The TK Advisor -TK Financial Group Ottawa Blog about Life Insurance, Critical Illness Insurance, Wealth Management and Estate Planning

Business owners are also our neighbors !

Business owners can be found from someone working by themselves to someone employing hundreds of people . I find often business owners do not get just recognition . Do you realize how many thousands of businesses operate in Ottawa ? Do you know how much businesses mean to our community ? Owning a business means sometimes you are the last to get paid and your life existence is dependent on the success of your business . Some of us built businesses on cash flow as banks do not regularly lend people money that start their own business and business owners put their life on a string to be a success . So you want to own a business ? Think hard and long , do not open a business to create a job for yourself !

Developing a business to be a success !

There are many books written on building a successful business and everyone has an opinion on what are the key components . My opinion is that there is one key one perhaps above all " Building strong relationships " . With who ? First with people who work with you not for you . If these people buy into your dream and passion you will overcome much and have a successful organizational team . Your financial institutions need to know who you are and why they should stand by you in tough as well as easy times . Your legal and accounting professionals should have a relationship with you to create solutions rather then perform tasks . Your investment adviser should know who you are and what you require from her or him . Your insurance adviser should have a good relationship with you to create a safety net around you , your family and business . Last but not least , your husband , wife , girlfriend or partner should have a attitude of backing you as well as understanding your business because they are your backstop when ......

Do you have a succession plan for your family business ?

If you are a business owner you need to give serious consideration to a succession plan . You say you want to retire .When? How ? What is your definition of retirament ? Unfortunately retirament comes for many business owners without a plan . Today , 48 percent of business owners who have a succession plan have decided to keep the business in the family and this figur was 90 percent in year 2007 . There can be great family tension created when there is no business plan or it is not properly communicated to family members . It is not uncomon for the parents to have in their mind what they want to do with the business and which child to be the leader in the transition stage . Maybe your son thinks he should be the next successor while you want it should be your doughter . What do you consider to be equitable and fair in passing the business to the next generation ? Often these two things need to be looked at by professionals who can assist you in this transition phase as you may not be able to tell your son that his sister is going to take over when you take a less active role or step out . Taxes on the Estate can destroy a business without a proper plan .

Ottawa business owners and executives need time to plan their life !

As a business owner you are surely dealing with way too many things on a daily basis and often neglect important things ; family , health , friends and a number of other things . The demands of work load has increased to the point that we are drawn into the mad race and there is never enough time to do all that we need or want to do . Difference in owning your business is that there is no guaranteed pay cheque waiting at the end of the week and we do everything we can to advance our lives into a " better " place . Strategic Coach , Dan Sullivan , speaks of free time and unfortunately many of us forget to take that . When your doctor tells you to take a week off every 4 months listen attentively !  One day you may wake up and say to your self " how did I get to here ?" I urge you to take time to plan not only your financial life but also your personal life . On a aeroplane they tell you to put air mask on yourself if cabin pressure drops and then your kids ! Without you , the world would not be as good a place and people who depend on you would at times be in grave trouble because you left behind a mess ! Take care of your family , health , friends and all that you treasure !

Owning a business is not always easy but can be rewarding !

When people ask me what is the toughest part of owning a business and being a CEO I tell them administration takes up majority of your time . I am fortunate I have mentors , personal adviser Kenneth Andrews and good staff that support my efforts . When people get into business they should be careful they are doing so for right reasons . Do not get into business to create yourself a job as it is easier to work for someone else . When you are in business you do not shut off at 5 pm like a employee can . You have excitement and it can be a adrenalin rush to create something for yourself to be proud of . Chose your business partners wisely as they can we a asset or a real cost . When people ask me what is the toughest part of owning a business and being a CEO I tell them administration takes up majority of your time . I am fortunate I have mentors , personal adviser Ken Andrews and good staff that support my efforts . When people get into business they should be careful they are doing so for right reasons . Do not get into business to create yourself a job as it is easier to work for someone else . When you are in business you do not shut off at 5 pm like a employee can . You have excitement and it can be a adrenalin rush to create something for yourself to be proud of . Chose your business partners wisely as they can we a asset or a real cost . Get very good legal and accounting advice . Remember BAD ADVICE is very expensive .

Team Building in a organization is just like building a sports team !

As the book Good To Great says " get the right people on the bus , get people on the bus in right seats and get rid of the ones that do not fit . Soon , I am coaching football again and have the difficult task of choosing young men that will represent themselves and Cumberland Panthers in the Ontario Varsity Football League . Team has to be the focus and not individuals . Together a team effort will win every time on football field as it will in the board room . Each player , as in each member of a organization , brings a part of themselves into the organization and that is what makes it unique as well as special . Losing games is not a bad thing as losing opportunities in business is the same as long as you learn a lesson . Winning on the field is important as it is in business . Trusting your team players is essential as you can not do their job while being responsible for your job . Football teams have a  quarter back to lead offense and defensive captain to lead defense . In business , leaders are needed to lead organizations and they need to be motivators and committed to the game plan . TK Group is similar to a football team : specialist in chosen field of expertise , leaders are focused on well being of our clients as well as our team , we create a game plan and make changes when necessary and passion is evident throughout the firm.

Business world is sometimes changing at turbo speed !

So many times I see businesses trying to do things the way they have always done things . Saying I am making money so why should I change is like fool's gold . We need to always look at efficiency and what is it our clients need . We are going through a branding exercise which will have us be more efficient in numerous areas . Our clients were interviewed , our staff and all partners . Legislators are sometimes able to turn our world upside down with changes they implement in our respective businesses . As much as I like things to be stable in business , I continue to work towards improving myself , my team and my company . Sometimes going outside our industry we can learn lessons to help us improve our organizations . I am thankful for being close to many of our clients that let me into their world and learn lessons which help our firm be better .

Emails or Phone calls ?

In this fast paced world we have forgotten how life use to be before cell phones , emails and voice mails . Those days are certainly gone today as we have all these tools but is our life any better today due to " improved " ability to communicate . Do you ever get frustrated writing emails for which a simple telephone conversation would be much more effective and quite frankly fun ? Working with successful and busy people makes life extremely difficult just to arrange an appointment using email ? After the emails go back and forth to get something done often I just get frustrated by the whole process . I am reverting back to working more on voice contact  via phone and use emails more sparingly . Call a friend to ask them how their day is going rather then email and see what happens ! Try to get your children to call you rather then tex ting you for everything , maybe wishful thinking on that one but I am sure not impossible . Happy conversations !

Branding is more then a add or a cute web page !

Weare working with Don Hewson to better brand our firm and more effectively present to the public what we really do . What does this mean ? While we do have a web site www.thetkgroup.com , I have been told by clients who have now know what we really provide for them that our web does not come close to showing that expertise . We have decided to hire Don Hewson and his firm to create a total solution for us . What did we experience ? Our initial meeting was one of the best 5 hours of planning I have been involved in . Don and John guided us through the process which helped us identify where we needed to improve certain things while also identifying our core strengths .

10 Mistake Buisiness Owners and Professionals Make

They believe that they are not  "big" enough to plan so they will wait until they have more assets !

Focus all their attention on working in the business rather then on the business !

They believe that competent professional advice is too expensive and what they have is " good enough " !

Financial advisor's they have come to know do not provide them with unbiased products from a number of leading suppliers !

They do not take the time to fully understand the product and services they need to seek out !

They do not take time to create a written plan or a road map which needs to be reviewed on a regular basis .

They overlook the tax planning and do not think that their work would qualify for R&D Credits !

They do not have a advisory team of professionals that work together serving their distinct needs.

They do not involve family members  and other stake holders in the planning process !

They are huge procrastinators when taking care of their personal needs !