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Be On The Lookout For These Four Financial Scams

How many of you have received this type of e-mail at one point in your life . . . MY AIM OF CONTACTING YOU IS TO SEEK YOUR ASSISTANCE IN TRANSFERRING THE SUM OF THIRTY FIVE MILLION UNITED STATES DOLLARS ONLY (US$35,000,000) OUT OF NIGERIA AND INTO YOUR TRUSTED BANK ACCOUNT ABROAD. THESE FUNDS WERE PART OF THE FUNDS, WHICH WAS FOUND IN HER LATE HUSBAND’S PRIVATE ROOM. IMMEDIATELY AFTER HIS SUDDEN DEATH LAST YEAR AND SHE QUICKLY INFORMED ME, SINCE I VIRTUALLY RUN MOST OF HER SECRET BUSINESS BOTH HERE IN NIGERIA AND OVERSEAS, AS SHE HAS A LOT OF CONFIDENCE IN ME AND FORTUNATELY WITH MY IMMEDIATE ASSISTANCE, AND CONTACT WE WERE ABLE TO DEPOSIT THE MONEY IN A SECURITY VAULT PENDING WHEN THE WHOLE SITUATION WILL BE CALM. These scams were known as the Nigeria Scam letters, and most consumers know that if they receive these they should immediately delete them and not respond.   However, today there ...

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Personal Finance 101 – Who Buys The Business?

Part of any good business plan is an exit strategy if the unexpected happens.  A good Buy-Sell Agreement should anticipate certain unfortunate but foreseeable events, and make sure a plan is in place that is fair and reasonable for the owners and the business itself.  One important detail to include in any Buy-Sell Agreement is: Who has the right to buy an owner’s interest after a triggering event occurs?  There are a few main options discussed below. Redemption. In a Buy-Sell Agreement using the Redemption structure, the business agrees to purchase (“redeem”) the interest of an owner after a triggering event.  The owner agrees that he, or his estate, will sell the business interest back to the business for the agreed price.  The main advantage of the Redemption approach is that it is usually the simplest form of buy-sell transaction, and when there are many owners involved, the simplest structure can sometimes be the best. However, there are certain key ...

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Health Insurance- Where are we headed?

There has been a ton of press over the past few months regarding health insurance. Democrats slamming Republicans, and Republicans slamming back Democrats. I too have a political party. The party of the small business owner. We take all of our cash, put a business plan together, and work 70 to 80 hours per week creating the dream of building something that will live beyond our lifetime. However, with all that has gone on over the past year, where is the small business owner to turn when the policies from Washington, D.C. come to fruition. ...

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