One of the more difficult challenges facing a business owner is the formulation of a viable and economically beneficial exit strategy at retirement. Typically, the main goals of such an exit strategy are 1) to identify a qualified buyer, and 2) to receive fair compensation for the business, which would, in turn, translate into a desirable retirement income.

Business owners are often so busy with the day-to-day issues of running and growing their companies that the issue of business succession is often overlooked or left on the "back burner" until it's too late. What would happen to your business if you were to disappear from the scene tomorrow due to disability or death? Would your co-owners, managers, employees, and family members know what to do and would they have the guidelines and tools they would need to keep the business moving forward?

From the smallest proprietorship to the largest international conglomerate, cutting costs can often be perceived as a "quick fix" toward improving financial results. However, such business decisions may not always be in the best long-term interest of an otherwise healthy company.

Although small business owners wear many hats, too often, the one labeled "Retirement Planner" is not among them. Hats may add panache, but basically, they're for protection. Today, protecting your financial future, as well as that of your employees, by establishing a defined contribution plan is relatively easy.

As a family business grows, the owner must ultimately consider how the entity will prosper once he or she takes leave of the helm. With proper preparation, the change-in-command should go smoothly.

Section 105 of the Internal Revenue Code may very well be one of the "best-kept secrets" for managing your company's health care costs. The medical reimbursement plans allowed under Section 105 provide sole proprietors, partnerships, C corporations, and limited liability companies (LLCs) a full tax deduction for employee medical benefits. This includes premiums paid to fund employee/dependent health insurance and other non-insured medical expenses (e.g., dental and vision care). As a small business owner, finding the right combination of employee benefits and tax savings is important to your company's cost management strategy.

Competition is the backbone of the American economy. But business owners need to consider the consequences of a consultant or key employee opening a rival company - stealing trade secrets, hiring valued staff, and luring away customers. This could pose a serious threat to your business. You wouldn't have merely another competitor, but one with an inside edge - thanks to your proprietary information and diligent efforts.

When trying to save for the future, a 401(k) retirement savings plan can help you attain your objectives on a tax-advantaged basis. Named for the section of the Internal Revenue Code (IRC) that created it, a 401(k) plan may be one of the most popular and valuable fringe benefits available. Although the technical aspects of 401(k)s can be complex, the advantages of these plans can be far-reaching.

The Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA) enacted health care continuation coverage requirements applicable to employers with more than 20 employees (except churches, the federal government, and the District of Columbia). COBRA requires an employer who maintains a group health insurance plan to provide employees with an option to remain covered by the employer's plan for a specified period of time, if the employees or their family members lose coverage upon the occurrence of certain events (such as reduced or terminated employment).

Section 125 "cafeteria plans" can help business owners and employees lower their tax bills. Under Section 125 of the Internal Revenue Code, workers are permitted to withhold a portion of their pre-tax salaries to pay for premium contributions to employer-sponsored insurance plans and to cover qualifying unreimbursed medical and dependent care expenses. Because Section 125 benefits are not subject to FICA or income taxes, cafeteria plans can help employees lower their taxable income, while reducing the payroll and workers' compensation tax liabilities of their employers.

Life insurance may be a "diamond in the rough" for your business if its ongoing success depends on one or more key individuals. The death or disability of such a person - for example, an owner or manager who brings in customers - can mean tough times. The realities of business do not include a grace period following a loss: Cash flow must continue, and customers will need reassurance that your goods or services will continue to be available.

From time to time, circumstances may warrant taking money out of your 401(k) account. If you're older than age 59½, become disabled, get divorced (in specific situations), or die, money can be removed from your 401(k) without paying the 10% federal income tax penalty for early withdrawals. (Of course, income taxes will still be due.)

As larger corporations downsize to meet the competitive challenges of the 21st century, many middle managers are taking the opportunity to strike out on their own as consultants. They often seek the independence and satisfaction of working for themselves. Wouldn't everyone?

When Cindy and Sean Baxter purchased their life insurance policies ten years ago, they thought they did things the right way. They determined their insurance needs, taking into account the mortgage on their home, projected college education costs, and living expenses. Well, that was then - and this is now

The possibility of sustaining a long-term disability from an accident or illness is something most of us would rather not contemplate. However, there is a way to protect you and your family should you lose your ability to earn income.

Insurance is like a fire extinguisher. You sleep comfortably, knowing it's there, but you hope you'll never have to use it. If you do need it, however, it's helpful to know what to do.

One of America's great rites of passage - a teenager getting his or her driver's license - also brings with it an increase in the cost of insurance for the family car(s).

Many individuals view life insurance as a means of providing a financial "safety net" for loved ones after the family provider is gone. While correct, this view may be limited when one realizes that insurance companies work to continually enhance their offerings to give insurance consumers more return for their premium dollars

Daily family life means the mortgage gets paid ... clothes and groceries are bought... and summer vacations are taken with family and friends. All this is part of what many of us take for granted every day of the week.

Many people often ask "Who needs life insurance?" Another way to phrase the question might be "What can life insurance help me accomplish?" When viewed as a planning tool, life insurance can be used to help you achieve a variety of important financial objectives. Let's look at a few hypothetical examples to see some of the benefits it can provide.

What if you suddenly became sick or hurt and lost your ability to earn a living? How would you pay your bills and daily expenses? According to the Insurance Information Institute (III, 2007), 43% of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65.