Gooseberry Mesa is the greatest mountain bike trail on earth The trail involves sweet single track, endless slick rock playground, and breathtaking views. If you look east, you see the imposing cliffs of Zion National Park If you ride along the south or north edges of the mesa, the trail skirts sheer cliffs dropping hundreds if not thousands of feet to the valley floor At the end of the mesa is a narrow neck of rock, forty feet wide with a trail down the middle and cliffs on both sides Finally, the rock ends with sheer cliffs dropping off in front of you and on both sides A trip to Gooseberry Mesa is exhilarating, and refreshing to the soul.
The trail keeps you close enough to enjoy the view, but never puts you in danger of falling off the edge This is a good analogy for those of you who like to live on the edge I have many clients who get involved in aggressive tax planning, speculative investments, or high risk businesses Some push the limits too far and get burned; others live to play another day Sometimes it is luck that makes the difference; other times, a person is protected by taking precautionary measures that limit their exposure I recommend the following precautionary measures:
First, “Where no counsel is, the people fall: but in the multitude of counsellors there is safety” (Proverbs 11:14) A really good CPA not only helps you take advantage of every opportunity, but he also knows where to draw the line and when to push back when you get too greedy Before taking the plunge on a risky deal, I suggest you get several independent opinions from well qualified counselors.
Second, “He that maketh haste to be rich shall not be innocent” (Proverbs 28:20) If it sounds too good to be true, it probably is If it is that good, it is worth taking the time for some advance planning and due diligence.
Third, “He that walketh with wise men shall be wise: but a companion of fools shall be destroyed” (Proverbs 13:20) More important than any legal documents, tax opinions, or pro forma projections, is the character of the promoters.
Remember, a fine day at Gooseberry Mesa is made better by the fact that you are likely to survive, to do it again.