Remember the McDonald’s hot coffee fiasco? A lady bought a cup of coffee, spilled it on her lap and sued. McDonalds was found liable and damages were assessed in the millions. It doesn’t take much to consider that McDonalds has “deep pockets.”
Have you considered that Private Practice owners are perceived to have “deep pockets” and are therefore prime targets for getting sued? Did you know that the attorney for someone who is suing you will actually do a cost benefit analysis on you to see if you are a “deep pockets” case? If your assets are not properly protected it can be easy to find out what assets you have by performing a public records check.
There are professionals that do this for a living for law firms. They have no problem invading your privacy. Luckily there is a way to handle this: asset protection. Asset protection is a powerful tool for privacy, which is your first line of defense against a legal opponent. If the investigating party cannot find assets tied to you, then you look less attractive to them. If the opponent persists, then you have your second line of defense of having your assets defended well, which will make them difficult to obtain; mitigating your overall loss of time and money.
Private Practice Millionaires know potential litigation is part of the game of being a practice owner. They know the perceptions that are out there and have no qualms about protecting the assets they have worked hard to acquire. Understanding the tools of asset protection are extremely key to being successful.
A Private Practice Millionaire knows this and takes the time to learn about these tools and implement the ones that will ensure privacy and protection personally and professionally. They attend the Private Practice Millionaire Academy to stay educated on these tools and partner with professionals who can properly advise and assist them with their asset protection. Are you a Private Practice Millionaire?