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SUMMER 2015

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Distributor's Link Magazine Summer Issue 2015 / Vol 38 No3

38 THE DISTRIBUTOR’S

38 THE DISTRIBUTOR’S LINK Bart Basi Dr. Bart A. Basi is an expert on closely-held enterprises. He is an attorney, a Certified Public Accountant, and President of The Center for Financial, Legal & Tax Planning, Inc. He is a member of the American Bar Association’s Tax Committee on Closely-Held Businesses. RETIREMENT OR CATASTROPHE? BE READY FOR BOTH! Introduction The fact of the matter is that someday, someone other than you will be in charge of your business. From natural disasters like Hurricane Sandy to common theft and hardware malfunctions or even a zombie apocalypse (www.cdc.gov/phpr/zombies), small businesses are particularly vulnerable in times of crisis. “Disasters can wipe out a small business in seconds,” said the U.S. Small Business Administration (SBA). Yet small businesses are often the most unprepared for emergencies. More than one million insurance claims were processed for victims of Hurricane Sandy — the third costliest natural disaster in U.S. history. The hurricane that was all over the news is now becoming part of our collective memory. The legacy it leaves behind on the businesses of the Northeast is unfortunately, ongoing. Many businesses in the area, once they shuttered, never reopened. Disaster planning is a worthwhile investment to help small businesses protect essential resources when the next emergency hits. A Startling Statistic In 2014 the nation experienced four large natural disasters including a major snow storm, cold waves in the Eastern United States, a tornado outbreak across six states, and even mudflow in Oso, Washington. In fact, in the past 15 years, natural disasters have increased 40%. In terms of CONTRIBUTOR ARTICLE human suffering, property loss, and the potential loss of business in the wake of the hurricanes and other natural disasters, businesses need to be prepared. Mother Nature can cause a small business disaster almost without warning. Tornadoes, snowstorms, flash flooding, and hurricanes - the possibilities for a devastating small business disaster are seemingly endless. And while it's impossible to eliminate the risk of a natural disaster harming your business, you can take steps to prepare for a small business disaster by investing in business insurance. Preventive measures are an excellent way to minimize financial loss in the aftermath of a small business disaster. Other than Insurance, developing a small business disaster recovery plan is the best way to safeguard against financial catastrophe. Here are a few steps to follow: Even though you may have gone through a natural disaster, you still have to file and pay taxes! While 94% of U.S. small businesses are backing up critical financial data to prepare for an emergency, only four in ten of those businesses are keeping their data off-site. But what if a flood, tornado, or other disaster damages the entire site? Backup copies of critical records — including accounting, tax, employee data, customer lists, and inventory — should be kept in a separate location at least 50 miles away, or maintained by an online data backup service provider . CONTINUED ON PAGE 148

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