Wealth Vision Mastery Academy

Impact of Data Breaches and Cyber Fraud The potential costs of cyber fraud and data breaches are a leading concern for small business entrepreneurs. But all small business entrepreneurs need to be serious about security and can take steps to protect their businesses from harm. Three years ago, the The Wall Street Journal estimated that the cost of cybercrime in the U.S. was approximately $100 billion. The estimate disputed other reports which pegged the numbers by as much as ten times higher. In 2015, the British insurance company Lloyd’s estimated that cyber-attacks cost businesses as much as $400 billion a year, which includes direct damage plus post-attack disruption to the normal course of business. Some vendor and media forecasts over the past year put the cybercrime figure as high as $500 billion and more. From 2013 to 2015 the cybercrime costs quadrupled, and it looks like there will be another quadrupling from 2015 to 2019. Juniper research recently predict

Not many business entrepreneurs have an   Exit Plan . However, if you do have an Exit Plan in place, is it up to date? Circumstances change in your business and personal life rapidly, so your present Exit Plan might not necessarily fit into your present circumstances. For those business entrepreneurs that do not have an Exit Plan, let me spend a few minutes why it is important for you to have one.  An Exit Plan is vitally important to maximise your business worth and retirement strategy so that you can legally minimise tax and get maximum dollars for your business. Graphic provided courtesy of the http://howtoplanandsellabusiness.com website Exit Planning is a comprehensive analysis of all of the factors that affect an entrepreneur’s departure from their business. While Exit Planning includes succession planning, it also addresses issues more directly relevant and critical to entrepreneurs, such as whether they can leave the business when they want, to whom they want, and for

Succession Planning Succession planning focuses on preparing the business for two purposes: • business entrepreneur’s planned exit and • business entrepreneur not being in the business Quite often, the buyer who purchases your business is not necessarily going to be running the business or having to recruit someone to run the business on their behalf. Having a succession plan in place is vitally important at the time of sale as it shows the buyer who will be running the business. Furthermore, having a succession plan in place virtually assures you of being able to take off for a valued holiday. There are so many benefits of having a succession plan in place within your business. Specifically, succession planning concerns continuity within leadership and management following an entrepreneur’s exit. In other words, succession planning is a specific cog in the Exit Planning machine. It is important to consider succession planning as an on-going daily operational issue, not just