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Glossary of terms used on this site

There are 73 entries in this glossary.
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Term Definition
Individual assets

Provides for the various assets of a business to be sold separately, rather than the business being sold as a whole.

Aliases: Selling individual assets
Initial Research

(BSR analysis element) the core element in business succession planning. It is the only compulsory analysis of the nine elements that generate the final report. Data offered during a initial client meeting has to be examined and verified. All business documents including structures are found, physically gathered and examined. Full access and meetings with a business accountant will be enacted. To check existing officers (including that of appointor) of Trusts and companies are not conflicting with client wishes. To overview the matter of litigation paper trails and private asset exposure.

Insurance Management

(BSR analysis element) Within the succession planning process specific insurable events are determined and quantified. The consultant will not provide insurance but will determine the minimum amounts of benefit required, the appropriate owners in each case and the life insured detail. The use of any policy benefit is recorded and coordinated with succession planning documents and our clients intentions. To ensure that clear and certain management of benefits will include over or under insurance, and effects of a void policy, or issues of affordability in the case of required owners health or age.

Intellectual property

Represents the property of your mind or intellect. It can be an invention, trade mark, logo, original design or the practical application of a good idea. In business terms, this means your proprietary knowledge - a key component of success in business today.

It is often the edge which sets successful companies apart and as world markets become increasingly competitive, protecting your intellectual property becomes essential. Separate ownership of IP can open up long term leasing options and resultant residual income opportunities.

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Bruce says

We were looking for a method to ensure two of our senior partners could afford to retire in 4 years, and that we could afford to purchase their shares. Jim gave us much more than we expected and spent a great deal of time understanding our issues. His report is one of the most important in our business and will be often referred to in future years.