How to protect your business from a divorce proceeding

Many people enter marriages with a thought for living happily ever after with their partners, but more often than not, they end up disagreeing over assets in their divorce settlements. In fact, statistics show that almost six in every first marriage end in divorce, whereas the number is higher (about 70%) for second and third marriages. That means that as blissful as marriages are, it is good to ensure you have a backup plan to protect your interests from your partner in case you might split up years down the line. Whether you own an entire enterprise or a small stake in a company, here are a few ways you can use to protect your shares from your spouse before and during divorce proceedings.

Exploring formal and informal Business Valuations

An increasing number of business owners are realising the necessity of valuing their businesses regardless of their size. All business owners have, at some point, wondered about the value of their business. As long as you own an enterprise, time will come when you will have to either find out its legitimate value or get an expert to advise you on its estimated value. You will need to choose between getting either a formal or informal business valuation. That said, this guide helps you understand what both terms mean and the different times to apply either valuation.

Does your business partner need to leave your business for health reasons? Here’s what to do.

There is no question to the fact that leaving a business can be one of the most difficult choices you have to make. Whether it is as a result of personal issues, disagreements or even for health reasons, the journey through leaving your business partnership is likely not to be an easy one. However, your mental health and happiness are essential. With that in mind, staying in your business may be doing more harm than good. In case you feel like you do not want to continue working on your business, there are a few things you can do to help the dissolution process take a lesser toll on you, your partner and the enterprise you worked so hard to help build.

Are you a business owner looking for a change in your career or your life? A business valuation is a good place to start.

It is not surprising for the average person to want a change in career over seven times in their lifetime. Think of the number of times you switched career or even major options in your college life. For many, career or major changes have marked fulfilling turning points in their lives. For others, however, a change in career resulted in tears, frustration or regret. As such, it is critical that you get through a shift in your occupation with a plan. A full-proof method not only ensures your change in career is smooth but also enables you to excel in the profession you choose. Consequently, you can live a better life overall and fulfill your dreams. If you are a business owner, the leap is far greater since you leave an already-stable environment to an area you are not accustomed to. However, we are here to help. Here are some tips to kick-start your campaign towards a new career.

How to value your business to make sure you have the right level of insurance – you could be overpaying!

Insurance companies have been proved notorious for setting their customers higher premiums than they ought to pay. Every business owner knows the importance on keeping a company’s spending to a minimum. Spare revenue can be used to improve different sectors of your business or be saved in case of emergencies or short-notice needs. Unfortunately, overpaying on your premiums means you are denied the chance to make these savings. Clearly, this is a situation no owner wants to be in. Insurance firms base the rates they charge you on the value of your business. If you do not know your enterprise’s value, then there is no way you can know if you are paying the right rates. Here is how you can assess your business today and ensure you do not get overcharged for insurance services.