February 15, 2007 – Susan Granfors, Chef/Owner, House on the Hill, “Growing Your Home- Based Business”
March 15, 2007 – Gail Goodwin, CEO Constant Contact
April 19, 2007 – Equal Pay Month: “Equity Issues in the Workplace” (speaker to be announced)
May 17, 2007 – Sharon Hill-Filteau, Nashua Fire/Rescue, Suzanne Barricklow, 2nd Leutenant NH National Guard, and a woman from the Nashua Police Department, honor Mother's Day Month with: “Women/Mothers Putting Their Lives On The Line At Work”
June 2007 – Second Annual Nashua BPW Expo. Stay tuned for details!

What would happen to your business and your family should you become disabled or die unexpectedly? Do you have key employees for family members who could step in and run the company in your absence?

Business Continuation Basics
It is essential to the future of your business and your family to have a succession strategy in place. In order for your business to maintain continuity, you need to implement a succession strategy that coincides with your goals and objectives. Your strategy should be flexible enough to handle changes within the company and its related industry(ies). However, one of the keys to a succession strategy is determining who or whom your successor(s) will be.

Deciding on, and preparing a successor may require years to familiarize him or her with the finer points of the business. Thus, it is important to select a replacement as soon as possible in order to maximize the possibility of a successful transition. In smaller businesses, it is not uncommon for one or more family members to be at the top of the list of potential successors.

If you wish to pass your business on to future generations, you will need to make an honest assessment of the respective needs of your family and business, the qualifications of any interested family members, and whether the family and business would be best served by a continued relationship. Communication with family members is extremely important in order to better ascertain overall interest or concern.

You can prepare yourself by honestly evaluating and reflecting on the necessary components of a well- thought-out succession strategy. Here are some points that may require further elaboration:

• A thorough job description of each position, including details regarding areas of responsibility and delegation of duties;
• A management/organizational plan;
• Assuring the availability of cash to meet the demands of federal and/or state estate taxes;
• A list of potential successors to your ownership, taking every candidate’s job experience and academic background into consideration; and
• A mechanism to ensure extensive on-the-job training for the successor(s).

Other Considerations
A succession strategy may also include a buy-sell agreement funded by life insurance. More than likely, your successor may not have the cash, or the ability, to borrow at the time of successorship. Under such an agreement, the death benefit proceeds of the life insurance can be used to provide the cash necessary for a successor to purchase an owner’s share of stock in the event of his or her untimely death.

In addition, it may be prudent to explore how your unexpected disability could affect not only your plans for successorship, but also your financial well-being. Under a disability buyout arrangement, a disability buyout policy provides a successor with cash to purchase shares in the event of the owner’s untimely disability.

You should consult with your insurance, legal and tax professionals to devise a plan of action that provides security for your business and your family. With proper planning, your objectives for business succession and securing your family’s future can be met.

Disability Insurance offered by Metropolitan Life Insurance Company, New York, NY, and unaffiliated insurers through New England Financial Boston, MA an affiliate of Metropolitan Life Insurance Company.

This article is for general information only and is not intended to provide specific advice or recommendations for any individual. You should consult with your advisor, attorney or accountant with regard to your individual situation.

The information contained in this document is not intended to (and cannot) be used by anyone to avoid IRS penalties. This document supports the promotion and marketing of insurance. You should seek advice based on your particular circumstances from an independent tax advisor.

Most insurance policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your representative will be glad to provide you with costs and complete details.

This article appears courtesy of Susan Cooke, a registered representative offering securities through New England Securities Corporation, a broker-dealer (member NASD/SIPC). You can reach Susan at 603- 578-9899 x203 or scooke@nefnashua.com.

Publication guidelines include:

• Articles should be relevant to Nashua BPW members.
• Articles should be between 300-500 words.
• Authors can list their name, company, and contact info (email and website), but no other advertising information.
• Articles will be published at the Communications Committee's discretion.
• Articles should be submitted to Pam Robbins at Pam@ TheLifeCoachingCenter.com.

Now, sharpen those pencils – or warm up those fingers – and get writing!

Sincerely,
Pam Robbins
Interim Communications Committee Chair

We had a great start to our program year hearing from Jennifer Horn of 1590 WSMN speaking on "A Purpose Driven Life: Let’s Get Real.”

In October, we heard Linda Cataldo speak on “Buying and Selling on e-Bay, Expand Your Business to the Worldwide Marketplace.” This meeting was sponsored by Pam Richardson of In Hot Water.

In November, we heard from Claudie Mahar, recipient of the 2005 Nashua Citizen of the Year Award. She discussed her work and involvement at the hospital and in the community. The sponsor of this meeting was Nashua Pastoral Care.

In January, Sharron McCarthy, VP and Publisher of NH Magazine, shared with us the experiences she went through professionally and personally to get to where she is today. She also shared ideas of how to set yourself apart from the competition in regards to marketing your business and skills.

We look forward to seeing you—and your guest!—at our meeting on Thursday, February 15th, from 11:15 am – 1:00 pm, at the Crowne Plaza in Nashua.

Sincerely,
Susan Cooke
Chair Person, Program Committee

If you are interested in a sponsorship, please contact Pam Richardson at pam@inhotwaterteas.com or 603-589-2570, and we will work to match up your business with an appropriate meeting and topic/speaker.