Tag Archives: Planning

How Will You Care for Aging Parents? Four Considerations

Interview with Barbara Smith, CEO, Ask Barbara

Situation: Many executives in their 50s and 60s have parents in their 80s and 90s. When parents can no longer take care of themselves, there are important decisions to make regarding long-term care. What considerations are important to these decisions?

Advice:

  • The most important challenge is that we often don’t want to think about these decisions.
  • There are three legs of the stool when it comes to later life planning.
    • Regular life insurance for family and final arrangements.
    • Financial planning to assure that you will have the assets to provide for yourself in later life.
    • Long-term care insurance can expand alternatives and help defer the cost of later life care.
    • Also, an estate planning attorney can shield assets if Medicaid will cover the expense of later life care.
  • The aging population is rapidly changing the demographics of later life care provision.
    • In Santa Clara County, California 16% of the population is currently 60+. This will go up to 25% by 2040.
    • Baby Boomers who waited longer to have children may have small children and aging parents at the same time. If a family member currently cares for elders, what will happen if they return to the workforce?
    • Medicare and Medicaid cover hospital and skilled nursing, but not assisted living. Long-term care insurance is important for those in their 50s and 60s and is less expensive if purchased earlier.
  • Needs and alternatives are changing as the generations change.
    • In contrast to their parents, Baby Boomers are more open to late stage options. They look for amenities and social environments that will enable them to stay active.
    • The village concept is gaining momentum – communities of like-minded seniors who will move into a community, often at a younger age than earlier generations.
    • Current elders are healthier than Boomers, and even more so than younger generations due to better diet and exercise habits. This has implications for both the care needs and options available to the younger generations as they age.
    • Technology will come into play in new ways. Current products assist in tracking and dispensing medications. There are also fall-alert devices and nanny cams to monitor parents in case of emergencies. Many more will be developed.

You can contact Barbara Smith at askbarbarasmith@gmail.com

Key Words: Long-term care, Generations, Planning, Urgent, Insurance, Financial Planning, Long-term Care Insurance, Estate Planning, Demographics, Baby Boomer, Depression, Family Care, Assisted Living, Village, Health

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How Do You Take a Guilt-Free Vacation? Seven Suggestions

Situation: A CEO has not taken a vacation for years due to focus on the company. He knows that he needs a vacation and wants to take one. However, he feels guilty taking time off. How do you take a guilt-free vacation?

Advice from the CEOs:

  • For your general health, you need to take time off to refresh and recharge!
  • Think of the vacation as your CEO Test – have you created a team that can perform in your absence?
    • You may be amazed at the initiative that some will take given the freedom to do so. As a corollary, initiative is accompanied by risk and your employees may make some bad choices. Be patient. Congratulate them for taking initiative and coach to improve choices.
    • Stay out of touch. Don’t call in daily and see what happens. If and when you do call in, don’t solve challenges that come up – let your people solve the challenges. Keep a few notes. On your return see where you need to adjust procedures to allow employees to make independent decisions.
    • More than one CEO has found that taking 3-4 week vacations each year has had very positive results. The company actually performs more efficiently and with more energy upon their return than it did when they left!
  • To ensure that you take a vacation, schedule it in advance. Let everyone know that you are going to take it and Just Do It!
  • If you can’t take the time to plan a vacation, have your spouse or a loved one plan the vacation.
  • If you need to feel in touch during your vacation, take your laptop. You may never even use it, but it will be there as a security blanket. Once you are on vacation, let family and personal priorities rightly take precedence over your need to stay in touch.

Key Words: Vacation, Company, Focus, Guilt, Health, Refresh, Recharge, Initiative, Patience, Coach, Problems, Valuation, Performance, Planning, Priorities, Family, Stress, Support

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Planning Compassionately for Tragedy at Work – Seven Suggestions

Situation: A long-standing employee committed suicide away from work. Relatives of this person work in the company. How can the CEO assure that assistance is available to help employees resolve their emotional shock?

Advice from the CEOs:

  • First, do not assume that this is a passing situation and that all will recover without assistance. One never knows what may have passed between employees in the days or hours prior to the event or what lingering feelings of guilt or involvement may remain and impact future performance or development.
  • Initiate personal contact with those employees closest to the individual to console them.
  • Search for local resources on death and dying that provide trained counselors to work with employees. The service is generally free of charge, but a donation is appropriate.
  • Be proactive – create a remembrance fund to allow employees to contribute as they wish. This can assist them in their personal bereavement process.
  • Establish a company bereavement policy – for example 3 days time off with pay with guidelines as to situations that trigger this benefit – so that they can deal with their loss.
  • One company has an Employee Assistance Program. They pay about $5000/year to access services for employees. This has been a very good program for the company.
  • There will inevitably be future situations that arise through accident, illness or other causes that will directly impact employees. It is best to be prepared with a plan in case any of these occur.

Key Words: Performance, Bereavement, Policy, Planning  [like]

Great Deal on a New Space . . . Now We Must Move! Five Recommendations

Situation: The Company has taken advantage of favorable lease rates to secure a larger space. How can they minimize work flow disruption during the move?

Advice from the CEOs:

  • Plan the move in detail: electrical, intranet and telephone needs; office space and facilities; design or production space and facilities.
    • If you can’t move everything over a short period of time – a 3-day weekend – consider moving in steps – a series of discrete moves over time, each with its own requirements and timetable.
  • If you carry inventory, pre-build inventory to see you through critical steps of the move.
    • If you have a major customer with strict delivery deadlines, try to negotiate a delivery window during which you can conduct the move.
    • Determine if there is seasonality to order delivery that makes a particular time of year more convenient to move critical operations.
    • Custom work will require special planning.
  • If you plan to upgrade equipment, consider purchasing, installing and operating the new equipment in the new location instead of your existing location.
  • If you will be leasing the new facilities – maybe even if you are purchasing – ask the new lesser or seller to provide cash to:
    • Finance delayed shipments at a price discount,
    • Cover expenses of the move and outfitting the new location to your needs.
  • Consider converting to a wireless intranet and telephone system to avoid the expense of wiring the new facility.
    • Look at plug and go options.

Key Words: Planning, Location, Work Flow, Inventory, Technology, Customer Service, Logistics  [like]