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Michael Mercurio, Esq.

Today is the Federal Trade Commission (FTC) deadline to comply with the 2003 Fair and Accurate Credit Transactions Act’s (FACTA) Identity Theft requirements. Dubbed the “Red Flag Rules,” Sections 114 and 315 of FACTA require that all financial institutions and creditors create and implement a written program for “detection, prevention and mitigation” of identity theft. 

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The more valuable an owner is to a business while he/she is active in it, the less value the business has when the owner leaves…unless the owner has put in place people and processes that assure the business will stay prosperous.

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As with any team, the synergy of an advisory team is what optimizes the talents of each member and promises the best overall outcome for any enterprise. Use the annual advisors meeting to take full advantage of the complementary strengths of all team members and prepare the business for the year to come. 

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Before delving into the development of an ownership plan, every business owner must first know where he/she currently stands in the business lifecycle—and the processes and protections presently in place. First things first: Conduct a directed legal audit to nail down the state of the business’ foundation. From there, you can establish the base points from which to launch forward planning.

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Most businesses fail to achieve their fullest potential—and many businesses never even arrive half way.  Why?  Because in their strategic focus on growing profits and amid the hustle and bustle of day-to-day operations, many owners fail to understand or naively overlook the important distinction between Business Planning and Ownership Planning.

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