14 Aug 2018 17,677 Comments

Business Briefs
August 2018

BUSINESS CONTINUATION PLANNING
Ask yourself…If you had retired, died or become disabled yesterday, who would own and manage your business today?

Would you want your business interest retained for a family member, sold or liquidated?

Retain the Business Interest for Your Family
  • Is there a capable and willing family member?
  • Will the family member be acceptable to any other business owners?
  • How will you or your surviving dependents replace the income previously provided by your business?
  • Is there a need to equalize inheritances among family members?
  • Will there be enough liquidity in your estate to pay taxes and other settlement costs?
Sell the Business Interest
  • To whom will your business interest be sold?
  • At what price?
  • And at what events (death, disability and/or retirement)?
  • What is the value of your business interest?
  • Will the funds be available to complete the purchase at your death, disability and/or retirement?
Liquidate the Business Interest
  • What is the value of your business as a going concern?
  • How does that value compare to the liquidation value of your business?
  • How will you or your surviving dependents replace the income previously provided by your business?
  • Will there be sufficient funds available to allow for a planned liquidation?

The objective of business continuation planning is to assist you in evaluating which of these alternatives is most suitable for your situation and to help provide the funds that will be needed to assure that your business continuation goals become a reality.

MESSAGES
from the Masters…

THE 14 ABSOLUTELY UNBREAKABLE LAWS OF SUCCESS

by Brian Tracy

1. The Law of Control: You feel good about yourself to the degree to which you feel that you are in control of your own life.

2. The Law of Accident: Life is a series of random occurrences and things just happen by accident.

3. The Law of Responsibility: You are completely responsible for everything you are and for everything you become and achieve.

4. The Law of Direction: Successful people have a clear sense of purpose and direction in every area of their lives.

5. The Law of Compensation: You are always fully compensated for whatever you do, positive or negative.

6. The Law of Service: Your rewards in life will always be in direct proportion to the value of your service to others.

7. The Law of Applied Effort: All things are amenable to hard work.

8. The Law of Overcompensation: If you always do more than you are paid for, you will always be paid more than you are getting now.

9. The Law of Preparation: Effective performance is preceded by painstaking preparation.

10. The Law of Forced Efficiency: The more things you have to do in a limited period of time, the more you will be forced to work on your most important tasks.

11. The Law of Decision: Every great leap forward in life is preceded by a clear decision and a commitment to action.

12. The Law of Creativity: Every advance in human life begins with an idea in the mind of a single person.

13. The Law of Flexibility: Success is best achieved when you are clear about the goal but flexible about the process of getting there.

14. The Law of Persistence: Your ability to persist in the face of setbacks and disappointments is your measure of your belief in yourself and your ability to succeed.

Brought to you by:

William J Allen, LUTCF
Hickok & Boardman Life & Income Group
346 Shelburne Rd.
Ste 402
Burlington, VT 05401
802-488-8717
life@hblifeincome.com
https://hblifeincome.com/

About our firm:

At Hickok & Boardman, we take a lot of pride in what we do. Our goal is to protect families and businesses from the devastating loss of a life or disability. Our client’s interests always come first and we have the expertise to design insurance portfolios that will protect them for life’s challenges.

QUOTES
from the Masters…

On Strategic Planning
“Where will you be in five years? Develop a plan, and then activate that plan to put yourself where you want to be in five years. Be sure to update your five-year plan at least annually in order to stay ahead of the game.”

— Tom Hopkins

“Practice the 20/80 Rule. The first 20 percent of the time you spend planning a project will be worth 80 percent of the time you spend on the entire project.”

— Brian Tracy

“The trouble with many plans is that they are based on the way things are now. To be successful, your personal plan must focus on what you want, not what you have.”

— Nido Qubein

On Career/ Work
“The biggest waste of life is to do your job poorly.”

— Brian Tracy

“The most important question to ask on the job is not ‘What am I getting?’ The most important question to ask on the job is ‘What am I becoming?”

— Jim Rohn

“A free lunch is only found in mousetraps.”

— John Capuzz

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