KISS co-founder Gene Simmons About the Power of Life Insurance

Gene SimmonsKISS co-founder Gene Simmons is passionate about the power of life insurance — especially to protect the estates of his high-net worth pals. Simmons helped found Cool Springs Life Equity Strategy in 2010 after friend Samuel B. Watson recognized Simmons’ potential as a natural advocate, as per this quote he provided for an article on TheStreet:

“Life insurance is a must. It’s the one thing in your life you are doing for everybody else. Once you are dead, you really don’t care, but while you are alive it is the one big, selfless thing you should be doing. And you should try to maximize the amount of money that you leave behind to your family, your loved ones and whoever else you deem.”

Six Steps For Improving Small Business Revenue Performance in the Year Ahead

Higher Growth Small Businesses Prepare for Contingencies, Use Borrowed FundsStrategically, Have Clear Vision for Their Companies, Among Other Key Traits

 The Guardian Life Small Business Research Institute released this report that identifies six steps small business owners can take to improve their revenues in the year ahead. These steps – planning for contingencies, seeking counsel from professionals, using borrowed funds strategically, developing managerial skills, not obsessing about the company, and having a clear vision of the business – all characterize small business owners who had an increase in revenues over the prior two years.
The Institute’s observations are based on The Guardian Life Index: What Matters Most to America’s Small Business Owners, which surveyed nearly 1,100 small business owners in nine size categories, including sole proprietors, 2-9 employees, 10-24 employees, 25-49 employees, 50-99 employees, 100-499 employees, 500+ employees and more than 5,000 employees. Comparisons were then made between those small business owners who projected higher revenues versus the prior two years, and those who projected ‘about the same’ or ‘declining’ revenues versus the prior two years.
“Growing revenues during the recession was no small feat,” said John Krubski, research advisor to The Guardian Life Small Business Research Institute. “However, insights from The Institute’s most recent Index provide a fresh understanding of how higher-growth small business owners achieved their success.”
The following six steps are strongly associated with higher-growth small business owners – those who successfully weathered the challenging economic environment of the past several years:
  • Be Prepared for Contingencies. Small business owners who built their revenues over the past two years were far more likely to engage in contingency planning by pre-establishing credit lines and retaining cash reserves, rather than just reacting to business difficulties as they emerged. For example, 47 percent of higher-growth companies in the sample had cash reserves that enabled them to weather tough economic times, whereas only 35 percent of companies that just maintained their revenues were able to rely on such financial resources.
  • Seek Advice from Professionals. Owners of higher-growth small businesses reported that they relied on advice from professionals and informal business support groups at consistently higher rates than did owners of companies that had revenue declines. The respective percentages for higher-growth small business owners versus revenue-declining business owners were as follows: accountants (70 percent vs. 62 percent), financial advisors (68 percent vs. 51 percent) and informal business support groups (61 percent vs. 45 percent).
  • Use Borrowed Funds Strategically. Some 58 percent of higher-growth small business owners reported that investing borrowed funds in research and development yielded the best return, versus just 38 percent of revenue-flat companies and 16 percent of revenue-declining businesses. Moreover, borrowing to open new offices, build production facilities or add new capabilities / staff was more likely to correlate with a drop rather than an increase in sales.
  • Sharpen Managerial Skills. Developing business management skills and being better at strategic planning and money management consistently correlated with increased revenues. The most compelling area of professional development was an improved understanding of how to hire the right people. Sixty-three percent of higher-growth owners said this skill was important, whereas only 53 percent of revenue-declining businesses cited it as vital.
  • Avoid Obsessing about the Business. Small business owners who increased revenues during the recent economic downturn tended not to be consumed by the companies they owned and ran. In fact, 75 percent of higher-growth small business owners said their businesses made it possible for them to have more satisfying experiences with their families, compared with 64 percent of revenue-declining company owners.
  • Have a Clear Vision. Having a clear vision for the business was strongly associated with higher revenues. For example, 58 percent of higher-growth companies had a clear vision of their businesses, whereas only 39 percent of revenue-declining businesses had this farsighted view.
“This research demonstrates the critical importance of strong management, financial and interpersonal skills as tools to driving business growth,” said Patricia G. Greene, Ph.D., MBA, special academic advisor to The Institute and the Paul T. Babson Chair in Entrepreneurial Studies at Babson College. “The observations and practical steps revealed by The Institute’s research can help guide small business owners looking to grow their business in 2012 and beyond.”

About The Guardian Life Small Business Research Institute

The Guardian Life Small Business Research Institute is a resource devoted to better understanding America’s small business owners. It combines research the company commissions with the expertise of people within the Guardian Life family who have deep experience in the small business community, to yield deeper knowledge, insights and wisdom about today’s small business trends. The Institute was named one of North America’s top small business influencers in the Small Business Influencer Awards for making a meaningful and lasting impact on the small business market. For more information about The Guardian Life Small Business Research Institute, please visit: www.smallbizdom.com.

About Guardian
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life insurance, disability income insurance, dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products. For more information about Guardian, please visit: www.GuardianLife.com.

Succession Planning for Hawaii’s Small Business Owners

One problem faced by owners of many non-publicly traded businesses is that there is no readily available market to sell their business. Business succession planning addresses this issue by devising a system for transferring the value of a business to the owner, heirs or others at an appropriate time and price while allowing for the continuity of the business.
Perhaps the most common business succession tool is a buy-sell agreement which provides for the mandatory or optional buy-out of an owner’s interest in the event of retirement, death, disability, divorce, bankruptcy, termination of employment, offers by outside parties, or disputes among owners. While the buy-sell agreement is one of the more common succession planning tools, we can also counsel clients on other pro-active strategies to protect value and continuity. Our business attorneys can assist owners in developing a strategy uniquely tailored to their business succession needs and goals.

So, What’s Happening with Your Life Insurance Policy Lately?

Has the complexity of life’s events created a challenge or an opportunity for you financially? If your life is like many others’, change is a constant in your life. Which is why you should review your policy — to help ensure that the policy you purchased two, 10 or 20 years ago is still in line with the objectives you have today for your life, your family or your business.

Insurance purchased for sound financial reasons is one of the most valuable assets an individual can own. Reviewing your insurance portfolio on a regular basis to consider events that may have impacted the value of your coverage is a smart way to help ensure that you’re properly protected.

Learn how Guardian’s Policy Review Program can help uncover events in your life that may have produced unintended or unanticipated consequences for your life insurance policy.

Email me: Gage@successhawaii.com and I’ll send you a FREE personal and business planning checklist, which will provide a quick summary of important points to consider during your next policy review. Also, you may want to check out this website for more planning ideas:  http://www.policyreviewprogram.com/

“VICTORY” by Herbert Kauffman

The following poem made such a positive impact on me that I’d like to share this life-altering message. Whatever your career, profession or passionate pursuit may be, check this out:

Victory

You are the one who used to boast
That you’d achieve the uttermost
some day.

You merely wished a show,
To demonstrate how much you know
And prove the distance you can go…

Another year we’ve just passed through.
What new ideas came to you?
How many big things did you do?

Time… left twelve fresh months in your care
How many of them did you share
With opportunity and dare
Again where you so often missed?

We do not find you on the list of Makers Good.
Explain the fact!
Ah no ’twas not the chance you lacked!
As usual — you failed to act!

TAKE ACTION!

Als Ik Kan: To the Best of My Ability

Watching the Antiques Roadshow on PBS, I first learned about Wisconsin state native and furniture icon, Gustav Stickley.  He was well-known for marking the bottom of every piece of furniture he built with the Flemish craftsman’s phrase “Als Ik Kan”. Translated, the words mean “to the best of my ability”.

It’s hard to imagine there could be a more perfect definition for personal excellence. Whatever business (or sport, etc.) you happen to be in, I believe this  motto is a great one to incorporate in life. If you think about it, what else is there but trying our very best, right?

The Stickley motto “Als ik Kan” comes from a quote by one of my favorite Dutch master’s, Flemish painter Jan Van Eyck. One of the most engaging, famous paintings by this 15th century Dutch master is The Arnolfini Wedding.

This masterpiece is particularly interesting because almost every detail is a symbol, not just for the Arnolfini couple, but for marriage in general. 

As an example, take a close look at the mirror on the wall behind the couple (see below). It literally reflects Van Eyck’s great skill as a painter. I am still in awe every time I look at this amazing feat of extraordinary artistic talent. Look really closely, Van Eyck accurately recreates the entire wedding scene, even to the extent of distorting the figures and forms as they would have appeared on a curved surface. 

No matter our profession, we all have the chance to give our very best on a daily basis. Few however, can actually validate it and proudly exclaim:  “Als Ik Kan!” In my estimation, Van Eyck was certainly one of them who lived up to this mantra of personal excellence. Stickley was another one. For these artists, it is perpetuated in what they tangibly produced. They simply did things to the best of their ability…GW

Moves Like Jagger…

This is not a post about the legendary 60-year-old British rocker Maroon 5 sings about, but rather let me tell you about an 11-year-old inspiration. He’s a protegé-hotshot in the world of skating. His name is Jagger Eaton. He’s the youngest competitor ever to compete at the X Games 2012, the world’s largest extreme sporting event, going on now in downtown Los Angeles.

Check out this video clip of Jagger’s run found on YouTube.

Eaton is only 5ft tall and is a flyweight at 76lbs. Imagine, he’s just 1/30th the size of the “Big Air” MegaRamp he will be dropping into, which soars 80ft high and extends into the crazy 50 and 75 foot gaps. Again, let’s put this in perspective: Jagger is in the 5th grade! Of course, he had an early start in the sport, growing up skateboarding and training at his family’s run skatepark in Arizona. But still, this kid is phenomenal. It’s crazy when you consider the other guys competing in the X Games are his skateboarding idols and on average more than twice his age. I don’t know any other sport where this takes place.

In an interview, he said, “75% of skateboarding is falling…” It made me stop and think about that one. I suppose, as in life, the key is just getting back up on the proverbial skateboard, right?

Well, anyway, here’s the best part: Jagger said he’s sick of people asking him if he has “Moves like Jagger,” like the song says.

“Because there’s these girls at home who always say, Jagger got swagger, and it’s so annoying! It’s like, it’s like that – but times two.”

Let’s see what he has to say in a few years about them annoying girls…

Genworth’s 9th Annual Cost of Care Survey Shows Long Term Care In-Home Services Costs Rise in Hawaii

With more options, Hawaii residents are urged to plan for long term care needs

According to Genworth’s (NYSE: GNW) 2012 Cost of Care Survey, the cost to receive care in the home through home health aide services in Hawaii has risen over the past five years.

“Overwhelmingly, Americans prefer to receive long term care in the home and the relatively muted rise in home care costs nationally over the past few years can be viewed as a positive for consumers in Hawaii,” said Steve Zabel, senior vice president of Long Term Care at Genworth. “Consumer demand for home care services has led to a proliferation of home care services providers and more choice for consumers. This competition has kept home care costs relatively stable, especially when compared to the cost of care in a nursing home or assisted living facility.”

Nationally, the median hourly cost for homemaker services and home health aide services is $18 and $19, respectively. In Hawaii, by comparison, the median cost for homemaker services is $22 per hour and the median cost for home health aide services is $25 per hour. The median hourly cost for homemaker services in Hawaii has increased 2.4 percent annually over the past five years, while the hourly cost of home health aide services has increased 3.5 percent over the same period of time.

By comparison, the median annual cost for care in an assisted living facility is $39,600 nationally. The comparable cost in Hawaii is $45,000. The national yearly cost for assisted living has increased 5.7 percent a year over the past five years, while long term care costs in Hawaii have increased 13.4 percent a year during the same time period. Nationally, the median annual cost for a private nursing home room rose 4.3 percent annually over the past five years to $81,030, while costs in Hawaii increased 4.2 percent a year during the comparable time period to $125,925.

Then and Now: Increased Options Benefit Consumers

Consumers have more long term care options today than ever before as seen by the increasing number of home care agencies. According to the Centers for Medicaid and Medicare, there were approximately 9,200 Medicare-certified home care agencies in the U.S. at the start of 2008. Today, there are slightly over 11,000, representing an increase of 20 percent. Conversely, during this same period of time, the number of Medicare-certified nursing homes has increased less than one half of 1.0 percent from just over 15,000 to 15,100. The number of nursing homes is increasing at a slower rate and no longer represents the only option.

While consumers’ options have increased dramatically, creating a tangible plan for long term care is a critical step many overlook. According to Genworth claims data, the youngest claimant ever was 27 years old. Although that is not the norm, it underscores the necessity for a care planning roadmap. Consumers can create a long term care plan and learn more about the cost of care in their local market and nationally by visiting www.Genworth.com/CostofCare. The site is rich with a range of educational and planning tools to help consumers compare costs across geographies, project future costs and share comparisons and calculations with family, friends or a financial professional.

“Understanding long term care costs in your local market and how these costs tend to change over time is vital to developing a plan to cover expected future costs,” Zabel said. “Genworth’s Cost of Care Survey is the most comprehensive of its kind and provides invaluable information on long term care costs that enable family members to conduct informed discussions with loved ones about future long term needs and preferences in order to be more informed consumers of long term care services.”

Now in its 9th year, Genworth’s Cost of Care Survey provides Americans with both national and local long term care cost data, as well as information on cost inflation over time. The Wheeler Group LLC represents Genworth Financial in Hawaii. We also represent TransAmerica and Mutual of Omaha in the long term care arena here in Hawaii. Depending on your situation, we will provide you with the most cost-effective LTCi available because we will shop around for the best rates to save you money. For more information and to obtain a complimentary LTC analysis and quote, contact Garrett Wheeler @ (808)948-8483, or via email: gage@successhawaii.com

2012 Resolution: Eat More Fish, Sleep More and Take Life One Step at a Time

Last sunset of 2012. Taken from Magic Island in Honolulu, Hawaii on 12/31/2011

“Now is the accepted time to make your regular annual good resolutions. Next week you can begin paving hell with them as usual.” -Mark Twain

New Years is the only holiday that celebrates the passage of time. Because of this, every year on this day roughly 33% of Americans resolve to improve their lives in some way. A much smaller percentage of people actually make good on those resolutions. While about 75% of people stick to their goals for at least a week, only 46% are still on target six months later.

Instead of making ambitious, wide-eyed resolutions for myself, I prefer to take the “step by step”, continuous improvement route. That is, in 2012, I will strive to hit small, attainable goals daily. Most importantly, I want to remind myself that it will come down to me taking the necessary action to achieve what I set out to do. And secondly, I know that I will need to be ready to accept the challenges that will inevitably arise in the process. I want to remind myself that all I can control is how I  react to those challenges. For me, these are lofty enough resolutions. I need to simply take it one day at a time, and I am hopeful that the rest will follow.

Ever since my near-fatal auto accident in July 2005, I’ve adopted this pragmatic philosophy. I suppose it’s because of my experience of being partially paralyzed. Taking it step-by-step, and in small doses—with the ultimate goal of re-learning to walk—was realistically all I could physically do at the time. As it relates to my goals in 2012, if I fool myself into believing “I’m going to do this and keep it up all year”, I’ll set myself up for failure. Instead, I’m simply going to ask myself, “What can I do today?” to improve my overall life. And knowing myself as I do, in order to be more accountable, it will be helpful to share with others who actually care.

In my professional life at The Guardian,  five of us advisors (we refer to ourselves as “Team LocoMoco”) recently came together to create a production unit that meets Mondays and Fridays at 8:00am. The team helps me to address the inevitable bumps in the road that occur, and also learn from their different approaches. It is my belief that having this support system in place will help me to continually improve on a daily basis, and get through the challenging, rough times we are all sure to face.

As for my personal life, one simple, health-related resolution I will try in 2012 is to eat more fish. Evidence is strong that the oils in fish, such as salmon and tuna, are beneficial for the heart and brain, and may even lower the risks of cancer. I’m already taking a fish oil supplement for this reason. Another goal related to my overall well-being is to get 8 hours of sleep a night. A number of recent studies have confirmed that you really do need at least 8 hours a night. And for me, I feel better when I do. When I boil it all down, my goals for a stellar New Year are quiet attainable: eat more fish, sleep more consistently, and take life one step at a time.

Best wishes for a wonderful New Year filled with peace and prosperity. Here’s to your continued success in 2012!