E601 - Scherrie Prince - How to Safeguard Your Assets and Build a Strong Foundation for Entrepreneurial Success

Hacks and Hobbies - Passion to Profit Stories

In this episode, we get to speak with Scherrie L. Prince.

She is an attorney and an asset protection coach, to explore her journey and expertise in helping entrepreneurs protect their business and personal assets. From navigating the complexities of estate planning to building a solid legal structure for your business, Scherrie shares invaluable insights and practical tips for safeguarding your assets and laying the groundwork for long-term success.

Tune in to discover how to create a moat around your assets and mitigate risks in your entrepreneurial journey.

Our Guest

Facebook Group - PBF: https://bit.ly/playbigfasterFBGroup
Facebook Page - PBF: https://www.facebook.com/playbigfaster
Facebook Public Figure Page: https://www.facebook.com/scherriespeaks
Instagram: https://www.instagram.com/scherriespeaks
LinkedIn: https://www.linkedin.com/in/scherriespeaks
Twitter: https://www.twitter.com/scherriespeaks
TikTok: https://www.tiktok.com/@scherriespeaks
YouTube URL: https://bit.ly/scherriespeaks
Wheel of Fortune Appearance: https://bit.ly/scherrieprinceWOF Hacks to take away

1. Implement a three-entity system for each operating entity, consisting of a holding company and two service companies. This helps to separate liabilities and can lead to tax savings.
2. Establish and regularly meet with a "money team" comprising professionals like attorneys, accountants, and financial advisors to create a comprehensive plan for business success.
3. Ensure your operating agreement or partnership agreement is solid and includes a spousal consent form to protect your business and assets in the event of incapacitation or death.
4. Encourage learning and teaching moments within families to pass on knowledge and avoid children having to start from scratch.
5. Pursue dreams regardless of age or circumstances, as demonstrated by Cherie's journey from wanting to be an attorney as a child to pursuing that dream later in life.

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