Something about the phrase, “Don’t worry about it,” automatically has the opposite impact on me. Whether it comes from one of my kids or someone trying to convince me of something I’m unconvinced about, that phrase always makes me suspicious. Here is a story where a business owner was told by his business partner, “don’t worry about it,” when asked … Read More
7 Reasons Why Keyperson Insurance is Strongly Recommended for Your Business
Last week, I wrote about buy-sell insurance because several business owners I talked to didn’t know what it was, let alone have it to protect their business. This week, I’m talking about keyperson insurance. Whereas Buy-Sell insurance uses insurance proceeds to buy out an existing partner’s shares of the company, keyperson insurance is an infusion of cash to help the … Read More
Why is Key Person Insurance So Important to your Business?
A Risk, Your Business, Can’t Afford To Make Most business owners understand that assets vital to the success of the enterprise should be insured. Premises are routinely covered for fire and/or theft; vehicles used to make deliveries, insured; machinery needed for manufacturing, also insured. Given that these tangible assets are instrumental in the success of the business, it makes good … Read More
4 Key Things to Consider When Building Business Owner Wealth
The Keys To Building Business Owner Wealth You’ve built a thriving and successful business. You continue to be profitable and continue to reinvest into your business while building wealth for your eventual retirement. You have a succession plan in place and a plan to exit the business at some point over the next 15 years. The plan is to work … Read More
5 Types of Business Risk Every Business Owner Should Absolutely Prepare For
Ignoring Business Risks Could Mean Disaster for Your Family, Your Retirement, Your Business and Your Employees As business owners, we expect and accept a certain amount of risk. If there weren’t any risk, then everyone would go into business for themselves. Like in life as in running a business, there are smart risks, calculated risks and completely random risks. Some … Read More
What are the 6 Things I Need Business Protection Insurance for?
Reduce Business Risks by Implementing Business Protection Insurance for Management Team and Key People As Business Owners, we all assume certain business risks. In my discussions with business owners, I’m astounded by the types of business risks that some owners are willing to make. Ironically, none of these individuals I would consider stupid, overly aggressive or brazen. Some of these … Read More