One of the things that big companies do that small practices typically don’t do is scenario planning.
What are the top 3 things that could go wrong in your practice? What would you do in those scenarios? Often if you wait for the adverse event, it’s too late.
The time to put your assets into a family limited partnership or living trust is before you get sued for malpractice, not after. The same could be said about being served with divorce papers.
The time to apply for long term disablity insurance is before the MI or ACL reconstruction, not after.
We’re so small there is no one there to look over our shoulder and remind us to be more conservative in handling our risks. That’s why you need both a business coach and a CFP.
