Leading Like Great Conductors

23 May

We just watched a TedEx talk by #ItayTalgam on “Lead Like the Great Conductors. Entertaining and educational. Certainly a video to be watched.

As in an orchestra, each one of us have our now responsibilities, aka Conductors, Musicians, Audience likened to employers, employees, customers, etc.

So what lessons did we learn from watching the video?

1. Who do you thank for the good performance of an orchestra — Audience, Conductor or Musicians?

2. A good conductor is happy not because of his own story but enabling others to be heard at the same time

3. Don’t use your people as instruments, let them develop — less control, more freedom

4. When it is needed, authority should be there but authority alone is not enough to make them into your partners

5. Authority can be there 100% but need not necessarily be commanding

Here’s to better relationship with your musicians aka employees.

CHARACTER in Success

8 Apr

With the world so overwhelming focus on #SUCCESS, people seems to have forgotten about #CHARACTER.

Even when you attend seminars, conferences and perhaps personal coaching sessions, how many times or to what degree is CHARACTER emphasized?

A.W.Tozer put it very aptly — As the excellence of steel is strength, and the excellence of art is beauty, so the excellence of mankind is moral #character.

For businessowners such as myself and many of you, it is time we invest an appropriate time and resource in building character, both in ourselves as well as our employees.

Attaining success is easy but it is CHARACTER that helps us keep that success.

Benefits of Family Business Succession

11 Jan

Family Business Succession is not just seeking a successor or heir to the family business. Rather it is mainly aimed at preventing the falling apart of the business. As a result, it….

  1. Creates a succession plan aimed to protect and preserve the family business so that control is continuously controlled by the family or managed by professionals
  2. Minimizes disharmony in business decisions
  3. Creates a profitable business able to provide income to the family members

pass-the-baton

For more information on Family Business Succession planning, you may refer to:

Facebook: http://www.facebook.com/Business.Succession

Email: nickg.financialdesigner@gmail.com

Wisdom is Walking the Talk

4 Jan

As spoken and lived by the man himself, who’s been there and is still walking the talk…

Walk the Talk

Walk the Talk

YOU, a Real Life Drama

28 Dec
Was watching a drama series where the story is about a family and clan. Family consists of father, mother (housewife), 3 minor children, brother in law and mother in law. This family runs a thriving business. handed down 2 generations ago.One day, the father passed leaving the business at the mercy of other relatives. There was nobody capable of running the company. The eldest son (heir apparent is only 10 years old) while the brother-in-law is absolutely hopeless in business. Thus begin the drama of greed, power wrestling, family feuds, etc.

Watching this drama reminded me that our real life scenario is not much different from it. In TV we can laugh over it and in worst case scenario, say it is only a drama and switch off the TV.

You...your Life is a Life Drama

You…your Life is a Life Drama

What if this happens to us in real life? The pain, suffering, stress, pressure, etc. is real.

These drama(s) can be avoided with some foresight and proper planning. We, at BSP does this BEST!

Let us show you how…
Email: nickg.financialdesigner@gmail.com (or) stephanne_foong@yahoo.com

What is Business Succession Planning?

23 Dec

“We Design Exit Strategies for Business Owners!”

 If you own a business or businesses, have you ever sat down and think about what happens to your business when you are no longer around. For many good reasons, you may opt for retirement or when unexpected sicknesses or disability or death happens which are the unfortunate realities of life….

Some questions to ponder :

  • Do I want my beneficiary (eg children, spouse) to inherit & run the business?
  • Does my beneficiary have the expertise to run the business & if my business partners do not mind working with him?
  • Do I want my beneficiary to benefit financially from the business profits without getting involved?
  • Do I want to sell off my shares to my existing partners?
  • Does my partner have sufficient funding to buy over my shares?
  • Will my shares get ideal or fair pricing being sold at that point of circumstance?

 “If Turkeys have exit strategies, so should Smart Business Owners :)”

Credit: Blaugh.com

Credit: Blaugh.com

Talk to us,

Nicholas Gan nickg.financialdesigner@gmail.com

Stephanne Foong 012 2189316 / stephanne_foong@yahoo.com

To Will or To Trust?

19 Dec

“A potential client of ours wants to will away her Business together with the brands and intellectual properties owned by the Company.

However, all family members are well to do, thus do not need her money. She wants to benefit her loyal staffs including her personal driver and body guard etc.

What is the best way to do this in her Estate Planning. Should she do a Will or a Trust or more?…. ”

What do you think???

If you have similar or even more challenging situations, talk to us for creative and possible solutions!

  1. Stephanne Foong, 0122189316 / Stephanne_foong@yahoo.com
  2. Nicholas G, nickg.financialdesigner@gmail.com

Needs of Biz ~ Areas of Interest (expounded) P3

23 Feb

Business Debt Liquidation

This is much the same as life insurance on the life of any individual with outstanding indebtedness. Here, however, the insured would be the key person in the business so that the debt would be liquidated at his/her own death, thanks to the proceeds of a life insurance policy.

Key-Position Insurance

Is the same as key person insurance except that the insurance attaches more to the position than to any one individual. The policy has a “transferred of insureds” provision so that whoever holds to the position could be the new insured. Keeping the original policy this way means retaining the cash value in the transferred policy and avoiding new acquisition costs (not all companies have this transfer-of-insureds provision. The transfer isn’t guaranteed; the new person must be insurable).

Personal Life Insurance

In examining insurance needs pertaining to the business, the business owner should look at personal and family insurance needs as well.

Business Mortgage Insurance / Overdraft Insurance

This is a specialised form of business debt liquidation. It is comparable to “mortgage insurance” on a homeowner’s life. Here, however, the key owner and possibly other key employees are insured with the business as policyowner, premium payer and beneficiary.

Guarantee Market Insurance

This is a form of insurance created for ready buyer for the stock and value of the business on a guarantee basis when the owner passes away. Advantage is that the business will not be forced to be liquidated under unfavourable conditions.

Creditors Life Insurance

This is a short term insurance on the lives of the borrowers of financial institutions. This is issued on a group basis and the premium is included as part of the borrower’s loan. In the event of death, the proceeds will be payable to the financial institution to offset the outstanding loan.

 

Note: Some of the ideas/benefits above may not be applicable in Malaysia…

Needs of Biz ~ Areas of Interest (expounded) P2

16 Feb

Dread Disease

This is also known as a living insurance or critical illness. The policy proceed will be paid if the insured has contracted certain dread diseases.

Disability Buy-Out

This is identical to (2), expect that the event which triggers the transfer of ownership is total permanent disability, as compared with death of an owner.

Tax Deductible Retirement Planning

Malaysian tax laws encourage business owners to institute retirement plans for employees by offering tax deductions to the company and tax-free build up of the accumulations.

Personal Estate Planning with Corporate Dollars*

Income Tax Act Section 127 Schedule 6 part 1 allows corporate dollars to be used to pay certain death-related expenses on an income tax free basis. Life insurance is often used to provide this money.

* kindly check with your tax consultant for the latest tax laws…

Salary Continuation 

This is a special retirement plan that does not have to be provided to all employees. It can cover just the owners or any select few. There is often a pre-retirement death benefit associated with it as well.

Need of Biz ~ Areas of Interest (expounded) P1

9 Feb

As promised in prior posting, we will be dedicating the next few posts (beginning with today) to expound on the 16 areas of interest…

Credit tungphoto

Group Medical 

Is any group insurance that covers employees for one or more of many health-related expenses.

Buy-Sell Funding

Any business with more than one owner is likely to establish a formal ownership-transfer plan that takes effect when one owner dies. Under this plan, the descendant’s heirs receive cash from the surviving owners in exchange for the descendant’s ownership interest. This buy-sell agreement requires money to make it work. Life insurance is one of the methods of buy-sell plans.

Key-Person Indemnification 

Every business has at least one person who is the key profit maker. Companies very often protect themselves against the loss of this profit through death by insuring his/her life.

Split-Dollar 

Is a way of a corporation’s paying for an owner’s personal life insurance. The corporation is in a loss-proof position. The employee has a small cost. Many variations are available.

Disability Income – individually owned

This is a disability income insurance purchased by a business owner or other key employees to provide a reliable source of family income when disability strikes.