{"id":71,"date":"2018-08-21T21:38:51","date_gmt":"2018-08-22T03:38:51","guid":{"rendered":"https:\/\/www.philkleininsurance.com\/blog\/?p=71"},"modified":"2018-08-21T21:38:51","modified_gmt":"2018-08-22T03:38:51","slug":"how-to-avoid-six-situations-that-can-destroy-a-business","status":"publish","type":"post","link":"https:\/\/www.philkleininsurance.com\/blog\/how-to-avoid-six-situations-that-can-destroy-a-business\/","title":{"rendered":"How To Avoid Six Situations That Can Destroy A Business"},"content":{"rendered":"

1. “I KNOW WHAT MY BUSINESS IS WORTH”<\/strong><\/em>
\n\u2022Have you ever had your company value appraised by an outside resource?
\n\u2022Has that appraisal been done within the last three years?
\n\u2022Do you have a Buy\/Sell agreement? \u2022Is it funded?
\n\u2022Has it been reviewed within the last three years?
\n\u2022Do you know where your Buy\/Sell agreement is kept?<\/p>\n

2. “I’M TOO BUSY RUNNING THE COMPANY”<\/strong><\/em>
\n\u2022Do you have a will? \u2022A trust?
\n\u2022Is it up to date?
\n\u2022Do you have a plan to retain key employees if something happens to?
\n\u2022Has your Trust & Estate Plan been reviewed in the last three years?
\n\u2022Have you identified and written down your trusted advisors?<\/p>\n

3. “THAT’LL NEVER HAPPEN TO ME”<\/strong><\/em>
\n\u2022Do you have a succession plan in place?
\n\u2022Have you involved both key employees and family members in your succession planning?
\n\u2022Does your succession plan have a provision for disability?
\n\u2022Have you identified or written down who you want to run the company?
\n\u2022Do you have disability buy-sell overhead expense coverage?<\/p>\n

4. “THERE’S PLENTY OF TIME FOR THAT”<\/strong><\/em>
\n\u2022Do you know when you want to retire? \u2022How much income will you need?
\n\u2022Do you want to be running the company full-time, five years from today?
\n\u2022Do you know how much control in the business you must maintain in order to secure your retirement income?
\n\u2022Have you explored financing opportunities for key employees to buy the company in the future?<\/p>\n

5. “MY BUSINESS IS MY RETIREMENT”<\/strong><\/em>
\n\u2022Do you have a retirement vehicle other than your business?
\n\u2022Is 25% or less of your business assets a part of your retirement plan?
\n\u2022Will your retirement funding come from more than four sources?
\n\u2022Have you had your retirement income projected\/analyzed to identify shortfalls?
\n\u2022In the past year, have you spent more than one hour planning for retirement?<\/p>\n

6. “YOU CAN’T BEAT UNCLE SAM”<\/strong><\/em>
\n\u2022Do you have a TEAM of financial advisors working with you?
\n\u2022Are you proactively planning to deal with changes in the tax laws?
\n\u2022Will any sources of your retirement income be received tax free?<\/p>\n

Questions? Concerns? Call Owen Rosen at (248) 682-7445 today or email owen@philkleininsurance.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

1. “I KNOW WHAT MY BUSINESS IS WORTH” \u2022Have you ever had your company value appraised by an outside resource? \u2022Has that appraisal been done within the last three years? \u2022Do you have a Buy\/Sell agreement? \u2022Is it funded? \u2022Has it been reviewed within the last three years? \u2022Do you know where your Buy\/Sell agreement […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,16,18,34,33,1,25,32],"tags":[28,20,38,29,37,8,27,36,39],"class_list":["post-71","post","type-post","status-publish","format-standard","hentry","category-benefits","category-business-insurance","category-commercial-insurance","category-disability-insurance","category-financial-services","category-insurance","category-life-insurance","category-retirement","tag-benefits","tag-business-insurance","tag-disability","tag-employer","tag-financial-planning","tag-insurance","tag-life-insurance","tag-retirement","tag-trust"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t