if you are something goes wrong with a customer or a supplier working with your business. E.g. BCIPA claims?
  • What if your business premises get flooded?
  • What if you have not complied with all of your employee obligations – E.g. Super on individual contractors (where required)?
  • What if you are injured and are not able to work for a lengthy period?
  • What if you suddenly pass away – what impact will this have on your business and personal assets?

If the worst was to happen would your family home, business assets, or investments be at risk?

Asset protection assesses the potential risks to your assets and puts in place strategies to mitigate these risks. These risks can come from a variety of sources including litigation and QBCC license risks.  Asset protection puts you one step ahead of the game to ensure a minor problem doesn’t become a complete disaster.

Suppose you operate your business in the same entity that you hold your business premises. If something happens to your business then all the assets owned by the business are at risk. In this scenario there are several asset protection strategies that you can put in place to protect the business premises and other key assets. But it all starts with assessing the risks to your assets before things go wrong. It is only when you recognise the risk that you can do something about it.

Are you satisfied that your family’s assets are protected? Why not complete our asset protection checklist today to assess your risk exposure. Just give me or one of our team members a call on 07 3193 3000.

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Michael Garrone
read more by Michael Garrone

Michael is our Tax Specialist Director as well as the head of our business advisory niches of Building and Construction and Property.

With Michael's extensive experience and a real interest in these niche areas he is able to provide practical business and tax advice that is unique to the Building and Construction and Property industries. His tailored advice helps guide these businesses through start-up phase to succession and sale. Michael has many years’ experience in solving complex problems involving corporate tax, restructures, international taxation, Capital Gains Tax and GST. 

Michael also has a strong background in self-managed superannuation and is an authorised representative of superannuationDEPOT. In this area Michael provides strategic advice on SMSF structures and in particular limited recourse borrowing arrangements. Through this diverse experience Michael has developed expertise within a wide range of industries including building and construction, property, professional services (legal, engineering & finance), technology and software and manufacturing.

Michael Garrone is an authorised representative [No. 1240832] of Hunter Green Pty Ltd AFSL 225962. Your Adviser may offer you services through Depot Superannuation Pty Ltd which is a separate business. Although the same Adviser may offer you services under the above businesses, each business is solely and separately responsible for the advice they each provide. In particular, Hunter Green is only responsible for the financial planning services provided by Michael Garrone.

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