Own Kato Kaelhfs
1983 Jaguar

Complete with
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AUTOMOTIVE LEASING SPECIALIST

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means one-stop shopping. Once
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anxiety you may experience when you

get a car firma dealership. Often, you
can take delivery without having to
set foot in a dealership.

CAPRI LEASING
COMPANY

CAPRI HANDLES ALL
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foreign or domestic through factory-
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incentives and rebates.

is an independent companywhich acts
as the buyer's agent in either the pur-
chase or lease of a new cat

COIVVICT GARY H. LUPILOFF

Capri

Capri

AUTO

AND SALES

26677 WEST TWELVE MILE ROAD, SOUTHFIELD, MICHIGAN 48034 • (810)354-4447

Complete
Financial
Services

By
Appointment

Your Home

or Office

PaineWebber

We invest in relationships.

Gerald E.Naftaly

Vice President-I
nvestments

32300 Northwestern Hwy., Suite 150

Farmington Hills, MI 48334

C/)

(810) 851-1001 or (800) 533-1407

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F,

Certified Financial Planning Professionals
(810) 559-6980
JOEL LEVI, CFP
TRISH. WELLMAN, CFP
1 71 1 7 West 9 Mile Road, Southfield, MI 48075

Phase Four Advisory, Registered Investment Advisor

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;43,0043

One Death Can Topple
Even A Sturdy Business

S

onja Hull, a registered rep- estate automatically transfers to
resentative with the Busi- a spouse. The balance, often split
ness Planning Group in equally between the spouse and
Rochester Hills, learned the children, has been known to cre-
hard way about ensuring her own ate disinterested new business
future, and along the way how to partners with full-stock voting
help companies learn from her rights.
mistakes.
The rule of thumb says the val-
She was married to a key per- ue of a business dips 50 percent
son in a Detroit industrial paper- within the first two weeks after
supply company until 13 years the death of a key person, says
ago. She and her husband mort- Ms. Schmitt-Smith.
gaged their home and applied
A long-range business plan
most of their personal assets to- must include thorough contin-
ward the business.
gency planning. Pension plans
When her husband died on a and executive bonuses are sexy
hunting trip, his former partners but take a back seat in priority to
found themselves unprepared to insuring the business' most valu-
pay Ms. Hull the value of her in- able asset: its people.
herited company stock.
Key-person life policies protect
Faced with a young
child and a large mortgage,
the greatly reduced corn-
pany payout touched off a
long-term financial dilem-
ma.

However, Ms. Hull
knows her story is not

unique. Instead of partici-
pating in a thriving com-
pany she helped build,
today she draws on her ex-
periences to help business
owners create plans of
their own.
As the ranks of small-
business employees con-
tinues to grow, so does the
need for business-planning
knowledge.
Oakland County alone
reports a 16-percent in-
crease in its number of
small businesses since
1979. Leo Linsenmeyer of
the county's Development
and Planning Division, also Eric D. Baum
sees the effects of incom-
plete planning on a regular basis. the company in the event of the
"Comprehensive partnership death of a partner, and funded I
is more than an insurance issue," buy-sell arrangements provide a
he says. "Businesses with a lot of formal plan for the transfer of
working capital often have to de- company stock when an owner
stroy themselves to pay an own- leaves, quits or dies. Without the
er his share. So there must be a proper foundation these contracts c - \ '
plan for orderly liquidation of as- provide, a company remains in a
sets in the event of a death or dis- vulnerable state.
agreement."
The family home and private
Unfortunately, the plan many assets left after taxes and ex-
businesses have is no plan at all, penses may also be subject to
as evidenced by many stories.
creditors if the business notes
Mary T. Schmitt-Smith, an at- were personally signed for by a
torney with Beier Howlett in former business owner under cer-
Bloomfield Hills, has been in- tain situations.
volved in business damage con-
Widows like Ms. Hull may be
trol for 15 years.
the real victims of a business gone
"One of the biggest faux pas of sour without up-to-date protec-
all is the procrastinator's will," tion.
she says.
"The future widow of someone
Without formal legal docu- who started a company has to be
ments, the first $60,000 of a de- looked at as much as a company
ceased company shareholder's needs to protect itself," Ms. Hull
says. "Any small business that
Eric D. Baum is a registered

representative for John
Hancock Investment Services.

doesn't plan is committing sui-
cide." 0

