Ep. 20- Protecting the Business You Built!

Trailblazer - Igniting Business & Community

Topic 1: Why are you needing to protect your business aside from the obvious of protecting something you have put your blood, sweat, tears and of course money The type of entity you create and run. Very important in adding layers of protection between you and your business. Have a good attorney or two on speed dial. Build a relationship with them and see how you can be of help to them so when you have that question you can reach out. Have a good Property and Casualty agent on your team. Topic 2: What are some of the liability issues a business owner needs to make sure they have covered when you work with your P and C team? Remember personal lines to not insure your business! I do want to talk about protecting a business in terms of COVID General liability insurance E&O or specific profession lines Cyber security protection Business continuity plan Topic 3: Now onto some good stuff! This is the type of protecting we provide for the business owners we work with, although we assist and guide on the above items. What other asset protections should a business owner look into and how does that play into future planning especially as we all one day want to “retire”. Ultimately on a planning basis you are protecting the value of a business when and continued successful operation of the business, so we need to consider: You get sick (disabled) or pass away. What does this scenario look like and how do I protect? Your key employee/employees get sick or pass away. Just as important to protect against losing key employees, how do I retain key employees? Benefits, profit sharing, bonus... Assuring you have protection with your partner or future buyer with a buy/sell. Who owns the business if my internal employee/partner buyer I am working with passes away? (Remember that continuity plan? This is the numbers side of it)