Is the future of your business covered? Read on to learn more about how your business should be "covered" both by insurance and by positive planning. If you or someone that you know is thinking about selling a business now or in the future, we can help. As always, thank you for your referrals.
Sincerely, 
John Austin & Bob Dale
Austin Dale Group
512-327-0427 info@austindalegroup.com |
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Insurance: A Dull Subject Unless You Need It
Most business owners faithfully renew their business insurance policies every year, but how many actually review the policies on a regular basis? Unfortunately, too many of the business owners have never read the policies. This means, among other things, that they don't know whether the policies are continuing to adequately cover the changing needs of the business. For example, is the new expensive computer system covered? Are all the weather contingencies covered? Is the employee health coverage up to date with today's medical costs? Does your company have business interruption insurance? If so, when was the last time you reviewed it? Now might be a good time to review all of your insurance policies: - Liability Policy - Is it high enough? Does it cover all the needs of your business in today's economy?
- Errors and Omissions - Do you have it? Do you need it? If you have it, is the coverage sufficient for today's requirements?
- Workman's Compensation - Is it current so that all employees are covered?
- Disability Insurance - Are your key people covered? How about you? Who is going to pay these people in the event of long-term sickness, accident, etc.?
- Business Interruption Insurance - Who pays the bills if your building burns down and business comes to a standstill until you rebuild?
- Key Man Insurance - What would it cost to replace one of your key people? To replace you?
- Health Insurance - Does it work in today's medical climate?
- Automobile Insurance - Is the coverage high enough for today's needs? Are you covered if an employee is driving on company business in his or her personal automobile?
Perhaps it's time to sit down with your insurance agent and get answers to the above questions and any others you can think of. Your insurance agent should be a big help in providing what you might need to keep up with today's costs in our litigious society. |
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Do You Have a Plan?
While it may not be visible itself, a positive plan for the future of the business is key to actually moving toward a positive future. Business owners should be prepared to spend what it takes to generate new business, and they should take the time to explore new possibilities for long-range success.
If the company currently has no mission statement or business plan, creating one will be evidence of the owner's enthusiasm for the future and for the ongoing success of the operation. If the company has a mission statement or business plan that no longer fits current conditions and needs, it may be time to revisit and revise the statement or plan.
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Join us at a free webinar this week
Date: Thursday, November 4, 2010
Time: 11:00 - 11:55 AM CT
Topic: "Drive Business Success with a Financial Dashboard"
Cost: no charge
Click here to register. |
Corporate Growth through Strategic Acquisition - part 8 in a series.
There are several categories of strategic acquisition that can produce outstanding results with effective integration of the businesses. Many acquisitions actually have elements from several categories:
8. TECHNOLOGY - BUILD OR BUY? - This is a quandary for most companies, especially for technology companies. Acquiring technology through the acquisition of another company can be an excellent growth strategy for several reasons. First, R&D costs are generally lower for smaller, focused companies than for larger companies with higher overhead costs. Also, the first mover advantage can have a huge effect on the ultimate success of a product. If there is a good idea or market opportunity, it is probably being pursued independently and simultaneously by other companies. The first one to establish their product or service as the "standard" is the big winner. |
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Don't Forget the Tax Benefits
Remember tax benefits are realized from intangible as well as tangible assets. Intangible assets include such things as franchise fees, patents, copyrights, trademarks, licenses, etc.
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