In this episode of The Clinic Boss Show, Rick sits down with Scott Terrio, consumer insolvency expert and senior advisor at Hoyes Michalos, to unpack the financial crisis few clinic owners talk about: personal debt, tax traps, and business insolvency.
With over 15 years in the insolvency industry and 8,000+ client filings under his belt, Scott brings a sharp, no-BS perspective on how smart business owners end up financially ruined and what they could’ve done to prevent it. Known for his straight-shooting advice and regular appearances on BNN Bloomberg, CBC, and Moneysense, Scott breaks down the difference between bankruptcy and consumer proposals, the red flags clinic owners ignore, and how to legally protect your home and assets when things go south.
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In this conversation, Scott and Rick dive into topics such as:
1. Avoiding Financial Ruin as a Clinic Owner
Why Most Business Owners Wait Too Long to Call a Trustee
The Hidden Dangers of Personally Guaranteed Leases & Loans
How to Know When It’s Time to Shut Down Your Business
2. Bankruptcy vs. Consumer Proposal: What Every Owner Needs to Know
How Consumer Proposals Work—and Why 90% of People Choose Them
What an R7 Credit Rating Means for Your Future (and How to Recover)
The 3 Factors That Decide How Much of Your Debt You Can Wipe Out
3. The Truth About Incorporation & Liability
Why Your Corporation Doesn’t Actually Protect You from CRA
Director Liability 101: What the Government Can (and Will) Come After
Smart Moves to Shield Your Assets Before Trouble Hits
4. From Taxes to Insolvency: The Domino Effect Killing Small Businesses
The Most Common Mistakes with HST and Payroll Tax
Why Overleveraged Homeowners Are Filing in Record Numbers
How to Spot—and Stop—a Financial Spiral Before It Starts
5. Mental Health, Money Stress & the Cost of Hanging On Too Long
The Emotional Toll of Business Debt (And Why It’s Not Just About Money)
What Really Happens to Your Life After a Proposal or Bankruptcy
Why Calling a Trustee Early Could Save Your Health and Your Marriage
If you’ve ever felt the financial pressure of running a clinic, or you’re worried about mounting debt, tax bills, or protecting your personal assets, this episode is a financial survival guide you can’t afford to miss.
Watch the episodes on YouTube: https://www.youtube.com/c/RickLauCallHero
Scott Terrio: https://www.linkedin.com/in/scott-terrio
Rick Lau: https://www.linkedin.com/in/rick-lau/
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