Are You Prepared For The Big One?
An Assessment of the Important Thing
Are You Prepared For The Big One?
An Assessment of the Important Thing
By
Michael J. Herman, Entrepreneur and Transformational Coach
As independent business Owner/Operators we have to manage every aspect of the operation. It can be daunting, but perhaps the most overlooked aspect of Small Business Enterprise is being properly covered in case of emergency or disaster.
Yes, I’m talking about Insurance, the pot of glistening gold at the end of the Work Rainbow.
In the 1970s sit-com Sanford & Son, Redd Foxx was famous for bugling, “I think this is the big one!” It played as a laugh line, until it happens in real life.
Are you prepared in case of emergency? What if any of the following were to happen:
*A fire tears through your business
*A flood, hurricane, earthquake, tornado, plane crash, firestorm or other disaster rips through your town?
*An accident totals your car?
*Theft, violence, disease, injury, or death?
*Hospitalization?
*Loss of income
*The economy crashes and your Tax Deferred Retirement Plan (401-K, 403-B, Roth, or others lose 80% of their value?)
*Debt?
I can go on. The list is endless.
Will your family, heirs, or employees be able to go on with their lives? Or instead like all too often happens, will they be devastated and crippled by your loss?
Many think that because they’re a sole proprietor or a small operator that they don’t need or qualify for business or life insurance, or they simply can’t afford it when in fact, they are the exact person who needs a policy.
Because there are so many moving parts to a small business, worrying about coverage should not be one of them. What if your business partner dies?
Do you have your ducks in a row to manage a smooth transition? Are you positioned optimally with taxes? What about retirement and tax implications for when you stop working and generating an income?
*If something were to happen to you or your business, would your family have enough money to stay in their house? Can they pay off the car? Can they even pay for your funeral? What about something as mundane as groceries?
*Can you handle a total shift in regulatory restrictions, legislative barriers, or Covid-19 developments?
What if you simply want to take time off and enjoy the fruits of your labor? Are you positioned for such time away from work?
And what about retirement plans? None of us want to be banging on doors doing product demos at 80 or 90 years old. Insurance and estate planning are crucial and to be honest, it’s what separates the wealthy from the B-R-O-K-E!
The funny thing is you don’t have to be wealthy to have insurance, but if you’re wealthy, it’s guaranteed you do.
There are now insurance instruments like an IUL (Indexed Universal Life Policy) which offers all the upside of the market with none of the downside.
There are annuities which have slow and steady build ups, and can position someone just starting out or heading to the Riviera for good to weather any storm that might develop.
We even now have Concierge Funeral Services which take care of every detail if and when someone dies.
There are Tax Advantaged ways of setting yourself up for The Good Life.
And best of all, these instruments are what we call Tax Advantaged, meaning, there are no tax penalties when you are ready to start enjoying your wealth.
So if you’re not yet thinking about how to set yourself up for an easy and abundant taking-it-easy time; or if you are ready to start planning for the future, Call me and let’s find your pot of gold at the end of your rainbow.
Michael J. Herman is a licensed Financial Services Broker and a heck of a nice guy!™ Mike can be found on LinkedIn @ LinkedIn.com/MichaelJHerman or @ (818) 441–9288