If you are like many business owners I meet with, your initial thoughts may be “Why do I need a Financial Representative for my business?” But once I have a chance to explain what I can do for their business, they have an “Ahah” moment. I often hear many say that no one has ever approached them with this service before. As you know, many professionals concentrate on one area of business. Generally, an attorney is concerned with your legal documents and liability lawsuits. A CPA focuses on your accounting and quarterly taxes. Your Property and Casualty Insurance Agent is typically concerned with making sure your business liabilities, as well as your business property, are insured in case of a loss. But what if you had a professional whose scope was more comprehensive, where the primary concern is to protect the value of your business, grow that value over time, and to put you in a position to potentially sell your business when you’re ready to the person(s) you choose and for the amount you want/need using the most tax advantageous strategies available?
Ultimately, everyone chooses one of three avenues to take:
- Sell to a 3rd party
- Sell to an insider (family or key employees)
- Retain the business while slowly backing out of the daily operations until their passing
This is where a Financial Representative for your business comes in to play. No matter how large or small your company is today, you probably have a goal of where you want it to be down the road.
Now, you may say “Yeah, but I can do that.” If you say this, you are correct. You can…kinda. Just as you can plan for your own personal retirement. But what you are not factoring in is the time you would need to spend in addition to operating and growing what is often your largest asset, your business. You have a successful business for a reason. You are great at what you do - running your business. Professionals like you spend years and years honing in on different aspects of your business so you can offer a service that is of great value to others. Just as you spent countless hours sharpening your skills, Financial Representatives continue to find ways to assist you in protecting and growing your business. We understand what it takes to protect the value of your business, to plan for growth, and the timeline and strategies involved in planning for your succession when you leave the business, by choice or by your passing. Financial Representatives focused on business also understand how the sale will affect your estate.
We work in conjunction with your existing professionals (i.e., CPA, attorneys, etc.) and have a network of trusted professionals that you can be referred to as needed to help you reach your goals. A great Financial Representative will welcome having roundtable discussions with your key professionals to ensure that together you are presented with the best strategies for your business. Business-focused Financial Representatives basically quarterback a team of professionals that all have your success at the forefront of their minds. Your success is our success.
Your Financial Representative is a necessary part of your professional team. Unlike with a CPA, business owners don’t often see the immediate detriment of not having a Financial Representative on their business team of professionals. These results are often seen when they try to sell their business. Studies show that only one out of every five listings on the online marketplace for small business sales had closed a transaction.
Don’t wait until the end when it’s too late. A Financial Representative can ensure that you have the proper plan in place to meet your business goals. If you don’t yet have one on your team or simply want to have your current plan assessed, let’s get in touch.
I look forward to the opportunity to show you how I can serve you and your business.