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5 Fatal Errors to Avoid When Starting a Business
By Edwin I. Grinberg, Esq. President, Lionshead Financial Planning Company
Many successful entrepreneurs with profit sharing plans or key executives participating in profit sharing may find themselves in situations where they need more life insurance to protect their family or for other needs. Others may be focused more on protecting their families in the event of a premature death, rather than on their own retirement. They, however, do not have sufficient cash flow or other sources of funds to purchase life insurance. As a result, they run the risk of placing their families in financial distress in the event of their death.
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By Edwin I Grinberg, J.D.
Revenue in most businesses comes from two sources: capital investments and the ability of management. The hard assets in a business will have an impact on profits. But every successful entrepreneur knows that it is the experience, knowledge, and special skills of an employee that can make or break an organization. Without the guiding hand of “key employees,” the hard assets of the business are worthless. Successful entrepreneurs who overlook the importance of key employees to the continued success of their business do so at their peril. The death or disability of a key employee -- whether it’s a top sales person, executive, technical specialist, or financial wizard -- can quickly cripple the profit-making ability of any business.
