Tag: Risk Management
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Is Your Liability Coverage Enough? A Simple Framework to Understand Your Business Insurance.
Business insurance is often one of the required but unpopular parts of running a business. Regardless of the owner’s viewpoint, most business owners should understand their business insurance and properly insure against certain risks to the company. Liability insurance is perhaps one of the most important, and even these policies are misunderstood. Taking the time…
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What if My Business is My Retirement Plan? Why Exit Planning for Business Owners is Critical.
Many business owners never truly plan on retiring. Worse, many just assume their entrepreneurial journey will carry them through life indefinitely. Naturally, this leads to uncertainty and confusion when the day finally comes. While many entrepreneurs may eventually figure it out, understanding why you should prepare for life after business is critical. Doing so now…
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What About Capital Gains? 5 Strategies For Small Business Owners to Defer or Reduce Their Capital Gains.
Large capital gains are always something worth planning for. Especially after selling a business, tax years with large capital gains can feel particularly painful when the tax bill comes. Even though long-term capital gains are taxed at more favorable rates, there are still many planning opportunities to reduce the taxes even further. Capital Gains When…
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Is Buying Rental Properties a Good Idea? Why Business Owners are Drawn to Real Estate.
Why do so many business owners buy real estate? Usually, when I am reviewing the total assets of a business owner, inevitably, they own real estate outside of their home. That could be residential or commercial real estate, and usually more than one. While real estate is one of many investments, some owners value the…
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Should I Set Up an HSA? How You Could Never Pay Taxes on Medical Expenses Again with a Health Savings Account.
Health insurance is one of the major issues in the modern world, and the election in the next few months will no doubt create more conflict. While there are many financial planning topics that help you interact with health insurance and healthcare expenses, having access to a Health Savings Account may be one of the…
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Do We Need a Buy-Sell Agreement? What a Buy-Sell Agreement is and Why it is Important.
When starting a new business, there are a million things to do. Besides the pressing issues like registration, billing, or getting the first few customers, there are also a handful of important but non-urgent items you need to check off. One of which is whether you need to establish a buy-sell agreement with your business…
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How Do I Set Up My Company? How to Determine Which Business Structure is Right for You.
One of the first questions to answer as an entrepreneur and new business owner is what structure is best for your new business. There are a few options and the differences can make a substantial impact on your company. The four most popular structures are Sole Proprietorships, Partnerships, Corporations, and Limited Liability Companies (LLCs). Each…
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Do I Need a Will? Why You May Need a Better Estate Plan.
One of the reasons why money creates stress in people is because they don’t know what will happen in the future. People don’t fully understand how different life changes would impact their finances and whether or not they should worry about it. The concept of an inheritance is older than the Bible, yet the planning…
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How To Create Your Own Financial Plan
What Is a Financial Plan? Financial planning is critical with how important money is in our lives. A reason you may feel stressed financially is largely because you do not have a plan. A Financial Plan forces you to review each aspect of your life and money so you can maximize your impact and reduce…
TC Falkner 