Every superhero has a secret identity. Who would Superman be without Clark Kent? Could Batman get money for all of his toys without Bruce Wayne? How would Spider-man land Mary Jane without Peter Parker? And Neil Gordon and the Buzz on Biz team are no different. They needed a new identity – only this time, it was no secret.

The Past:

When I first began working with the Buzz on Biz team we made the crucial (and sometimes painful) step of looking back and seeing the mistakes and successes of the brand’s past. The existing color scheme and logo had served for a while, but looked outdated and it was time to move into a new era and build a foundation for the future.

The Brainstorm:

Through effective listening and asking questions, I discovered the audiences for the various versions of the Buzz on Biz. There is the TV segment, the paper version, the radio show and even the website – all needed a consistent look and feel. Neil described to me broad reach of the concept and detailed his future goals. Once I acquired this critical information I was able to develop a series of initial concepts to “feel-out” the Buzz team and see which direction they wanted to go. I was careful in not including any concepts I would not be happy with as a designer, but made an effort to create a bold, professional and iconic brand for the Buzz.

Here are a few of the initial concepts…

The Committee:

As is the case with some clients it became apparent to me that Neil was not the only part of the Buzz team that needed to be satisfied with the logo. He shared the concepts with several key parties (including the highly-valued spousal approval) and the general consensus was made. Number 10 was the one.

But we were not through yet…

The Final Concept:

After discussing the need to keep a smaller profile on TV and tighten up the logo, I stacked the typography of the chosen concept and customized the art to arrive at the final version.

The Simple Truth:

By cleaning up the logo and reducing the number of elements I was able to create an iconic image that will serve the Buzz on Biz team for the foreseeable future. The concept of “Less is More” is one that a good designer uses as often as possible. This can be difficult, because the desire to show off, or push further can often take over a design project. The “Art of Removal” is key to arriving at an effective brand. Look at Target, Nike, McDonald’s and even Coca-Cola. These logos and trademarks are so recognizable that the name of the company is no longer used. Maybe one day, the “Buzz” tie will be become the icon we intend it to be, but until then, this new logo and brand will serve as a symbol of quality business news and information in the CSRA.

A life insurance policy can help provide certainty in the amount your loved ones receive.

If you’ve retired and are fortunate enough to have accumulated assets that you do not expect to need in your retirement years, you may be thinking of a way to pass some of those assets to loved ones or charity1. One way to achieve peace of mind is by using a portion of your assets you don’t expect to need in retirement to purchase a universal life insurance policy with a single premium2. The life insurance policy provides a death benefit to the beneficiaries you’ve specified upon your death. This may be right for you if:

• You want to be certain that a specific amount will pass to your children, grandchildren or charity.

• You are retired, between the ages of 56 and 80, and are in good health and have medical insurance.

• You are willing to take a medical exam to qualify for life insurance.

• You have assets you do not expect to need in your retirement years.

• Your net worth exceeds $250,000 but is less than the current amount not subject to federal estate tax ($3,500,000 in 2009).

The purchase of a life insurance policy using current assets for the purpose of leaving a legacy can benefit you in many ways:

Avoid Probate. Because life insurance passes outside of an individual’s will (provided the estate is not named beneficiary), the amount paid to your beneficiaries avoids the time and expense of probate.

Avoid Losses Due to Market Risk. Your beneficiaries will receive a specific amount when you die, no matter what happens in the investment markets.

Retain Control of your Estate. As long as the life insurance policy is individually owned, you retain control and can change the beneficiary at any time.

As with any important financial decision, you should speak with a licensed financial professional to see if using a life insurance policy to create a legacy is the right approach for you.  Be sure to consider all of your options and any risks.

This may not be well suited for you if you may need access to these assets to fund current or future living expenses such as health care costs, long-term care or increased living expenses in retirement.

There may be costs associated with the sale of assets to purchase insurance.

For those who are good candidates, the idea of leaving a life legacy through a life insurance policy can offer peace of mind for you and a secure future for those that matter most to you.

1Charitable organizations are acceptable as beneficiaries if the purchase of insurance is sensible considering the proposed insured’s insurance needs and if the proposed insured has a previous history of donating to the charity (either monetary or nonmonetary).

2Federal tax law limits the amount of premium contribution that can be made to a contract in order for it to retain certain tax advantages.  When premium contributions exceed this limit, the contract is classified as a modified endowment contract (MEC). Distributions from MECs (such as loans, withdrawals and assignments) are taxed less favorably than distributions from contracts that are not MECs. A federal income tax penalty may apply for distributions from a MEC made prior to age 59½. However, death benefits are still generally received income tax free pursuant to IRC § 101(a). Please consult a tax advisor.

Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ and its affiliates.  All are Prudential Financial companies located in Newark, NJ, and each is solely responsible for its own financial condition and contractual obligations. [In FL and UT add:  Our policies, contain exclusions, limitations, reductions of benefits and terms for keeping them in force.  Your licensed financial professional can provide you with costs and complete details.}

Tommy Norris owns the Norris Group and has 23 years of Insurance and Financial Service experience and can help with any of those needs, including Employee Benefits. In 2002, the Norris Group was recognized as “Small Business Of The Year, “ by the Metro Augusta\Columbia County Chamber of Commerce. Reach Tommy at 706.869.8888 or tommynorris@comcast.net

Businesses frequently break up for the same reasons that marriages break up: money or infidelity. Money needs no explanation. Owners rarely fight when the business is making money.  By infidelity I don’t mean adultery. What I mean is one owner of the business decides that a co-owner is not giving their fair share. With marriages, we know how they are dissolved–divorce. But what happens when we need to dissolve a business arrangement? Without proper planning they can end up just like the ugliest of divorces–lots of money spent on lawyers, lots of ugliness among former best friends.

If you own a business with other people, you need a buy-sell agreement. A buy-sell agreement (sometimes called a shareholders’ agreement) is actually much broader than the typical prenuptial agreement entered prior to marriage. The prenuptial agreement typically only deals with one scenario-the legal dissolution of the marriage. A well drawn buy-sell agreement addresses a number of possible contingencies including death, disability, retirement, termination of an employee owner, and sale of an owner’s share of the business.

Let’s say two people start up a business. They both work in the business and each has an area of expertise. Maybe one is the technical person, the other is the salesperson. If something were to happen to one of these owners-an untimely death for example- it is unlikely anyone would be happy with the situation where the deceased owner’s spouse takes over their position in the business. The spouse is probably not prepared for such a position and cannot truly help to support the business. A better scenario is typically to have the business or the other shareholder purchase the stock of the deceased shareholder. With proper planning the method for determining the price is predetermined and the purchase is funded with insurance so there is no significant financial burden placed on any of the parties because of the event.

Another likely scenario is the owners no longer see agree on how to run the business. A business with equally divided ownership can lead to deadlock and paralysis. With a buy-sell agreement in place the parties have predetermined how they will handle this situation. This is critical because once they reach this point, they will rarely agree on anything. A professionally prepared buy-sell agreement gives everyone the peace of mind that there is a roadmap to rely on when things do not go as expected.

J. Edward (ed) enoch’s practice focuses on business, employment, and real estate law. He is a 1992 Magna Cum Laude law school grad from Washington and Lee School of Law. He’s served in many leadership roles for SHRM, Rotary, the Family Y and the United Way. Tune in to Law Talk Wednesdays at 12:45pm on 1630 AM. Reach him at (706) 738.4141 or jenoch@enochlaw.com