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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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Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.