As an entrepreneur, protecting your business is important. You’ve invested your time, energy, and money into creating your new enterprise, which is why it’s so imperative that you take all the necessary steps to protect it.
Regardless of its size or scale, having the right insurance can give you peace of mind, knowing that your efforts won’t be destroyed because of a disaster. This article addresses the different kinds of coverage available for your business and the advantages of each.
Why is Insurance Necessary?
If you are just starting your company, then you’re probably trying to keep costs as low as possible. Adding insurance to the mix at this point might seem premature, particularly if you don’t have a lot of available cash right now. However, consider these potential scenarios and how they could not only impact your business but your family as well.
Most corporate dynasties fail to make it to a second generation, making these Canadian firms thriving under the leadership of the founder’s grandkids (and great-grandkids!) truly remarkable
Izzy Asper never wanted his children to work at Canwest Global Communications, the now defunct media empire he founded. His drive and hunger for acquisitions turned Canwest into one of the most powerful firms in Canada and, for a time, earned the Aspers a spot on the Rich 100. He wanted his kids to succeed elsewhere, however.
“They were all practising lawyers and were doing very nicely on their own. It was they who got this dynastic glaze in their eyes—which I generally discouraged,” he told journalist Peter C. Newman. “I don’t believe in dynasties.” But his daughter, Gail, “slipped through the net” to become general counsel at Canwest, and brothers David and Leonard followed. It was under Leonard’s stewardship that Canwest filed for bankruptcy in 2009. Read more
Focusing on growth is harder when your co-owners are your relatives
by Fred Pidsadny for ProfitGuide.com
Family-run businesses are like elastic bands—they can be stretched only so far, in different directions, before tensions cause them to snap. Those who run family businesses know that stress can often be elevated by forces that don’t exist in non-family firms, from hiring obligations and bloodline silos to next-generation financial demands to under-performing family members. It’s one thing to discipline or even fire a stranger, quite another to turf a brother or daughter. For such businesses, finding a successful balance is an ongoing challenge.
So how can family-owned businesses avoid conflict and focus on growth? For a number of years I’ve been working with a company run by three brothers, each with their own family and their own unique take on strategy and succession planning. They have benefited tremendously by learning and practicing what I call the four Cs of strategy execution for owner-managed businesses:
The contract is signed. The cheque is cashed. Your business has been sold or you’ve been given a golden handshake. Now what?
It’s a question many former company owners have a tough time answering. Whether you’re looking to sail around the world, start a new enterprise, or spend time with your family, you must now figure out what to do with your money—and with your life.
Here are 13 things business owners should do after leaving.
Shifting gears in a rush increases the likelihood of missteps, financial and otherwise. Take some time to reflect on what’s happened, and what’s to come. You don’t need to accomplish everything at once.
- Define your goals
Do you want to spend time with family? Travel? Get involved in a charity or a community cause? Start a new business? Write it down.