Why You May Need an Advisor Team
Transition or Exit Planning can be complex. Between setting your exit goals and transferring your business, you’ll attempt to build business value, find an appropriate successor or buyer, navigate perplexing tax implications, and keep your key employees onboard. And that’s just a few of the things you’ll do! With so many considerations surrounding your business exit, you may want to consider creating an Advisor Team.
Simply put, no single advisor has sufficient expertise to create and implement all of the activities required in a typical Exit Plan. To give yourself the best chance to exit your business on your terms, you’ll likely require the services of several advisors from different fields. These may include the following:
Depending on the size and complexity of your business, and the requirements you set to consider your exit successful, you may need anywhere from two to seven different advisors on your Advisor Team. That’s perfectly normal. The diversity of expertise will work to your benefit.
What If You Have Advisors Already?
As a successful business owner, you likely have advisors you work with and trust. Creating an Exit Planning Advisor Team does not mean you must get rid of those advisors. In fact, if your current advisors have the skill and expertise to address issues about your business exit, it’s usually a good idea to make them a part of your Advisor Team. After all, they presumptively know your business better than a new advisor would.
What Makes a Good Advisor Team Member?
Although the advisors on your team will have different responsibilities—and thus different ways to judge whether they’re “good” team members—there are five general qualities to look for in any Advisor Team member.
Best of the Best: Best-of-The-Best advisors focus on addressing specific planning or transactional issues related to their well-defined expertise.
How Can You Find the Right Advisors?
There are several ways to construct an Advisor Team. You can seek each out individually, holding interviews with each over weeks or months. You can ask advisors you work with for referrals to other advisors, but there may be no guarantee that they’ll know any. You can ask your friends or friendly competitors, but there’s no way to judge the quality of the advisors they recommend.
As a firm specializing in Exit Planning, we adhere to the philosophy that business owners have the best chances of exiting their businesses when they consult multiple advisors with proven track records of success. Our approach is to assure that you have the best advisors on your team and then we coordinate their efforts around your Goals and Objectives. You are the very best at running and growing you business and that alone is a full time job. By acting as the quarterback with this highly skilled group of advisors, we free you up to do what you do best. If you’d like to discuss how you can build an Exit Planning Advisor Team without dedicating all of your time and efforts to Exit Planning, contact us today.