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.
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.
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.
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.
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.