Category: Small Business Solutions
Does Your Business Need “Key Person” Coverage?
Replacing an essential employee usually involves a significant investment of time and money. Should you take out insurance in case that key person dies or becomes disabled? Here’s what you need to know. Who is a key employee? “This person could be your top salesperson or deal-maker, whose knowledge and skills are so important that […]
How Much Do You Need to Retire? A Simple Formula
Are you too busy to plan for retirement? The demands of running a business lead many owners to feel that way. While quick estimates aren’t a substitute for comprehensive planning, it may help to start with the widely used “4 percent rule” to find the amount you’ll need to save before you stop working. This […]
Busted! 3 Myths about Business Owners and Life Insurance
If something were to happen to you, how long could your business—and your family—survive? If you haven’t given this much thought, you’re not alone. Common myths about life insurance can deter business owners from purchasing a policy, according to David Rae, a Los Angeles, California–based certified financial planner for Trilogy Financial Services, and founder […]
Selling Your Business within Five Years? Do These Three Things Now
Nearly half (49 percent) of prospective business sellers plan to exit their small business in the next five years—yet only 20 percent are prepared for the sale process, according to 2016 research from online business marketplace BizBuySell.[i] No time is too early to begin to prepare for your eventual exit, experts say. But if you […]
4 Things Business Owners Should Consider When Contemplating Retirement
1. Do you really want to retire? According to a 2016 study, 41 percent of workers plan to work past age 65, and 13 percent say they do not plan to retire at all.¹ 2. What kind of lifestyle do you want in retirement? Don’t retire from something; have something to retire to. According to […]