Identity theft and fraudulent unemployment claims pose a growing problem in Colorado as well as the rest of the United States. Why is there so much fraud associated with making a claim for unemployment? According to the Colorado Department of Labor and Employment (CDLE), fraudulent data came from massive breaches of Facebook, First American Financial […]
The death of a business partner — often a family member — can devastate a small business. The loss could end operations if the last owner, partner or key person is gone. Planning can go a long way toward easing the effects, however. Earlier columns addressed the need for succession planning as well as the […]
What would happen to your business if your partner, top sales rep, chief engineer or technical specialist suddenly died? Coping with death is difficult enough. Now your business could take a hit in revenue and credibility. How would you cope with the loss and keep operations going? The simplest — and likely least expensive — […]
What happens to your business and employees if you become disabled or something interrupts operations? Hopefully, you have group or individual disability income insurance to replace your income. But what about ongoing business expenses? That’s where business overhead and business interruption insurance come in. Business overhead insurance pays some or most of the following: Mortgage […]
Once you’ve completed your business valuation; consulted your tax, legal and financial advisors; and created a written buy-sell agreement, it’s time to decide how to fund the resulting financial and other obligations. First, your buy-sell agreement is probably a binding legal document. You don’t want to be left out there with unfunded or underfunded financial […]
There are several ways to structure a buy-sell agreement for a business. Two of the most common ways are the cross-purchase agreement and entity purchase (or stock) redemption agreement. This column will focus on the features and benefits of the cross-purchase agreement. In a cross-purchase agreement, the owners of a business, ranch or farm agree […]
How do you make sure the family business, farm or ranch you worked so hard to build passes to your heirs, stays out of the hands of former spouses, or provides income when you retire or experience some other life-changing event? The simplest, most effective way is to develop a business continuation or succession plan, […]
Is your business moving in the direction you want at the pace you expect? If the answer is no — or even if it’s yes — perhaps it’s time to seek out a mentor or two. Most people want to help, but they also want to be asked. If you don’t ask, the answer is […]
How has business and leisure travel changed in the wake of the coronavirus pandemic? Here are a few observations from a recent trip to Maryland. The Grand Junction Regional Airport was nearly empty on a Monday morning with no lines at security. The Transportation Security Administration Pre-Check line no longer crossed over the regular line […]
It’s been almost a year since business and leisure travel changed dramatically in the wake of a pandemic. I took my first flight in 11 months in early December, and have a few tips to share as more people resume some level of flying in 2021. Avoid business travel during the holidays. Schedule business trips […]