With the shortness of jobs these days, many college graduates decide to take matters into their own hands. If you are a professional in the auto body industry, you may consider opening up your own garage – or perhaps it is already up and running. Whatever the case is, it is important that you go through specific steps to succeed… this means small business financial planning. When it comes to small business financial planning, there are a few main stages that may describe where your business is at this very moment.
The three stages are:
- Formation Stage – covering the basics for a new business
2. Accumulation Stage – the stage in which your business is established but still growing
3. Mature Stage – the stage where you may be approaching retirement
Each one of these stages is important – and of course, each one of these stages will come with its own set of responsibilities. As your “go to” garage insurance agency, we are here to discuss which types of insurance needs to consider at each stage. We believe that the following would be a good place to start for each stage…
• Do you have a will written? If so, is it up to date?
• Have you considered a garage insurance package from Wolpert Insurance?
• Have you considered key-person life insurance? It can protect both you and your family.
• Have you protected yourself against disability?
• Do you supply stellar benefits to your employees, including group life, health, disability and more?
• Have you thought about implementing a stock redemption agreement or a buy/sell agreement with partners or stockholders?
• Have you kept up with reviewing the will and business arrangements?
• Have you considered improving benefits for your employees?
• Have you given your employees raises?
• Have you considered reviewing your group insurance and key-employee insurance? You may need to purchase more.
• Have you review your wills and trusts with Wolpert Insurance?
• Have you made reorganization agreements and plans?
• Have you improved employee salaries – especially your important ones?
• Have you thought about making charitable bequests to save income?
These are the questions that you should be asking yourself! Of course, our agents are here to help you, too.
So, where does your business fall? If you are ready to discuss the stage of your business with one of our agents at Wolpert Insurance, please do not hesitate to call 800-299-6819. We would be more than happy to get to know your auto repair shop and introduce you to some solutions that may be implemented for your success. We look forward to speaking with you!