For the love of your business
For the love of your business
As a business owner, your family members aren’t the only ones who could be devastated by your death. Should something happen to you, your team, partners, and clients could all face disastrous consequences. To address this risk, you should seriously consider investing in life insurance. As we pointed out in a previous post, having the […]
Read MoreIntellectual Property (IP) is an integral part of many of today’s companies’ overall value. Indeed, studies show that up to 80% of the value of a typical business is IP, and as of 2020, more than 84%—$19 trillion—of the S&P 500’s market cap is represented by intangible assets like IP. However, even the biggest corporations […]
Read MoreYou’ve most likely dedicated significant time and energy to visioning your business, executing your vision, and even writing up a business plan for the growth of your business. Yet far fewer business owners put the same amount of effort into planning for their company’s continued success following their retirement, death, or incapacity. Not planning for […]
Read MoreExiting your business isn’t a decision to be made lightly. It may have been something you were considering before the COVID-19 pandemic hit, or it could have been something that you’ve had to reckon with because of shelter-in-place orders. Maybe your business had already been struggling, and you’ve had to come to terms with your […]
Read MoreThough most entrepreneurs understand the value of effective business planning, fewer are aware of the critical role estate planning plays in their company’s success. Yet considering what would happen to your business upon your death or in the event of your incapacity is one of the single-most important things you can do for your business. […]
Read MoreOne of the biggest advantages of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and allow them to save for their future. In turn, you get workers who have a […]
Read MoreWhile various types of insurance can protect your business from lawsuits and other liabilities, perhaps the greatest liability of all—especially if you’re the sole owner of your business—is what could happen to your company when you die or if you should become incapacitated by accident or illness. To ensure your business—and the income it provides […]
Read MoreWith more and more Baby Boomers reaching the later stages of seniorhood, the media is abuzz over what’s being called “The Great Wealth Transfer.” This refers to the coming intergenerational transfer of wealth that will occur over the next few decades, as Boomers die and pass on their wealth to younger generations. Because no one […]
Read MoreChoosing a successor to take over your business doesn’t mean selecting someone who’s exactly like you or even someone you like. It’s about choosing someone who’s not only well-qualified for the role, but someone who also has the vision and skills to lead your company into the future. With so much riding on your decision, […]
Read MoreUpon first glance, starting a business with your spouse can seem like the ideal opportunity. You get to spend more time together, make money, and build your own company with someone you implicitly trust. If you have an amazing marriage, you should be just as successful at running a business together, right? Unfortunately, it’s not […]
Read MoreIt seems like every other week there’s another story of a multimillion-dollar family business that falls apart shortly after the current owner steps down or passes away. This sheds light on an ugly truth. Most family businesses are woefully unprepared for the existing owner to depart, especially if it’s unexpected, as is the case with […]
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