E02: Start Your Business On A Strong Foundation

Don't let somebody with a narrow mindset who hasn't been to where you are trying to go, talk you out of building a strong business foundation that will allow you to build wealth and leave a legacy.

- Asha Wilkerson, Esq.

Episode Summary:

My number one advice for anyone starting a business is to be intentional from the start and focus on building a strong foundation.

A lot of people are afraid of what they don’t know, and setting up an LLC or corporation can feel intimidating. But when you look at the top 10% of the wealthiest people in the United States, they’re entrepreneurs and they’re business owners and they’re entrepreneurs and business owners that have LLCs and corporations, probably multiple LLCs and corporations!

I’m here to say that these tools are available to us. In this episode I cover the benefits of LLCs and corporations, how to plan for your future retirement as an entrepreneur, and also share with you my thoughts on crafting a business exit strategy.

My hope is that after listening to this episode you’ll be more informed and feel ready to take your business to the next level.

What You’ll Learn On This Episode:

  • [01:11] How to build wealth and leave a legacy
  • [02:47] Why is it important to form a formal business entity
  • [04:39] Retirement planning as an entrepreneur
  • [06:14] Why you need an exit strategy for your business
  • [08:38] The value of understanding IRS revenue code incentives  
  • [10:25] Determining what’s best for you: LLC or Corporation

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