Business Lessons From Mexico – Make Sure You’re Protected
This is the second post in my Business Lessons from Mexico series. If you haven’t already done so, please go back and read the first post title “Do One Thing Well” for more context.
Every business owner needs to ensure that they are properly protected. From insurance to contracts there are a LOT of different ways to protect yourself from litigation in the United States. It’s a little funny that I’m writing about this with relation to things in Mexico where there really is no litigation to speak of. The most extreme example I saw on this trip was a truck full of police officers, armed with M-16s, driving 70+ miles per hour down the freeway. As we approached I saw that at least 4 of them had a least 1 leg over the side of the truck. If one of them had fallen it would have been their own fault and no police chief would have been sued. (Getting down off my soap-box now)….
The last time we were down at Medano Blanco for Easter, my step-daughter and I were eaten alive by the JeJenes (a small mosquito-like bug). They really seem to like the white people. This time my wife came prepared with multiple types of bug spray, sun block and allergy medicine just in case. We were fortunate and made it out of Mexico with no more than 2 bites and a mild sun-burn.
This translates perfectly for every business owner. It only takes a few extra dollars to have someone review your personal and business dealings to ensure that you’re not likely to get bitten by any Jejenes that are looking for a quick and easy free lunch. The way that I’ve begun to address this personally is to hire a financial advisor. For a very reasonable fee he has reviewed my entire financial picture and has already recommended small changes for me to make.
Some examples of things that he has recommended are: putting an umbrella insurance policy in place, creating proper wills / powers of attorney, life insurance policies, etc. I don’t really want to go into a lot of detail here, but I must say that the piece of mind these things provide are definitely worth the money.
In my next post I’ll share with you what I found happened as a result of Making Time for Family.