Lessons in Sustainable Business Growth
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Risky Business

Guest: Kyle Hafstad – InKnowVision

Featured Topics: Business Insurance, Exit Planning, Life Insurance, Estate Planning

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Every business is at risk. Get proper business insuranceRunning a business is risky. Even the most successful businesses have a high degree of risk. Markets change, competitors are constantly nipping at your heals, employee issues,  cash flow, capitalization, operational concerns. The list goes on and on.

On this podcast episode titled “Risky Business” we talk about one aspect of the business risk issue – that is insurance.

Most savvy business owners understand the need for and the essential nature of insurance. In simple terms – Insurance is the transference of risk from one party to another. One party, the business or business owner, is willing to exchange cash to another party to reduce their risk exposure. The other party, the insurance company, is willing to assume the risk – at a certain price – since they have a larger pool of resources to absorb any potential damage.

Many business owners get stuck in their business when they don’t have the proper insurance in place to cover the risk exposures of different aspects of their business. Most businesses are aware of and have casualty and loss insurance, health insurance, liability insurance and other types of insurance tied directly to their operational concerns. But far fewer business owners are versed in how to use life insurance as a means to build, protect and eventually extract the business wealth they are creating. There are different types of life insurance policies and each can and should be used in a certain ways for business growth and an overall exit strategy. All too often these insurance tools are not used to provide the added leverage needed to exit a business successfully.
That makes it a Risky Business indeed.
My guest on this podcast, Kyle Haftsatd, explains many of the concepts of life insurance as they pertain to protecting the interests and assets of the business owner and his or her company.
Terms/Concepts/Links

Whole life insurance, term life insurance, Universal life insurance, buy-sell agreements, ESOP, Exit Planning

The Big Picture (Episode Feature) Question

Is your business at risk? Is your business wealth at risk? When was the last time you did a full insurance audit of your business?

Find out by taking this simple survey – Don’t Get Stuck with Business Insurance Worksheet 

Featured Guest Information

Kyle Hafstad
InKnowVision
www.inknowvision
630.470.6484

Tip/Offer of the Week

Your business is perhaps the biggest investment in your life. It is perhaps the riskiest investment as well. You have a lot of exposure to a wide variety of risks. Get an insurance audit  to make sure that your operational policies are in place. Talk to a financial or wealth manager or certified exit planner to understand how to use life insurance policies to build, protect and extract your business wealth.

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About the Host

Joel Goobich is a big-picture guy with sharp insight into how individual parts make a strong whole. He has 30+ years of entrepreneurial endeavors; starting, building and exiting businesses. He is tireless in the pursuit of solutions to boost your business and put you on a track to a profitable transition and exit to your next act.