I’d like you to pull out a piece of paper real quick and write down which obligations of your business that you have personally guaranteed.
List each one and the amount of total personal exposure you have under each category. The categories would include:
- Bank lines or other debt
- Credit cards
- Leases
- Franchise agreements
- Supplier obligations
It’s a great exercise to write these numbers down so you know how much money you have riding on the financial success of your company. It’s easy in a small to medium size business to have personal guarantees total up to an alarmingly large dollar amount.
Now For the Big Test
Then consider sharing that number with your spouse! Would it freak them out?
All the more reason to make sure you are working diligently to make your company financially stronger every month.
Comments