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7 Reasons Every Entrepreneur Needs Asset Protection And Estate Planning

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7 Reasons Every Entrepreneur Needs Asset Protection And Estate Planning

A lot of people fail to plan for the worst, and entrepreneurs are no exception. It’s not a slight on their character or lack of determination; it’s simply an issue that plagues people in every profession.

Many business owners neglect to take action and protect themselves or their company from liabilities should something go wrong. While this can be a costly mistake, it doesn’t have to happen to anyone. If you’re a budding entrepreneur considering the safety and protection of everything you’re working for, there are professionals like the team at Blake Harris Law who can help you plan for your future and that of your company.

Here are seven reasons an entrepreneur like you should have asset protection and estate planning in place:

1. To Safeguard Your Personal Assets

One of the primary reasons entrepreneurs need asset protection is to preserve their personal belongings in the event of business failure. If your business goes south, personal assets such as your home, car, and savings could be at risk.

With asset protection in place, you can rest assured that your personal belongings will be safe even if your business suffers a financial setback. Asset protection and estate planning help ensure that your hard work and dedication won’t go to waste.

For instance, you might be at risk if your company owes money to a creditor who decides to take you to court. If you don’t take action, they could come after your home or other personal belongings that aren’t legally protected in any way.

A good example of this would be the case of a small business owner who’s taken to court by their supplier for not paying invoices on time. If the supplier successfully wins the case, they could potentially take possession of the business owner’s home as payment for the debt. But if the business owner had asset protection in place, they wouldn’t have to worry about losing their residential property.

2. To Keep Your Business Assets Intact

In addition to protecting your personal assets, you should also have asset protection in place for your business assets. These include anything and everything connected to your company, from equipment and inventory to trademarks and patents.

If issues with your business arise at any point in time, you have to see to it that your assets are safe from harm. The right legal strategies will help ensure that the company can continue operating no matter what problems you run into.

For example, you might need to have asset protection in place if your business is sued by a dissatisfied customer who claims they were injured while shopping at one of your establishments. You may potentially find yourself on the hook for a lot of money, meaning that you may have to file bankruptcy or close down or sell the business. But when you have asset protection, you could avoid losing the enterprise you’ve built from the ground up.

3. To Ensure Your Employees’ Wages

Through asset protection and estate planning, your employees can still receive the wages they’re owed if something goes wrong with the business. It’s not rare for a small business to go bankrupt or close down all of a sudden, leaving its staff members out of a job and with no wages they’re entitled to.

But if the business owner has taken the necessary actions to protect their assets, they can rest assured that their employees won’t suffer and will be taken care of. It could mean the difference between employees being able to pay their rent or mortgage and losing their home.

4. To Avoid Losing Your Business

In the unfortunate scenario that you become ill or incapacitated, having asset protection and estate planning will make it possible for your business operations to continue without interruption.

Suppose a business owner becomes terminally sick and can’t run the business anymore. In that case, their estate planning could include a provision that allows another individual to take over operations. This is often referred to as a business continuation plan. Alternatively, if the business owner dies, their estate planning could include a provision that transfers the business to another individual. This one is referred to as a business transfer plan.

If the business owner doesn’t have either of those plans and becomes incapacitated or passes away, their business could be forced to shut down.

5. To Steer Clear Of Legal Issues During Transfer Of Ownership

Another good reason for entrepreneurs to carry out asset protection and estate planning is to avoid legal issues during the transfer of ownership. It’s common for disputes to arise over assets transferred after an individual dies or becomes incapacitated. This situation could result in litigation, making it difficult to settle matters quickly and fairly.

But if the business owner has taken certain measures to protect their assets, they can put a stop to those disputes and ensure that the transfer of ownership goes smoothly. This’ll help minimize any disruption to the business.

6. To Protect Your Future Earnings

Many entrepreneurs put their all into their businesses and work long hours to achieve their goals. But what’s next if something happens to them and they can no longer work?

With asset protection, they can have peace of mind knowing that they’ll continue receiving income even if they’re unable to keep working. For instance, an entrepreneur could work with an estate planning attorney to establish a trust that provides income for them in the event that they have to stop working for one reason or another. That way, they won’t have a problem maintaining their current lifestyle.

7. To Minimize Estate Taxes

Asset protection and estate planning allows you to minimize estate taxes. Such taxes are levied on an individual’s estate after they pass away. They can be rather costly, especially for high-net-worth individuals.

But by doing what you can to protect your assets, you’ll be able to keep the amount of estate taxes you owe to a minimum. This could save your family a lot of money and help ensure that they’ll inherit everything you’ve worked for.

Conclusion

Asset protection and estate planning let business owners minimize their risks and ensure that they continue reaping the fruits of their hard work. If you haven’t already, take action today to guarantee the safety of your assets and secure your future.

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Business

How to Hire a CEO for Your Business

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How to Hire a CEO for Your Business

The rule of thumb says to hire a CEO when your business becomes too big for you to manage as a single executive. But like a lot of rules of thumb, it’s not a very helpful piece of advice. The truth is that the optimum time for hiring a CEO is different for every business.

As a business owner, hiring a new CEO might be at the top of your to-do list. But first, you need to know what makes a great CEO and what qualifications the successful candidate must have. Read on to learn more!

Craft an Ideal Job Description

When crafting an ideal job description for hiring an executive for your business, it is important to identify and articulate the vision, mission, and values of your company. Outline the job responsibilities and key performance indicators. Make sure to be specific about the job duties and the expected outcomes.

Describe the relationships the CEO will need to form and maintain, such as investors, clients, partners, and the board of directors. Describe the skills the successful candidate will need including problem-solving and decision-making.

Sum up the job description with any additional skills and experience that would impact the success and the company culture.

Know Where to Look for Potential Candidates

When looking for a new CEO, then you must have a better understanding on what is executive recruiting. Moreover, you must know where to find the right candidates.

Search online job postings and look for candidates that match your criteria. After researching potential applicants, use traditional methods of reaching out to fill the CEO position. Contact headhunting firms, executive search firms, and consultants who specialize in finding top-level executives.

Finally, network with those in the industry and attend conferences. Leveraging your personal and professional connections is a proven way of finding the perfect CEO to lead your business.

Outline the Necessary Qualifications

An ideal CEO should have a track record of delivering results in their previous roles, as this is often the best predictor of success. Leadership, team building, and communication skills should also be key requirements of the job.

Additionally, the ideal candidate should have related industry experience, including dealing with industry-specific challenges, whether they are technological, financial, or marketing related. Diversity of experience and background is also a plus, as this helps to bring new perspectives and ideas to the table.

Prepare the Offer and Close the Deal

Once a suitable candidate has been selected, it is time to prepare the offer and close the deal. This includes terms of employment including salary, bonus opportunities, and other benefits.

An important discussion should also include items such as the length of employment, vacation time and time off, and grounds for termination.

Are You Ready to Hire a CEO?

With your expanding business, it is about time to hire a CEO to make things much easier on your end. Overall, hiring a CEO for your business is an important aspect to consider.

To find the best fit for your business, be sure to take your time, establish streamlined processes, and thoroughly vet the applicants. Don’t forget to take your business goals and culture into account as you determine who can help your business get to the next level.

Was this helpful? If so, please keep reading for more great content.

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Business

5 Interesting Job Options in the Insurance Industry

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5 Interesting Job Options in the Insurance Industry

The insurance industry is one that is always growing, changing, and innovating. Insurance professionals are some of the most well-traveled people.

Besides traveling for work, insurance professionals get to work in a field that helps communities and individuals of all varieties.

Most people know the general thought of insurance professionals. There are a lot of best job options within the insurance industry. Read further to learn more about some interesting job options in the insurance industry.

  1. Insurance Underwriter

Insurance underwriters need good communication and people skills. They work with clients and assess their financial status, current investments, and other forms of risk they may have to insure. They need a broad range of expertise, including legal knowledge, financial analysis, and sales.

They must be able to understand the cost of potential risks and be willing to accept or reject them. They serve a vital role in the insurance industry, helping to protect clients and insurers alike.

  1. Insurance Broker

They are the one who examines policy documents and helps their client to understand the insurance coverage. While researching the best carriers to ensure they get the best insurance coverage. Also, they assess potential risks associated with their current policy.

They understand the insurance industry inside and out. Researching more about life insurance training is helpful to expand their knowledge of the field. Insurance brokers also keep their clients up to date on any relevant laws or regulations that could affect their policy.

  1. Loss Control Consultant

They review safety protocols and analyze data related to previous losses. They also help to establish more comprehensive measures to detect, prevent, and resolve potential losses. They act as consultants for the client and are able to identify and check risks in their environment.

Also, providing guidance and recommendations to reduce the risks associated with business operations. They must also stay up to date with industry trends and standards to provide accurate advice to their clients.

  1. Claims Adjuster

They check insurance claims for validity and fairness. This is to ensure that claimants receive accurate payments from insurance companies. A claims adjuster needs to be detail-oriented and be able to work.

The job requires excellent oral and written communication, so claims adjusters must be able to collaborate with claimants, supervisors, and other stakeholders. Working hours are flexible, but claims adjusters may be dealing with charged and stressful situations.

  1. Loan Processor

A loan processor handles verifying loan documents, such as pay stubs, bank statements, and credit reports, to make sure they are accurate and up to date. Once the documents confirm, they need to calculate and enter the borrower’s loan figures, such as interest rates, terms, and loan payments, into the computer. Finally, they also need to ensure that the loan meets the company’s industry policies, procedures, and regulations.

Exploring Different Insurance Job Options

The insurance industry offers a vast range of interesting job options with good salaries. These range from customer service roles to actuarial and IT roles.

Make sure to do some research before applying, as insurance roles come with specific requirements and qualifications. Whatever your career goals, the insurance industry can offer something for you.

Thanks for reading our article! Want to learn more about getting a good job? Check out our other guides, tips, and tricks today.

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Business

How to Protect Industrial Oil Storage Containers

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How to Protect Industrial Oil Storage Containers

Did you know that the United States of America uses more than 19 million barrels of oil each day? Industrial oil storage containers are among the most important components when it comes to the fuel that Americans use to heat their homes and to power their automobiles. Learning the basics of oil storage plays a big role in ensuring that the oil you’re storing remains in perfect condition.

While having a great oil container is a great start, you should also look at investing in a geodesic dome to help the environment. The good news is that you’ve found the right guide to learn about the different tips that you can use when you’re handling industrial storage and working in the oil industry.

Keep reading this article to learn more today!

Create a Storage Area

The best way to handle oil storage is to create a large area that is controlled where you can store oil or other chemicals. Taking this step is important because it prevents contamination of the oil that you’re storing. A big issue that the oil industry faces is finding ways to keep contaminants, dust, and debris from getting into the oil without the vapor causing damage to the environment.

Getting an aluminum geodesic dome is a great option for keeping your oil in great condition during industrial storage. It prevents contamination while also cutting down on the hazardous vapors escaping the storage area.

Always Keep Lids Secure

Another thing that you can do to keep your oil container in top-notch condition is to always keep the lid secure. It’s never a good idea to try to create a makeshift lid for industrial oil storage containers. The environmental factors will cause the barrel to expand and contract, and this process could pull contaminants into the oil through the makeshift lid.

Avoid Sunlight

Sunlight is damaging when it comes to industrial oil, so it’s important to ensure that you’re storing the oil container out of direct sunlight for the best results. Look for cool and dark locations that you can use. A geodesic dome is one of the best solutions that you can use on the market.

Stack Oil Containers Carefully

It’s best to store your oil containers above ground as this will prevent damage to your floor and stop the oil from becoming contaminated. Invest in raised platforms where you can stack your oil storage. Consider using a forklift to move the barrels around for optimal worker safety.

Now You’re Ready to Protect Your Industrial Oil Storage Containers

Taking measures to protect your industrial oil containers is important if you’re working in the oil industry and you’re focused on industrial storage. It’s best to avoid direct sunlight for your oil container, and you should always use a forklift when stacking oil barrels. You should also look into a geodesic dome to prevent contamination with your oil storage.

Check out the rest of our blog if you’re looking for more helpful and fun content like this!

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