Build the Moat First: Scherrie L. Prince on Protecting What Entrepreneurs Create

Most entrepreneurs spend their time thinking about how to build a business.How do I find customers?How do I increase revenue?How do I grow faster?'But far fewer stop to ask a different set of questions.What happens if my partner and I have a falling-out?What happens if the business is sued?What happens if I become seriously ill or die?And what happens to everything I’ve worked so hard to build if I never created a plan to protect it?Those aren’t particularly exciting questions. They don’t generate the same enthusiasm as launching a product, closing a major sale, or reaching a new revenue milestone. But ignoring them can turn years of entrepreneurial success into years of financial and emotional pain.My guest today understands these risks from both sides of the desk.Scherrie L. Prince is an attorney, entrepreneur, asset protection coach, speaker, and host of the Play Big Faster Podcast. She is also the founder and managing partner of Prince & Associates, where she helps entrepreneurs navigate business structure, contracts, regulatory compliance, asset protection, litigation, and succession planning.But Scherrie’s path into law was anything but conventional.She grew up on a farm in Mississippi, lost her mother when she was only 16, and later watched a painful family dispute unfold after her grandparents died without an adequate estate plan. Before becoming an attorney, she worked in communications and operations, became a real estate broker and mortgage broker, and entered into a business partnership based largely on a handshake. The business performed well, but the partnership ultimately failed because it lacked the structure needed to survive.Then came the mortgage crisis of 2008. Scherrie lost her business and found herself starting over while raising two very young children. That experience prompted a dramatic pivot into law school and eventually gave her a new mission: helping entrepreneurs protect the businesses, families, and legacies they’re working so hard to build.Today, Scherrie teaches entrepreneurs how to merge their business plans with their estate plans and create what she calls a moat around their assets.During the first part of our conversation, we’ll explore her unconventional journey from entrepreneur to law student, attorney, and business owner, including the personal and professional setbacks that shaped her work.Then, in the second part, we’ll discuss the legal and structural mistakes entrepreneurs commonly make, why forming an LLC isn’t enough, and how business owners can build companies that aren’t only positioned to grow, but structured to endure.Prince & Associates:https://scherrieprince.comPlay Big Faster Podcast:https://www.youtube.com/@scherriespeaks