What Yogi Berra Can Teach Small Business Owners About Estate Planning

According to baseball legend Yogi Berra, “If you don’t know where you are going, you will probably end up somewhere else.” Yogi’s one liners often make me laugh, but they also make me think. His quip reminds me of the importance of having a plan when engaging in any endeavor that will impact our personal situations beyond the immediate here and now. That includes the process of estate planning. Now, I will grant you that Yogi probably wasn’t thinking about estate planning when he offered this particular slice of wisdom. Nonetheless, his words are absolutely spot-on insofar as the importance of planning for that day which we will not live to see. As important as having an estate plan is for all of us, it is of even greater importance for the small business owner. I think it is no exaggeration to say that thoughtful estate planning is an essential component of every small business owner’s overall business plan.

I think of a successful small business owner as someone who recognizes an opportunity to provide a needed product or service, and then invests the time, devotion and energy to developing and implementing a plan to seize that opportunity. I admire those thoughtful risk takers who harness their vision, business acumen and moxie in order to create, nurture and guide a sustainable business venture. I have found the small business owners I counsel to be thoughtful, deliberate and attentive to detail in how they go about the work of managing their businesses; i.e., they plan for the future. However, what I have also noticed from time to time in otherwise prudent and successful small business owners is a lack of any plan for their business when they die or are otherwise unavailable to manage it.

It is easy to understand how even successful small business owners who are otherwise consummate planners might prefer to avoid estate planning as it concerns their business operation. In at least one respect, these successful business owners are a lot like most people; that is, they are not accustomed (or inclined) to ponder their own mortality. It is a subject, even if not loaded with angst, which easily lends itself to defer consideration for “another day.” Yet, the stubborn reality remains that absolutely none of us will get out of this life alive. For the small business owner, Yogi’s wise counsel merits some thought, and action.

If you are a small business owner and have yet to start the estate planning process, let me suggest some relatively easy first steps to get you started. First, locate and then review your company’s organizational and governing documents. If your business is incorporated, these would include the corporate bylaws, shareholders’ agreements and those other documents your lawyers drafted when the business was getting started. If your business is a limited liability company or partnership, you will want to look at the company’s operating agreement or partnership agreement. Review these documents with the following questions in mind:

- How will your death (or permanent incapacity) affect the company’s existence?

- How will your successor be chosen, by whom and how much say do you presently have in that decision?

- Will your death trigger a buy/sell provision by which a co-owner, or the company itself, is allowed to purchase your interest in the business, notwithstanding the wishes of your own family members?

A brief review or discussion with your lawyer of questions like these may then prompt you to begin thinking about your vision for the company’s future when you are no longer able to guide it. A next step might be to consider how you would want the business operated in the event of your temporary incapacity or unavailability. A durable power of attorney will allow you (as the “principal”) to designate someone else (the “agent”) to make business decisions during your incapacity, while allowing you to retain the ability to withdraw or revoke the POA when you are ready to resume control of the business.

The POA itself might serve as the genesis of a comprehensive succession plan, by which you map out a plan to reduce your own involvement in the business and allow others to assume greater management and decision making responsibilities. An orderly transition plan is apt to increase the company’s odds of survival when you are gone. And, such a plan may help you to “let go” of control and devote more efforts to mentoring those who will eventually run the business you created.

Ultimately, you will want to focus your planning on what you want to happen to the business when you have died. Here, a well-designed trust agreement will allow you a great deal of flexibility, both in terms of retaining a degree of control while you are alive, and identifying your intentions with respect to the business after you die. The trust agreement enables you to select those who will administer your stated intentions when you are gone. You can, for example, provide for the sale and/or dissolution of the business over time, or provide for its eventual transfer to one or more family members. A trust agreement allows the owner a great deal of flexibility and for that reason makes it an extremely helpful tool in the business owner’s estate plan.

The bottom line is that you, as the small business owner, have the ability to ensure that with careful planning the company you created will survive your passing. This is a process that can be tackled incrementally over time. Given the uncertainties of life, however, the estate planning process should become a component of your overall business plan. There is no time like the present to start this process. Don’t be lulled into putting this task off for “another day”. None of us know how much of a future we will have. Or, as Yogi puts it, “It may be getting late earlier than you thought.”

© 6/16/2015 Hunt & Associates, P.C. All rights reserved.

3 Tips to Become a Affiliate Marketer

Starting a business in Affiliate Marketing is no sinecure. It is steep learning process with a lot of pitfalls. My experience is not to start to enthusiastic with a lot of websites. With these tree tips to start, you prevent yourself from the same mistakes I made.Tip 1When you start your online business keep in mind that you do not start with a lot of websites immediately. Just start with one or two sites for training. The best approach is with a subject near to you. As a woman I started with my hobby booths and educating.

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Tip 2Always look for a combination of your own website and articles written by yourself or a ghostwriter. One of the most respected article sites is EzineArticles.com.I have to warn you for one thing: you are not earning money with ten or more articles and one or two websites. You need 250 or more articles, of course with the right keywords, to see a flow of traffic.A good interview to start with is from Dan Ho with the CEO and Founder of EzineArticles, Chris Knight with a lot of tips and pitfalls.Tip 3From my own experience the most truthful and helpful eBook to start with is from Mark Thompson. The book is called WordPress Goldmine. Especially the videos are very good. It helped me in the process of becoming successful, but ones again do not think you have a business in a few months. It will take you at least a year to see results for your hard work and investments.

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In this short article I try to explain that it takes not a few months or days as some affiliate marketeers want you to believe, it takes you at least a year and 250 articles and ten or twenty website to start earning an income.

The Energy Healing Power of Natural Medicine

Natural medicine is a system that uses a variety of therapeutic or preventive health care practices such as homeopathy, naturopathy, chiropractic, and herbal medicine. Alternative medicine is also known as traditional, naturopathic, natural or holistic medicine. Proponents of alternative medicine are not refuting the validity of discoveries in and the practical uses of conventional medicine, but are merely trying to put some things into perspective. Due to the widespread interest in natural medicine along with the disappointment and disenchantment with Western medicine, many people, especially in the United States and Europe, where conventional medicine has taken a dominant foothold, are seeking the advice and treatment from naturopathic physicians. These practitioners include herbalists, acupuncturists, naturopaths, chiropractors, and others, who advocate preventative health measures as well as recommend wholesome foods and nutritional supplements for their patients and clients. Considering the growing popularity and effectiveness of alternative health treatments and products, certified and licensed professional practitioners of such medical practices should be given their rightful and respectful place in medical society. Natural medicine has been proven not only to be safe, but more effective than Western medicine in treating many chronic illnesses such as diabetes, hypertension, asthma and many other diseases as well

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The history of Natural Medicine and its roots can be traced back thousands of years to ancient cultures such as India and China. Ayurvedic (E. Indian) and Chinese medicine, along with their diagnostic and herbal systems, are still used in these countries extensively, as well as in the United States, especially in Europe, where alternative medicine is well respected. Chinese herbal medicine has a documented history of over 2500 years in China, and is now widely used by practitioners all over the world. It has been legally practiced in the United States. since the mid seventies by licensed acupuncturists. Homeopathy is also a well-known form of alternative medicine discovered in the 18th century by German physician Samuel Hahnemann, but was practically stamped out in the U.S. in the late nineteenth century by the American Medical Association. In 1938, though, the U.S. Food, Drug, and Cosmetic Act finally recognized homeopathic pharmacopoeia as the legal equivalent of allopathic medicine.Another more contemporary and popular form of herbal medicine, called Western herbalism, can be traced back about two hundred years in America. Samuel Thomson, born in 1769, is considered the father of Western herbalism. He discovered over sixty different medically effective native plants by clinical testing, and on the basis of these findings, devised a theory of disease and botanical drug action. Randy Kidu, D.V.M., Ph.D., writes in his articled entitled A Brief History of Alternative Medicine: “The history of herbal medicine is interesting because herbs have been a part of our diet and pharmacy since man began roaming the earth. Coprophytic evidence (seeds and other plant part(found in preserved fecal pellets) points to herbal use by cavemen. Early herbalists practiced their trade since before recorded history in all parts of the world including China, Egypt, Greece, Rome, Africa, England, the Americas, and Europe. Many herbs are also mentioned in the Bible. Today, based on sheer numbers of folks who use one form of herbal medicine or another, it remains the most-used medicine worldwide.”Twenty-five hundred years after the advent of allopathic medicine, modern medicine is still grappling with the idea that herbal medicine could be an effective treatment, and not just quackery, although thousands of years of recorded history has proved its efficacy. A new model of understanding in medicine needs to be incorporated into the existing allopathic model. Because of the growing popularity and effectiveness of natural medicine, practitioners may eventually be given their deserved place in medical society. The incorporation of natural medical practices into the existing model of conventional Western medicine, including the training of new medical doctors, is now called Complimentary Medicine. In order to solve our health problems, this modern paradigm for treatment in medicine must be promoted. This can only truly emerge when bias, self-interest, greed and discrimination is discarded and diverse medical knowledge is promoted and shared, not only between university trained scientists and medical doctors, but among Alternative Medicine practitioners, philosophers, metaphysicians, and other intelligentsia of society as well.

Skip The Lines – Bring The Amusement Park Right To Your Own Back Yard

There’s no shortage of things to do in Atlanta. From professional sports to amusement parks, there’s something for everyone. In fact, Atlanta is proud to house some of the nations largest amusement attractions, including the ever popular Six Flags Over Georgia. Children (and adults) love the thrill and adrenaline rush of the large roller coasters. However, one thing most people don’t like about amusement parks is the long lines. By the time it’s all said and done, you can spend several hundred dollars for your family to have an afternoon of fun, and only get a few rides in. This year, instead of spending the day waiting in long lines for short rides, why not bring the fun right to your back yard? With today’s technology, you can literally do just that! One of the advantages of living in a large city like Atlanta is that we have large rental companies that can make your special event feel just like a trip to Six Flags… complete with a train and an ice cream cart!

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If you’re trying to replicate the amusement park feel, there are definitely specific items that you’ll want to be on the lookout for. As mentioned previously, ice cream carts and trackless trains help make the special event feel more like a day at Six Flags.In order to make your next special event more special, try some of the following tips:

Head online to do some research on the party rental company that has the selection your looking for. If you want an ice cream cart to complete your theme park adventure, look around until you find what you’re looking for.

Don’t settle for the first website you see. There are literally hundreds of inflatable party rental companies in Atlanta. Keep looking for a website that offers a wide variety of rental items that you’re looking for.

It’s better to rent everything from one company. Renting in bulk can help you save money. Larger companies will offer discounts for larger purchases of multiple units and rental items.

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Having a day of amusement park fun is cheaper and easier than ever before. By bringing the amusement park to your front door by using a party rental industry, you can include more people at a lower price. So next time you’re planning a special day, instead of spending tons of money for just a few people and braving the long lines of amusement parks, invite the whole neighborhood and bring the amusement park right to your own back yard!