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Customer Service - A Lost Art?
Is customer service a lost art? Before you answer that question, take a moment and think about the last few times you have gone shopping or out to dinner. Okay, now that you have really thought about it, is your answer any different?
Why is...
Does Becoming a Published Author Enhance a Business?
There is a boom occurring lately, especially in the online world. More and more business people are authoring their own print book and e-books. These materials can run the gamut from information books to personal life stories, as well as coaching...
Five Things NOT to do When Starting a Home Business
I know what your thinking but this is not another “marketing errors people make” article. I’m not going to tell you how ugly and annoying your website is or that even your own mother wouldn’t buy from you with that horrible sales letter. What I’m...
How To Find New Ideas For Your Business
New ideas are the lifeblood of any business so it is important to encourage creativity and to be truly innovative. But creativity and innovation are not the same. Creativity is all about coming up with new ideas, whereas innovation involves...
Market Segmentation: Manufacturing by Number of Parts
E-Z-MRP, the leading manufacturing software system for small manufacturers, announced effective April 15th, there will be a new pricing and product structure. According to Rocky Smolin, founder of Beach Access Software, makers of E-Z-MRP, “We see a...
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HOW DO YOU PROTECT YOUR BUSINESS AGAINST THE LOSS OF A KEY EMPLOYEE
Key people are vital to your business. The loss of one or more of your key employees can cause disastrous problems. Sales may be lost. Credit can become more difficult to obtain. Profits may shrink, momentum may be lost, and training a replacement will cost you time and money. Life insurance on key employees can provide a business with a cushion to absorb the shock of such a loss. Most astute business owners insure physical assets from destruction. But when it comes to a business owner’s most valuable assets—key employees—many forget to take the same precautions.
To protect your business you might consider an insurance policy that protects a business when an essential employee dies. The employer pays premiums for an insurance policy on the key employee’s life. The employer is the owner and beneficiary. At the key employee’s death, the employer receives the policy’s tax-free death benefit.*
During the life of the key employee, cash values accumulate tax-deferred free every year. The cash values also generate an asset on the business’ balance sheet that can be used to create a reserve fund for opportunities and emergencies. It can also form the basis of a deferred compensation or a split dollar insurance program for the key employee. When the key employee
retires, the benefit can be transferred to him or her. After the key employee’s death, the tax-free proceeds provide funds to hire and train a new key employee, replace lost sales and profits and provide a death benefit for the employee’s family or stock redemption (both complete and partial)*. These funds also help assure customers and creditors of the business’ solid financial position during this transitional time.
A business should protect itself against the loss of its most valuable asset: key employees. Key person insurance is a business’ best means of protecting itself from the loss of these important people. Good management dictates that employers protect themselves from this risk. If you employ anyone whose sudden, unexpected loss would significantly affect your sales, profits and credit, then you should consider key person insurance.
*In some corporations, the death benefit may be subject to the corporate alternative minimum tax.
About the Author
Keith Muth is a shareholder and Managing Partner for Virginia Asset Management (www.vamcompanies.com). He is a Certified Public Accountant, a Chartered Financial Analyst, and a Certified Financial Planner -- one of only 158 people nationwide who hold all three of these prestigious designations.
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