137: Go after the biggest fish - with Scott Smith
About Scott Smith
Joining us today is Scott Smith. He’s a leading real estate investor and asset protection attorney and the founder of Royal Legal Solutions – one of the nation’s top asset protection firms. He’s sharing with us some of the specific, high-power secrets that enable his clients to not only thrive but also become effectively “Judgement proof” in court.
Is it true that 95% of business owners will face a lawsuit?
“yea, during their lifetime that is true. All you have to do is look at the court data for it. Especially if they are real estate investors…”
You say business owners can protect themselves from lawsuits in under a week! How is that possible?
“What you do is, you always have insurance. But you use a company structure to protect yourself. And the fundamentals of this company structure really come down into one simple strategy. At the highest level, you separate all of your assets from all of your operations…”
What is a Series LLC and why use one?
“A Series LLC has been around for about 20 years. It's so strong that even though it's been the subject of thousands of lawsuits it’s never been actually been challenged in a court case because you just don’t find a court case where the laws are very clear…”
What does insurance cover and what does it not cover?
“So, insurance will only cover accidents. Right, so that’s your typical slip and fall kind of scenario you have with a property. What insurance doesn’t cover is everything else…”
Can you share with me your most successful or favorite networking story/experience that you’ve had?
“the best networking experience I’ve had was actually at this meditation retreat I went to in California. I had some time off and was like you know what I’m going to do is go for a long weekend out to Santa Monica and spend some time on the beach and then just go hang out with some cool people…”
How do you stay in front of, or best nurture your network community?
“I think one of the key things is to be deliberate with who it is we want to spend time with. This is something id probably say is not, it can sound weird and hokey and manufactured in a lot of ways. But if you think about all of the great things in your life almost all of them are manufactured…”
What advice do you have for the professional on growing their network?
“What I would say is, go after the biggest fish you can find, you know the biggest names that you can. Learn about them find where you have genuine similarities with those people. And then try to provide them something of value.”
Digital networking or traditional networking?
“I actually find a lot more value in digital networking to originally start relationships. And then as quickly as possible once I see that it will be a valuable relationship and there is a connection there. I try to move it offline as quickly as possible.”
If you could go back 20 years, what would you tell yourself to do more or less of regarding your career?
“I would probably tell him just to relax and enjoy the ride. Not to stress it so much.”
We’ve all heard of the 6 degrees of separation… Now, who would be the one person you’d love to connect with and do you think you could do it within the 6th degree?
“The one person I would love to connect with right now is Tim Ferris. He lives here in Austin with me. But as much as a fanboy as I am about some of the stuff that he does, I haven’t reached out to make that connection yet.”
What book are you reading right now?
“the one book that’s been really eye-opening to me has been this book called, The Microbiom Diet. It was the first time in my life that I discovered the information about how much all of your health relates to your gut health and how it all fundamentally it relates to having the right kinds of bacteria…”
Any final words of advice for our listeners?
“just show up authentically early and often with everybody that you can in your life. Focus on that more than anything else and you’ll see the biggest changes to the value of your network and how comfortable you feel networking.”
You can get in contact with Scott at:
LinkedIn: Click Here