Owning a business is a cornerstone of the American Dream, and often an all-consuming one. In the feverish effort to start, manage and expand an enterprise, an owner risks missing the other elements of the success story.
Two-thirds of small business owners say their business is their greatest personal asset and primary source of family income, according to a recent survey by The Hartford Financial Services Group, Inc. But for many, the day-to-day challenges of running their business leave little time to focus on bigger picture issues, such as protecting their company and planning for their future financial security.
To help address this need, The Hartford has created the Business Owner's Playbook: A Guide to Protecting Your Business, Growing Your Assets and Planning for your Future. The Playbook was developed with input from business owners and advisors who typically work with them. It helps address key business and personal finance issues, and identifies the team of advisors - attorneys, accountants, insurance agents, financial professionals and others - to consult based on their particular circumstances.
"The nation's 7+ million small business owners represent a diverse mix of industries but share a common trait - they're strapped for time and focused on building their businesses," said Ramani Ayer, The Hartford's Chairman and CEO. "In creating the Business Owner's Playbook, The Hartford saw an opportunity, and a need, to help business owners make productive use of the limited time they can devote to issues of business and personal finance. The book lays out the issues and the types of professionals to seek out for more specific guidance, whether to determine the appropriate structure for their company or to plan for their own retirement."
The 40-page user-friendly guide provides practical information on a range of topics that business owners face at different stages of the business life cycle. Organized in sections for emerging, growing and transitioning companies, the guide covers such topics as business structure, finance, compensation, benefits, insurance, retirement and estate planning, as well as a list of resources for additional information. The insights contained in the Playbook will be brought to life at informational seminars for business owners being planned in cities across the country.
Copies can be ordered or downloaded free of charge at www.thehartford.com/businessowner.