Twelve questions every business owner should ask By R. Sherman On
As a business owner, you have already engaged in some form of business planning, perhaps when you first started your business or were looking to expand. But all too often as business owners, we are working so hard in the businesses that we fail to work on the business. When was the last time you took a hard look at the business and yourself and asked, "What if"? What if you died or became disabled? What if your key person left the company? Like it or not, you and your business are intertwined and an integrated approach is needed to ensure the financial security of both. Depending on your business situation, what follows are should-be-asked questions: 1. What would happen to the business and your family if you or a key employee died? 2. If you became disabled, could the business assure payment of business expenses? 3. What will happen to the business when you want to retire? 4. Are you able to recruit, retain, and reward key employees? 5. Do you provide an enhanced executive benefit program for select employees? 6. Do you provide a competitive and cost effective employee benefit program, including group benefits? 7. Are you providing for the long-term care needs for yourself and your employees? 8. Is your business funding your personal financial goals (i.e. retirement, college, etc.)? 9. Have you developed an investment strategy for your retirement plans? 10. Have you developed a plan to preserve your assets for the next generation? 11. Can you ensure credit for a business expansion? 12. Can you protect personally guaranteed corporate loans? Asking the questions though is not enough. No business owner sets out to fail, but many fail to prepare beyond the business plan. To take your business to the next level, it's important to select a financial professional to help you get the answers to these questions. Do they have an understanding of both your personal and business needs? Do they have a team of experts who can meet the many diverse needs of your business? Choosing the right person for the task is by far the most important decision you will make. Never be afraid to ask questions and clear any doubt you might have, as finally it's all about you and your decisions. R. Sherman On is a Financial Representative with Northwestern Mutual Financial Network, the marketing name for the sales and distribution arm of The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI and its affiliates and subsidiaries. A Financial Representative is an Insurance Agent of NM based in Brookfield, WI. Employee benefits are provided through Strategic Employee Benefit Services, a nationwide marketing program of Northwestern Mutual. To contact R. Sherman On, please call 262-787-7053, e-mail him, at sherman.on@nmfn.com or visit his Web site at www.nmfn.com/shermanon.