By Tim Leman, President & CEO at Gibson

Ron Johnson, the former Apple executive, was hired as CEO in 2011 by struggling retailer JC Penney to revive the organization. He embarked on an aggressive vision – something he labeled a “transformation” – that ultimately ended with his recent firing.

What happened? Danielle Sacks provides her thoughts in an online Fast Company article I read recently during some down time between flights. It got me thinking about some of my own experiences with change management.

In late 2005 I joined Gibson, in part because of its private and independent ownership structure. I had been collecting a mental notebook of ideas and strategies during my time at the national firms and was just itching to put them into practice. As one of my clients said when I told him I was going to buy in to a smaller firm, “Tim, there’s nothing like owning a piece of the rock!”

Change came quickly to the business unit I was put in charge of at Gibson. In a matter of months, we had created a new vision and were aggressively implementing it: new tools, systems, technology, and people. In my familiar player-coach role I was not only actively involved with creating the vision (the “coach” part), but personally overseeing its implementation and utilizing it as I built a personal client base (the “player” role).… Read more..

Whenever we encounter a particularly shocking piece of news, we tend to assume the worst. When the videos of the West Fertilizer Co. explosion appeared on YouTube and the news of the devastation was carried across the country, it caused many people to make some wild assumptions. The fact that it occurred in the same week as the tragic events at the Boston Marathon, led many to assume some kind of connection between the two tragedies.

As it became clear that this was a horrible accident, another misguided assumption began to emerge. As the facts materialize, the factory carried just $1 million in liability coverage, while the damage from the explosion has been estimated at around $100 million. The owners assumed they had sufficient coverage or that they would never need it. They were very wrong.

The Risk Of Inadequate Coverage

Inadequate coverage often comes back to assumptions.  Business owners choose reduced coverage because they assume they will be able to cover the shortfall. Others see insurance, like liability coverage, as a means to underestimate true value to keep the premium cost to a minimum. A reduced premium for something that might never happen may appear to be the ideal option. Of course, the reason you have insurance is to make sure you are covered when accidents do happen. Without that coverage, a business may not survive.… Read more..

On Thursday the Internal Revenue Service issued Revenue Procedure 2013-25, heralding changes to health savings account contributions for individuals and families for 2014. As well as this, employee out-of-pocket expenses are also set to change. These changes are to reflect the changes in the cost of living.

Savings

Available to those in high-deductible health plans, health savings accounts, or HSAs, are funds contributed to by policyholders primarily used to pay for qualified medical expenses.

Funds contributed are not subject to taxation at the time of deposit. If they are not spent during the year, the funds are allowed roll over and accumulate year on year. This fund can be used to purchase over the counter medications, with a doctor’s prescription, or withdrawals can be made for non-medical expenses also. Tax penalties on these types of withdrawals vary depending on when they are made.

Contributions

The changes brought in by the IRS are increases to the maximum contribution that can be made to a health savings account. Individuals can now contribute $50 more and families $100 in 2014.

Up from $3,250, employees with single coverage can contribute a maximum of $3,300. Those with family coverage will see their limit extended to $6,550, up from $6,450.

Out-of-pocket

HSAs, as we know, are held by those enrolled in high-deductible health plans. In line with the increased maximum contributions, these out-of-pocket expenses and deductibles are also set to change.… Read more..