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The Advisory Team Every Business Owner Needs

Small Business Finances �Rich Best
Rich BestRich Best has spent 28 years in the financial services industry, as an advisor, a managing partner, directors of training and marketing, and now as a consultant to the industry. Rich has written extensively on a broad range of personal finance topics and is published on several top financial sites. Recent books include The American Family Survival Bible and Annuity Facts Revealed: What You MUST Know Before You Invest.

The Advisory Team Every Business Owner Needs

The Advisory Team Every Business Owner Needs

Now more than ever, business owners need to have a 360-degree perspective of their business and their personal financial needs. It requires an integrated planning approach beyond the business owner’s capacity or any single advisor. More importantly, it involves a collaboration of advisors from several different disciplines with the leadership to forge it into a coordinated plan. It may take a while to put a team of the right advisors together. It usually starts with building one trusted relationship at a time and building your team through a deliberate referral process. Good advisors usually know good advisors in other disciplines, and they are always happy to refer you to them.

The Independent Financial Advisor

It would be best if you had objective advice from an authentic financial advisor. Your financial advisor should be free of conflict – in other words, he or she should work for you rather than a brokerage firm or corporate entity. A good financial advisor has access to the expertise and resources needed to help you navigate all aspects of your financial life and put all of the pieces of your financial puzzle together. A qualified financial advisor may be best positioned to act as your team quarterback, responsible for ensuring that all elements of your financial plan are coordinated and implemented according to your vision.

The Accountant

For business owners, solid tax advice is invaluable, so nothing less than a fully certified tax professional experienced in working with business enterprises will do for you. The best source for finding a tax professional who can meet your needs is referrals from other business owners.

The Attorney

Business owners typically have legal exposure in several areas, including structuring business ownership, hiring and firing employees, and licensing. You will also need an attorney who could help you with your estate planning needs and, eventually, the sale of your business. Attorneys who specialize in business ownership are the only choice.

The Risk Management Specialist

You have outgrown your property and casualty agent. You need someone who specializes in all manners of risk that relate to running a business. These are professionals who may one day save you an enormous amount of money, so choose wisely.

The Business Banker

Most business owners will have an ongoing need for banking services, both for personal and business borrowing needs. Having an established relationship with a business banker who fully understands your business and individual financial situation will ensure you have access to capital when you need it.

All your advisors need to become an integral part of the team, quarterbacked by a lead advisor with you sitting as Chairman of the Team.


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