Worcester Business Journal

18 Worcester Business Journal | July 22, 2019 | wbjournal.com I have never met a successful business owner who had too much time on his or her hands. ey are successful because they are busy both putting out today's fires while keeping an eye open for risks and opportunities just around the corner. Maintaining control of their busi- ness, sustaining the business in the medium and long term, and protecting family wealth are always of concern; but rarely is it perceived as urgent as the immediate crisis or opportunity that is before them. Estate planners take the time to review, reflect and research any issue, current or future, which might have an impact on your business and your wealth now, and in the future. e result is business owners are frustrated with both the time and cost of having an estate plan done. If this resonates with you, then I'd suggest following the steps on my index card for business owners. What is the importance of a strategic plan? Why bring in family, management and advisors and tell them about the plan? e answer is simple: When you have a strategic plan you communicate to all of the By Rita Matraia Rita Matraia is the owner of Northborough fitness studio The Core Connection. She can be reached at rita@ thecoreconnection.com. 10) They save money. Employee wellness programs lower healthcare costs. A 2016 paper by the Centers for Disease Control found employees who exercised more than 150 minutes per week spent about $4,500 a year on health care, those who exercised less spent $5,076 a year and those that didn't exercise spent $5,813 a year. 9) They reduce absenteeism. Six years after creating a department for employee health and well-being, the MD Anderson Cancer Center in Hous- ton reported an 80% decline in lost work days and 64% decline in partial work days, resulting in annual cost savings of $1.5 million. 8) They boost productivity. According to a study published in the Journal of Occupational and Environmental Medicine, when wellness programs motivate employees to make lifestyle changes, their employer benefits from an increase in productivity worth an average of $353 per employee. 7) They're cost effective. Employers can subsidize health club memberships at a low cost. Some health insurers provide financial incentives, enabling mem- bers to stay fit for little or no cost. 6) Your workforce will be healthier. Harvard Men's Health Watch found regular exercise helps employ- ees sleep better, and lowers employees' cholesterol. 5) They reduce stress. Today's workplace is often stressful and demanding. According to Harvard Men's Health Watch, "exercise has the ability to both exhilarate and to relax and can serve to counter depression and to dissipate stress." 4) Less turnover. A study by the National Business Group on Health and Towers Watson found com- panies with wellness programs had less voluntary employee turnover than companies without. 3) Improved teamwork. As Corporate Wellness Magazine reported, "A greater sense of workplace teamwork is a natural outgrowth of participating in an employee fitness program. Employees who exercise together get to know each other better, and those enhanced relationships translate into all kinds of pluses." 2) They provide a great return on investment. The Community Preventive Services Task Force found for every dollar invested in health intervention, employees avoided $1.40 to $4.60 in medical costs and productivity losses. 1) They're easy to start. If building a corporate gym requires too big of a commitment of time and money, consider developing a relationship with a fitness center near your workplace. K N O W H O W Index card estate planning for business owners 10 1: D I F F I C U L T C L I E N T S BY SUSAN SHALHOUB Special to the Worcester Business Journal L ack of appreciation, unrealistic expectations and a creeping scope of work … difficult clients are challenging. Here are ways to lower stress on both sides and heighten the quality of these business-client relationships. Because as Inc.com's Jason Aten points out, "No matter what happens with a customer, even if it's not your fault, it's always your problem." Document everything, says ClientFlow. com's Abhinav Marla, including conversations. "Use a strong project communication tool to record and summarize … if you've agreed to a particular strategy over the phone, head straight to your project soware and update it with dates and agreed actions," she writes. So many project difficulties trace back to miscommunication regarding what was done versus what the client thought you should be doing. Use reflective listening. Saying "I understand …" doesn't make a client feel better, according to Meg Prater, Hubspot, and doesn't lead to a satisfactory outcome. She suggests you interpret what they are saying and repeat it back, giving this example: Customer: "I'm frustrated because we have a limited budget, and you're unwilling to offer us a discount." Manager: "So, what I'm hearing is that our pricing is a barrier for your business. Your budget is tight, and I'm not offering a discount that meets your needs. Is that correct?" Take one for the team. Ask yourself what will make the customer happy, says Aten, of Inc.com, a business coach. If it involves acknowledging a misunderstanding and making it right, it can pay off. "I find that when I swallow my pride, give a sincere apology, and focus on how to make it a win for the client, I come out far ahead," he said. "It's in the most difficult times that we have the opportunity to create customers for life. We have the chance to do something unexpected that causes our clients to feel valued." Matthew Erskine is managing partner for Worcester law firm Erskine & Erskine. Reach him at (508) 753-7100. W 4 0 T H I NG S I know about . . . ... Employee wellness programs BY MATTHEW ERSKINE Special to the Worcester Business Journal stakeholders involved and forge a consensus on security, satisfaction and growth, then the reasons for conflict fall away, the objectives are clear to everyone. Everyone understands what their role is, and how they contribute to achieving your goals. Without a strategic plan, lawyers have a back up way of handling disputes, and it's not pretty. Execute these eight steps and protect your interests, or do nothing and leave your assets in the hands of a litigator. Your decision. Estate planning for business owners on an index card 1. Make a strategic plan achieving personal, and financial security, satisfaction and growth for you, your family, your business and your community. 2. Communicate the plan and engage your family, your management team and your advisors in the plan. 3. Draft and execute documents matching your strategic plan and integrate into your business plan documents, such as buy-sell agreements. 4. Establish and fund all necessary trusts, LLCs, and other entities. 5. Re-title your assets and complete your beneficiary designations correctly. 6. Engage the people and firms needed to execute your plan. 7. Anticipate modifying the plan if you or a family member is incapacitated, dies unexpectedly and other events outside of your control occur. 8. Review and modify your strategic plan annually. W W

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