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Category >> General Business
Apr 15

Using Life Insurance in Business

Posted by Steve Marr in Untagged 

Term life insurance is a good tool for many families.  In the event of death, life insurance can replace lost income.  For example, a homemaker should have insurance because child care is expensive if the homemaker had to return to work. While this makes sense in family finances, insurance can be an important business tool as well.

I recently spoke with two people considering a business partnership. “Mark” would put up most of the investment funds; “Doug” would provide sweat equity. The cash investor was concerned about what would happen if Doug was no longer able to work because of injury or death.  Mark feared that he would lose his investment. I suggested that he take out a term life insurance policy on Doug.  I recommended around $250,000. This would provide funds for Mark to find another manager, if necessary or recover the investment if the business closed.

Another example of using life insurance would be in a business partnership.  In most instances, if a partner unexpectedly died; their heirs would inherit the business. Usually, the surviving family would rather have cash than an interest in a business.  The business can take out a term insurance policy on each partner and use any proceeds to buy out the interest in the event of death.  Without insurance most businesses would scramble to get the needed cash.

Additionally, life insurance may be used to cover outstanding loans by the business. If a key person dies, a bank may decide not to renew the business loan.  In that case, the insurance would cover the debt allowing the business to continue.

Paul wrote to Timothy, “Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.” (1Timothy 5:8, NIV) Part of providing for family in the event of death may be selecting a life insurance plan to fit your business needs.
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Apr 13

Should I Mix Personal E-mail with Business E-mail?

Posted by Steve Marr in Untagged 

Secretary of State Clinton’s use of her personal e-mail and server rather than a government account has spawned numerous news stories in print and on television. I will let the politicians sort this issue out. However, this does raise the question for us. Should we mix personal e-mail with business?

Generally, when you work for a company and have an e-mail account, everything that goes through that account belongs to the company. They have a right to read anything. This is one reason jokes and unrelated news stories should not be processed through a business e-mail account. When you do, your employer has the right to read everything, regardless of how personal or embarrassing it could be.

Apr 03

Boundaries and When to Do Someone Else’s Work

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Sometimes in the workplace we need to pitch in and help colleagues.  As Paul instructed, “Carry each other's burdens, and in this way you will fulfill the law of Christ.” (Galatians 6:2, NIV)  However, a few verses later Paul wrote, “For each one should carry their own load.” (Galatians 6:5, NIV)

At times everyone has to step in and help a coworker who is out with illness.  Or perhaps you assist one of their customers complete a transaction.  However, there are times when you are inappropriately asked to cover someone else’s negligence.

Mar 30

Setting Wages

Posted by Steve Marr in Untagged 

Employers and employees look at the process for negotiating  wages from two different perspectives.  The business employer negotiates to get the lowest wage possible while the employee battles to get the highest possible wage and benefit package.  I look at the process in another way.  Rather than considering it a battle between “us,” the company, and “them,” the employee; there are actually two battles. One is between employers and the second separate battle is between employees.

Feb 13

Everything Is Negotiable

Posted by Steve Marr in Untagged 

One mistake business people make is thinking something is non-negotiable. This applies to sellers as well as buyers.

I talked with “Martha” during the housing crisis in 2009. She was trying to sell a second home. After some haggling, she agreed on a price. The purchaser wanted to close with immediate possession. The house was in Arizona, and they wanted to move in before winter was over.