There are risks associated with owning any type of business organization — the economy, industry trends and the demand for products and services. While these are all beyond the owner's control, there are other risks for which businessowners and professionals can and should prepare.
These risks fall into three broad planning areas: Business Continuation, Executive Benefits, and Employee Benefits.
- Business continuation — Prudent businessowners and professional practitioners wouldn't open their doors without insuring against the risks of fire, theft or liability. Yet, the death, disability or retirement of a businessowner or key employee can put the business at even greater risk. With careful preparation, businesses, which are so hard to build, will continue when the owner or key employee is no longer able to continue working.
- Executive benefits — Salary alone isn't always enough to attract and retain the best people in the field. Company-paid benefits are often used as recruiting incentives and as "golden handcuffs" for too-good-to-lose employees. What's more, small businessowners and professional practitioners often want to provide additional benefits for themselves and selected employees without having to invite everyone on the payroll to participate. A variety of highly attractive "selective" executive benefit plans are available.
- Employee benefits — Employee benefits have become a volatile, much-talked-about topic in recent years. Costs are skyrocketing and unions are demanding stronger benefit plans. At times, employers may become frustrated enough to consider eliminating all fringe benefits; yet in today's competitive environment, a good benefits package is a business necessity. Thus, it pays employers to offer attractive — and affordable — benefits.
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