Why Business Owners Should Invest in Excellent Financial Advice

I advise my business clients that they should have a team of professional advisors. The team should include an attorney, an accountant, an insurance broker, a banker, and a financial advisor. Each of these professionals has a place in keeping you and your business functioning properly.

I include a financial advisor because a good one helps you integrate all of your financial needs. Your largest asset will be your interest in your business. However, depending on the type of business you have, you may need a retirement plan separate from the sale of your business (your business may not sell if you are the sole person providing a service. A smart financial planner will also help you with retirement benefits for your employees, which will help you recruit the best talent out there.

The financial advisor that you choose should also be able to counsel you on employee benefits, such as health insurance, disability insurance, stock options, and other forms of employee compensation.

If you have business partners, you should have a buy-sell agreement to provide for the different circumstances under which you may want to split from your co-owners. A good financial advisor will be able to help you get life insurance to pay for a buy-out of a deceased owner.

A good financial advisor will also have connections to good mortgage brokers, for when you want to buy a new home or refinance your existing mortgage. He/she will also know asset-based lenders who can give you a loan using your business equipment or receivables as collateral.

Finally, a financial advisor, working with your other team members, will help you create a plan for your exit strategy from your business. Whether you want to sell your business to your children, to key employees, or a third party, or you want to just walk away from your business with as much cash as possible, you want to take a few years to plan this all out. You don't want to face the situation that business owners in 2008-2009 faced where no one was paying top dollar for a business. Or you don't want to get suddenly ill and need to leave your business in a hurry.

All of your team member professionals should work together, knowing all aspects of your business and much of your personal life (since the personal side usually impacts the business side) so both aspects are integrated for maximum wealth.

Call me at 201-251-8001 or email me at RGronsky@Gronskylaw.com for a FREE Report on "Why You Need a Team Of Advisors For Your Small Business" And sign up to receive my newsletter at http://www.Gronskylaw.com.

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