Cash is the lifeblood of any business. Far too many businesses, most owners do not adequately manage their cash flow. Trying to manage a business without properly controlling your cash flow is like fighting a rising tide. Even if your company earns a solid profit, you may have cash flow problems from time to time, especially true during the first few years of operation.
Get savvy about growing your cash flow by applying these five techniques to avoid entering the ranks of insolvent companies.
Moving a business to another state involves several decisions and steps. A business owner may relocate a business for various reasons, including increased real estate costs, business taxes, business regulations, changes in the target market, or even personal or family reasons. But relocating your residence from one state to another is much more complicated and difficult to determine what to do first because the steps needed for a successful move vary depending on your business structure.
Whether you've met with an estate planning lawyer before or it's your first time, it's important to understand how working with us, your Personal Family Lawyer®, is different from meeting with a traditional lawyer. Here we'll explain what's involved with our process in hopes that it will inspire you to meet with us and get clear on what your family needs you to have in place, so you don't leave behind a mess if you become incapacitated or when you die.
Divorce can be one of life's most stressful events. With so many major changes taking place, it's easy to forget to update your estate plan—or simply put it off until it's too late. After all, dealing yet with another lawyer is probably the last thing you want to do. However, neglecting to update your estate plan for divorce can have tragic consequences. And you shouldn't wait until the divorce is final to rework your plan—you should update it as soon as you realize the split is inevitable.
It's easy to prioritize other business matters over estate planning when you're running a business. But, in reality, one of your most pressing responsibilities is to consider what would happen to your business if you became incapacitated or died. Although estate planning and business planning may be two distinct tasks, they're inevitably linked. And, because your company is likely your family's most valuable asset, estate planning is critical not only for your company, but also for your family.
If your company has (or plans to have) employees, a well-written employee handbook is an essential communication resource between you and your team. Your handbook ensures that your team is not only aware of your rules and policies, but also the federal and state laws governing their employment. It should reflect the way you do business, and whatever policies you include in it should be consistently enforced.
Life insurance is a key component of your family’s estate plan, offering those who depend on you for their financial security a safety net in the event of your death. Whether those dependents include your spouse, children, aging parents, business associates, or all of the above, investing in life insurance is a way to say “I love you” and make certain that when you pass away, the people you love will have a reliable source of financial support to count on.
As we head into the third year of the pandemic, we realize how fragile our lives and health are. If you haven't gotten sick, you certainly know someone who has died in the past two years. Yet even if you avoid getting sick right now, the fact remains that we're all vulnerable to severe illness or injury. And if you're a parent, the most frightening aspect is knowing that if something happens to you, your children would be left without you to care for them, whether temporarily or permanently.
Whenever you have a partner or multiple owners in a business, one of the most important—but often overlooked—aspects of the relationship is planning for how it will end. It's crucial that you come up with a clear exit strategy, and do so at the start of your relationship when things are going well, and not wait until you encounter problems down the road. Indeed, the more thought you put into your exit plan ahead of time, the smoother things will be when one of you finally does move on.
While the DIY approach might be a good idea if you're looking to build a new deck for your backyard, it's actually one of the worst choices you can make when it comes to estate planning. Are you willing to put your family's well-being and wealth at risk just to save a few bucks? If you want to do the right thing for those you truly love, contact your Personal Family Lawyer to get your Life and Legacy Planning started.