Category Archives: Risk Management

I Wish I Knew Then What I Know Now!

Getting older doesn’t always offer many benefits (we certainly get more aches and pains), but one big benefit is that we gain knowledge.

For example, I learned about the expense of NOT having Long Term Care Insurance when I watched my father wrestle with serious medical problems. Later, that lesson was reinforced when one of my key employees was diagnosed with a brain tumor, living severely disabled for two years.

At the time, I was not aware that Long Term Care Insurance even existed, let alone that it might be tax deductible. I didn’t know that LTCI is a benefit many employees would like and would even be willing to pay for themselves. And, I am embarrassed to say, I didn’t know that my employees could get a discount for their LTCI coverage through my efforts as an employer. But now I do.

We all like to think we will live forever in good health, but that’s not realistic. When the time of need does strike, LTCI is the one insurance you can’t afford not to afford, if you get my drift.

Because of my personal belief in the need for this protection, I have arranged for the people I’m associated with to receive it at a discounted premium. I have contacted an agency who writes ONLY LTCI, who’s been doing it for decades, and who knows all the ins and outs of coverage. This agency works with an A+ rated insurance carrier that is as solid as the Rock of Gibraltar.

If you would like to explore the possibility of obtaining Long Term Care Insurance for yourself, your family members, or your employees, please contact me by phone at 800-818-0150 or email ray@propres.com. I will put you in touch with the experts.

One more thing I learned…only LTCI is designed to help safeguard your assets by providing important protection from the devastating costs of a long-term illness. Traditional health insurance and Medicare do not address this issue. Who knew?

As I get older, I am gaining knowledge that allows me to better protect myself and my family. How about you?

If you are not in the Chicago or Phoenix areas and would like to explore with me how you can position your business and benefit in The World To Come, visit http://propres.com/. People say life is an adventure…come and explore with me!

Measuring Risk – Don’t Be A Seymour

Growing a business means taking risks and making changes. But that’s not as easy as it sounds. And for most people, the longer you are in business, the harder risk-taking gets.

When you first started your business, you were willing to take some big risks. You had to. But ironically, as you grow more successful, chances are, you’re becoming more risk-adverse.

It’s simple: back then, you had less to lose. Now, you have something worth protecting. Along with success comes a growing sense of caution. Now, you’re invested in the status quo.

But too much caution is deadly for entrepreneurs. That’s best left to the professionals, namely, your attorney and accountant. They’re professionally trained to eliminate risk. Once you start thinking the way they do, your entrepreneurial spirit—the driving force behind your business—starts to dries up.

If you want to stay successful, you need to keep your edge. That means taking risks. Carefully calculated risks. Risks with a high probability of success.

So yes, you need to evaluate prospective risks thoroughly. But sometimes, the evaluation process becomes a reason for stalling. It’s something I see all the time in my small business peer groups.

Realistically, we can’t expect to obtain all the data needed to make a 100% foolproof decision. It’s tempting to delay taking action because we continually want to “see more” facts and information. Don’t be a “Seymour”…when it’s time, take the plunge!

Or, in the words of iconic business expert Tom Peters: “Ready, fire, aim!”

Okay, maybe that’s a slight overstatement. The point is, what you don’t want to do is “get ready…aim…check your sites…check the wind…re-aim…check the elevation…and fire.”

If you do that, by the time you finally get around to squeezing the trigger, your target will have moved out of range. Or someone else will have bagged it first. Opportunities are transient things. You have to seize them when you see them.

If you have goals, you’ll have to take calculated risks to achieve them. So, are you weighing some risks now? What’s keeping you from moving forward? What will it take to move you toward achieving your goal?

If you’ve been stuck in place for a while, request my free Goal-Setting Worksheet, and take a first step toward taking action. Don’t be a Seymour. Email me at Ray@ProPres.com.