J. Darrin Gross
But if you're willing, I'd like to ask you, Jonathan Feniak, what is the biggest risk?
Jonathan Feniak
I think the biggest risk is failing to budget for asset protection. When you are an owner of commercial real estate, you know the numbers you know how much it's going to cost you for your your garden or how much it's going to cost you if you're if you're including the heat, how much it's going to cost you and to budget for all of these things to figure out what the cash flow is going to be on on the business and I think you need to budget for asset protection. And as your empire grows, as you're making more money from your investments, your asset protection should grow. Increasing your policy limits to more than the minimums. Having a, you know, an auto policy with the minimums that are allowed by state law, I think is insanity. How are you maxing out on insurance in some areas and there's a lot of my clients are maxing out on insurance on the most they can get, right? It's $1,000,000.02 million or $3 million policy with a million dollars max per claim, how can you get more insurance? How can you protect yourself, limit your downside, and say, this is a this is an expense of running this business empire, it's it's incredibly important to re evaluate that just like you're going in reevaluating your service providers to reevaluate an ongoing basis, you talk to your insurance agent, what more can I do? If you're maxing out there? And then you start thinking about what structures can I put in place to protect my assets in the event of one of these credit events or, you know, catastrophe striking, and it's gonna cost you money, there's a business decision to be made there. But continuing to to increase over your protections, revise your structure so that you add in more protections. I think that's the biggest risk that people have is they're not properly budgeting for asset protection and risk management.