Awards & Engraving

February '18

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Page 48 of 84

46 • A&E FEBRUARY 2018 Sales & Marketing THE WORLD MARKETPLACE OF TROPHIES & AWARDS Another important issue is to make sure that you get the right advice on how to properly separate yourself, and espe- cially your assets, from your business. It may mean that you establish a trust and the trust owns the business or something similar. This will be for a good lawyer and accountant to decide. The purpose of this is to protect your assets from vulnerability in the event that your company is sued for any reason. Putting the company inside of a trust, and having the trust own the business, protects your personal assets from coming under attack in the event of a suit. In most instances, the only things that can be attached by a court in the event of an adverse decision are those things inside the trust. Your personal effects (house, cars, etc.) would be protected. In any case, all situations are different and this is where lawyers and accountants earn their money. Make sure that you discuss with your lawyer the need for a company handbook. If you are small, he or she may be able to give you something that is basic, but at least it is a guide for your business to follow. It ensures that everyone understands the benefits, expectations, and the general direction of the business. At the very least, it lays down a framework for everyone to follow, and makes it easier to see if someone deviates from the path. In general, although it creates bureaucracy, the more things in writing there are creates tangible systems of measure. DON'T ASSUME THAT TODAY'S NEEDS MIRROR THOSE OF YEARS PAST You also want to make sure that you are properly insured in all aspects of your business. You will want to review your policy and make sure that you understand exactly what the parameters of the policy are when it comes to liability insurance. It is not a bad idea to sit down every year and review your insurance coverage with your agent. Your business changes from year to year and insurance is one thing that is often neglected. What seemed more than adequate a few years ago might be leaving you in danger of risk exposure today. Think ahead to how your company is growing and what is changing. This guides you in determining necessary levels of insurability. When you own a business, you under- take the responsibility of guiding the busi- ness in the proper direction. This involves a multi-faceted approach in which you wear multiple hats, interact with many people inside and outside of your company, and make important decisions. You find your- selves with many people relying on you to make proper decisions. Enhance your business capabilities with good advice and the proper tools to protect your company and assets in the event that things derail themselves. Overlooking this important point leaves you and those who rely on you open to unnecessary risk. Eric Priceman is President of Victory, division of Planter Inc. in Chicago, Illinois. In his over three decades in the awards and engraving industry, he has traveled extensively, both domestically and internationally, visiting customers and suppliers. He is happy to share his unique perspectives of the industry, both past and present. Please feel free to contact Eric by email at or by phone at 773-637-7777 ext. 228. A&E

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