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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

November/December 2020

Business Continuity Planning

Business Continuity Planning

No one knows what the next business-threating crisis is going to be. But there are steps you can take in advance to help protect your business so it can survive, and continue to support you, your employees and their families.


Continuity Planning
- Make sure everyone knows their role. Designate someone to be responsible for each critical area.


Communicate Often
- Your appointed communications director will handle the press, ensure the website is kept current and provide information to employees, customers and other stakeholders.


Maintain Data Backup Processes
- Make sure daily backups are stored off site, in the cloud or both.


Rehearse
- Walk your team through security, data recovery, relocation and other plans once per year.


Consider Supply Chain Risk
- Ensure your critical vendors are also planning for the unexpected. Plan for alternative resources.


Document
- Every task that has to be done should be documented in a way so that even a junior employee can take charge and execute, if necessary.


Update Contact Information
- Be sure you always have current and complete contact information for employees, vendors and other key people and store it offsite.


Conduct an Insurance Audit Annually
- This process determines how much coverage you need and what type.

Business Interruption Insurance
- Consider this coverage which provides cash flow so you can pay bills, payroll and pay other expenses incurred due to a disaster or other covered event. (Many policies exclude a pandemic.)


Life Insurance
- Life insurance can provide liquidity and help fund a buy-sell agreement among the partners, so that they can easily buy a deceased partners’ interest in the company from the heirs.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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