Do you have your A-team?
August 28, 2018
Article courtesy Yeo & Yeo
When you hear “The A-Team,” you may immediately think of the hit television show that aired in the 1980s or the 2010 movie with the same name but, as a business owner, have you considered who your A-Team is?
Successful business owners know their products or services. They know how to manufacture, grow or develop their products in efficient and profitable methods. Those owners also know that they can’t achieve their triumphs alone; it takes a dedicated workforce and a team of outside advisors – their A-Team.
Who should be on your A-Team?
Your A-Team should include experienced and knowledgeable accountants, attorneys, financial advisors, insurance agents and bankers. An A-Team is a squad that works together to help your business go further. It is important at any phase of your organization’s growth to ensure that your outside advisors are working together to meet your entity’s needs without additional risk or unwanted results. The one thing that any advisor least likes to do is surprise a client with an unintended consequence.
What should an A-Team do for you?
Your A-Team should work together to reduce risks while maximizing financial returns. They should make certain that your company is well-rounded with operating agreements, buy-sell agreements, liability and life insurance, retirement plans, operating lines of credit and loans in place that meet your needs. Providing valuable financial guidance while minimizing tax obligations are other needs that each company may have, for which a team approach works best. When the team works together for you and your company, they can help reduce the time required to address these types of critical issues, freeing up your time to concentrate on what will drive your company toward future success.
Within Yeo & Yeo, we have seen instances of advisors who sold our clients investments that caused additional, unexpected taxes. Or, the sale of a business that was structured well for legal purposes but, had it been allocated a little differently, could have saved the client tax dollars. Both of these examples are surprises no one likes to experience. Successful business owners work with talented advisors who understand many of the causes and effects of a company’s decisions.
Do you work with your advisors individually or do you involve each of them in a decision? Reflect on the following questions as you work with your advisors or consider hiring new ones:
Am I working with people I trust?
Are they experienced and knowledgeable?
Do they give me ideas to make my company better?
Do they help solve issues my company is facing?
Do they offer or encourage the idea of talking to each other?
Do they consider multiple scenarios and work as a team to provide the results I need?
Are they responsive?
Are they up to date on the latest laws, regulations and products?