{"id":790,"date":"2017-07-06T18:46:18","date_gmt":"2017-07-06T18:46:18","guid":{"rendered":"http:\/\/onlyfordentists.com\/blog\/?p=790"},"modified":"2017-07-26T18:50:53","modified_gmt":"2017-07-26T18:50:53","slug":"why-you-need-an-annual-business-review","status":"publish","type":"post","link":"https:\/\/onlyfordentists.com\/blog\/2017\/07\/why-you-need-an-annual-business-review\/","title":{"rendered":"Why You Need An Annual Business Review"},"content":{"rendered":"<p><a href=\"http:\/\/onlyfordentists.com\/blog\/wp-content\/uploads\/2017\/07\/AdobeStock_39967027.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-791\" src=\"http:\/\/onlyfordentists.com\/blog\/wp-content\/uploads\/2017\/07\/AdobeStock_39967027-300x200.jpeg\" alt=\"Business meeting with work on contract\" width=\"300\" height=\"200\" srcset=\"https:\/\/onlyfordentists.com\/blog\/wp-content\/uploads\/2017\/07\/AdobeStock_39967027-300x200.jpeg 300w, https:\/\/onlyfordentists.com\/blog\/wp-content\/uploads\/2017\/07\/AdobeStock_39967027-1024x683.jpeg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>In addition to providing for you and your family, your small business is a part of this country\u2019s job creation engine. Small businesses make up 99.7% of U.S. employer firms and account for 63% of net new private sector jobs.* Conducting an annual review of your business finances can help keep your business healthy and growing.<\/p>\n<p><strong>Management<\/strong><\/p>\n<p>No doubt you are pivotal to your company\u2019s success. But at some point, it\u2019s important to focus on bringing up the next level of management, especially if you would like to sell your business or pass it to family members in the future. While mentoring the key individuals who can effectively run the business, don\u2019t forget about key person insurance for them. It\u2019s designed to protect your business if you, a partner or another key employee were to die prematurely.<\/p>\n<p><strong>Plan ahead<\/strong><\/p>\n<p>What would happen to your business if you or one of your key employees could no longer work? Unless you\u2019ve planned ahead, the company\u2019s continued success, continuity of management and the future of all the families your business supports could be jeopardized. Would the absent worker\u2019s family &#8212; which could be yours &#8212; be fairly compensated for their interest in the business if that interest needed to be sold?<\/p>\n<p>A buy-sell agreement combined with key person insurance can help relieve concerns you may have. Work with your financial professional and attorney to make sure the agreement is drafted properly to address your and your business\u2019s needs.<\/p>\n<p><strong>Risks<\/strong><\/p>\n<p>Do you have appropriate processes and procedures in place to handle human resources and compliance issues, such as the new health care coverage rules under the federal health reform law? When was the last time you reviewed your business\u2019s insurance coverage with your financial professional? You may discover that your business does not have all the coverage it needs in this litigious climate. Ask about umbrella and general liability insurance.<\/p>\n<p>Don&#8217;t get left behind. Contact us today to discover how we can help you keep your business on the right track. Don&#8217;t wait, give us a call today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In addition to providing for you and your family, your small business is a part of this country\u2019s job creation engine. Small businesses make up 99.7% of U.S. employer firms and account for 63% of net new private sector jobs.* Conducting an annual review of your business finances can help keep your business healthy and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-790","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-practice-management","7":"entry","8":"has-post-thumbnail"},"_links":{"self":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/comments?post=790"}],"version-history":[{"count":1,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/790\/revisions"}],"predecessor-version":[{"id":792,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/790\/revisions\/792"}],"wp:attachment":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/media?parent=790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/categories?post=790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/tags?post=790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}