The Business Mentoring Center
The Business Mentoring Center

Corporate Cranium Mentor Articles

Five Reasons to Establish a Revocable Trust

By Stacey Edwards Jones | April 25, 2019

Plan for Disability. Unlike a Will, a Revocable Trust allows you to plan for incapacity. This can be especially useful for small business owners. A trust is an effective way to ensure that the grantor’s assets will be used for his or her benefit in the event he or she becomes incapable of managing his or her own affairs. Enjoy Flexibility. A Revocable Trust is a flexible instrument that can be changed as the grantor’s estate planning needs change. The grantor can freely add or remove property during his or...

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The Key to Business Success & Financial Independence is…Leverage

By Kelli Hoskins, Master Business Coach / August 6, 2018

One of the biggest keys to business success is…leverage.  John D. Rockefeller famously said “I would rather earn 1% off 100 people’s efforts than 100% of my own efforts.”  As one of the founders of Standard Oil and the richest man of his time, John D. Rockefeller had successfully mastered the game of business through…

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Study: Employees Are Financially Stressed and What it Means to your Business

By Mark Hegstrom, Waterfront Financial Group / April 24, 2018

I read in the paper today (Star Tribune, 1/1/2018: “Helping workers solve money angst”) some amazing figures.  According to the surveys that were cited, there are a considerable number – a third – of employees who feel uncertainty about money.  These folks think we will be going into a recession this coming year. This is…

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Preparing Your Business for a Separation Between Partners

By Bob Halagan, Halagan Law Firm, LTD. / April 18, 2018

One of the most difficult challenges a business owner can face is when things go wrong with another partner/owner and a separation becomes necessary. Here is a checklist of the preliminary things I would look for as either your attorney or as a mediator/business counselor looking to structure your transition.

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Why Retirement Readiness is Not Just a Catch-Phrase

By Mark Hegstrom, Waterfront Financial Group / August 1, 2017

Many employees are confused about retirement and are unprepared to retire on time.  According to the National Institute on Retirement Security (March 2015), 45% of working-age households do not have a retirement account of any kind (e.g. IRA or 401(k)), and the average working-household has virtually no retirement savings – only $2,500 average – when…

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Looking to Grow Your Business? EOS Can Help

By Gayle Noakes / August 1, 2017

Are roadblocks getting in the way of your business goals? Are there underlying issues to solve before you can move forward as an organization and experience the growth you know is possible? I’d like to tell you about a way to remove those roadblocks and move forward with your business. I’m talking about the Entrepreneurial Operating…

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Changes to Minnesota Estate Tax for 2017 and Beyond

By Roben Hunter, Hunter Advisors, PLLC / August 1, 2017

The Minnesota State legislature has changed the estate tax exemption for 2017 and beyond.  The old law states that Minnesota estates that were valued at over $1.8 million dollars had to file an estate state tax return in Minnesota, with the potential payments to the State at an estate tax rate of 16%.  Under the…

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Managing Relationships in a Time of Discord

By Bob Halagan, Halagan Law Firm, LTD. / August 1, 2017

There is so much noise in the air these days about all the things that separate people, the things that make us different and isolate us from one another. Everyone seems focused on their individual concerns without a commitment to the greater good. Managing employees, shareholders and business relationships can be daunting in this environment. …

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9 Essential Steps to Identity Theft Protections

By Gary Sorenson, Insurance Brokers of Minnesota / May 1, 2017

I just wanted to share this blog post from “The Hartford Steam Boiler” with you on how to protect against identity theft as it’s a HUGE issue! Your personal information is everywhere. No one can guarantee you will never be a victim of identity theft, but you can reduce your risk. By managing your personal information wisely,…

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Budget for Profit

By Kelli Hoskins, Master Business Coach / April 29, 2017

Here’s why paying yourself profit is as important and easy as paying the rent…  As small business owners, most of us are familiar with the term “Budget.”  According to wiki, a budget is ‘a list of all planned expenses and revenues’ that ‘enables the actual financial operation of the business to be measured against the…

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What Factors Should You Consider in Starting a Business with a Partner?

By Bob Halagan, Halagan Law Firm, LTD. / April 29, 2017

One of the bravest and most difficult decisions a person can make is decide to go into business for him- or herself.  The second bravest and most difficult may be the decision to go into business with a partner.   Taking on a partner in many ways is like getting married, so it’s important to know…

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Be on Your Guard for Slips and Falls all Winter Long

By Gary Sorenson, Insurance Brokers of Minnesota / April 24, 2017

People in Minnesota don’t have the luxury of staying inside when the temperature drops below zero or there’s a foot of fresh-fallen snow on the ground. It’s easy to get develop a routine – bundle up in your parka, boots, hat, gloves and scarf before heading out the door. This routine may protect you from…

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Better Late Than Never

By Roben Hunter, Hunter Advisors, PLLC / January 1, 2017

Governor Mark Dayton recently signed tax legislation that retroactively conforms most state corporate and personal income tax provisions to the federal changes that have been enacted since December 31, 2014. Two provisions that did not change to the federal provisions, however, were bonus depreciation and IRC Section 179 depreciation.   There will continue to be differences…

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How to Safely Navigate Icy Roads

By Gary Sorenson, Insurance Brokers of Minnesota / January 1, 2017

With winter weather in full swing you might encounter some snow packed and icy roads during winter season here in Minnesota. Let’s take a look at how you can keep yourself, your family and your vehicle safe when the roads become hazardous due to extreme weather. Preparation is key The first step in making sure…

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Healthcare Costs in Retirement

By Mark Hegstrom, Waterfront Financial Group / October 1, 2016

American workers are split about 50/50 when asked if they are confident they will have enough money to pay for medical expenses in retirement. In a 2015 survey, 42% of all workers reported they were “not too” or “not at all” confident they would have enough money to pay for their medical expenses in retirement.…

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The Top 11 Reasons Accountability Eludes Your Organization

By Kelli Hoskins, Master Business Coach / October 1, 2016

When I speak with business owners, one of the most frequent questions I get asked is ‘How do I get my people to do what I need them to do?’ i.e. How do I hold them accountable?  Holding others accountable, or fear of holding others accountable, is one of the biggest challenges many business owners…

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Four Commercial Auto Endorsements Every Insured Should Consider

By Gary Sorenson, Insurance Brokers of Minnesota / August 21, 2016

Regardless of the industry or state of operation, the following four endorsements alter the availability of coverage for exposures common to most insureds: Employees as Insureds This endorsement closes these gaps and seeming inequities by altering the definition of “Who is an Insured” to include an employee while using an auto the “you” (the named…

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Choosing a Retirement Plan that Fits Your Business

By Mark Hegstrom, Waterfront Financial Group / August 1, 2016

One survey found that the most pressing financial concern facing 42% of small business owners is developing a retirement plan and exit strategy.¹ If you have yet to develop a retirement plan for your business, or if you’re not sure the plan you’ve chosen is the right one, here are some things to consider. How…

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Good Health is Good Business

By Mark Hegstrom, Waterfront Financial Group / October 1, 2015

Approximately 27% of payroll for U.S. employers is attributable to health and productivity costs.¹ Business owners and managers understand very well the rising cost of health care and the loss of productivity associated with absenteeism and employee disengagement. Which is why 89% of employers surveyed by Optum, a health management consulting firm, believe that offering…

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Minnesota’s New LLC Act

By Roben Hunter, Hunter Advisors, PLLC / October 1, 2015

Minnesota’s new statute governing limited liability companies (“LLC”) became effective August 1, 2015.  All LLCs that are organized after that date will fall under the new Chapter 322C of the Minnesota Statutes (“New Act”).  What does that mean?  How does it affect the LLCs already in existence? The old LLC statute, Chapter 322B, was formulated…

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The Leadership Challenge: Part III

By Sheri Stolp, The Stolp Group / October 1, 2015

In our prior newsletter, I referenced six of our Twelve Essential Leadership Skills.  In this edition, I will highlight the final six, rounding out the key attributes of today’s successful leader.  In total, these Twelve Skills embody the core essence of facilitative leadership.  Here at The Leadership Academy, we have designed a training framework built…

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