This panel consisted of three gentleman involved in the insurance and legal businesses who discussed ways small business owners can save money. Some of the things they touched on included long-term ways to save money, such as making sure sufficient insurance policies are in place (if appropriate) to avoid losing money down the road in lawsuits. They also – and I think this was a good point – discuss the fact that sometimes, saving money in the present actually loses you money in the long run, such as when a business-owner is selling a business but doesn’t hire a lawyer to help them with that. The tax issues alone really do require the involvement of professionals; as in most things, it’s always best to know what you don’t know, and be willing to bring people in when you don’t.
Unfortunately, this was not a very well-attended seminar, which is a pity because it was an issue that affects every single business-owner here. The big take-away from the seminar was, be the expert at what you do best, and bring in the people who are experts in other fields to take care of the rest.
