The Dirty Little Secret Most Business Owners Won’t Talk About

Estate Planning | New Braunfels, San Marcos, and Seguin

By Beverly Davidek

Nov 02

Whether you develop smartphone apps, offer consulting services, or brew craft beer, you are no doubt extremely talented and driven when it comes to your core product or service.

Yet, when it comes to the dry, nitty-gritty parts of running a business—crunching numbers, negotiating contracts, dealing with insurance, and managing taxes—you likely don’t have nearly the same passion or surety. You might project an outer facade of confidence about the state of your company, but you may secretly fear that it’s going to fail.

This hidden insecurity can make you feel like an imposter. Sure, you’re a whiz when it comes to the creative side of your job, but you’re likely just winging it when it comes to the nuts and bolts of business management—the legal, financial, insurance, and tax components.

This simmering sense of doubt and uncertainty can drain a significant level of your creativity and energy. And if this leak isn’t plugged, it can seriously stunt your ability to grow your company —and in the process, negatively impact every other part of your life.

The big taboo

What’s more, since few people are willing to admit they’re struggling like this, it’s become taboo to even talk about such fears. Even though countless other business owners out there are feeling exactly like you do, nobody wants to admit their outer confidence is just a mask, so everyone continues suffering in silence.

Or maybe you’re one of those people who’s still in denial about your situation. For many, business is primarily about making as much money and attracting as many clients as possible. Since dealing with things like legal agreements, insurance, and taxes don’t seem to fulfill these primary goals, you ignore them, put them off, or fail to give them much attention.

Besides, once you generate enough revenue, all of that stuff will work itself out, right? And even if it doesn’t, you’ll at least be in the position to hire a crack team of specialists to handle them for you.

One mistake away from disaster

But you can’t afford to put these tasks off another day. And if you’re not worried, you certainly should be. Whether you believe it or not, if you don’t have the cornerstone legal, insurance, financial, and tax (LIFT) systems in place, the business you’ve worked so hard to build is just one accident, audit, or lawsuit away from ruin.

Though dealing with LIFT systems may not seem particularly fun or glamorous, they form the very foundation upon which your entire business rests. If this foundation is weak or not robust enough to support your operation, it doesn’t matter how hard you work or how much money you make, at some point the house of cards you’ve built your business on is going to crumble.

But how do you even begin to address this issue?

Outside of being afraid to talk about it, another big reason entrepreneurs fail to deal with their shaky LIFT foundations is because they have no idea where to start. In fact, not knowing what you need, what to fix, and where to focus your attention is likely a major factor contributing to your fear and anxiety.

This lack of clarity also prevents you from getting effective assistance. If you can’t identify what you’re lacking, hiring financial advisors, lawyers, and insurance agents is likely to be of little use. And if you hire someone less than scrupulous, they’re apt to take advantage of you and sell you a bunch of expensive products and services you don’t need.

Build an unshakable LIFT Foundation

Fortunately, you CAN learn what you need to know to be able to build an unshakable LIFT foundation and stop living in fear, worry, or doubt about your business.

The LIFT Foundation System & Toolkit is a resource designed to give you maximum empowerment with the least amount of overwhelm. It comes with a comprehensive collection of tools, maps, and processes that will walk you step-by-step through what you need to do to establish a sustainable foundation for your company.

To give you a taste of how The LIFT Foundation System works and help identify the weak spots in your company’s foundation, contact us so you can take The LIFT 20-Point Assessment for free right now.

Get the confidence and clarity you need

Just taking the 20-Point Assessment is a huge benefit, as it shows you the gaps in your foundation that need the most attention.

Take the free LIFT 20-Point Assessment today to begin taking the necessary steps to build a solid LIFT foundation for your company—and finally gain genuine confidence about your business’ long-term success. Armed with that clarity, you can devote all of your energy and passion into growing your business into something truly meaningful for yourself, your clients, and your family.

This article is a service of Davidek Law Firm, PLLC. We don’t just draft documents; we ensure that families and business owners make informed and empowered decisions about life and death, for themselves and the people they love.