This is serious business and requires a dedicated financial professional to help you manage and grow your business. As a business owner, you have most likely spent a majority of your adult life working and developing your business. The least you can do is spend a few hours working your way to find the right financial advisor to help guide you. I truly believe the same dedication you put into your work life should be used to make this big decision.
When looking to hire an advisor, make sure they have experience working with business owners. Ask them the tough questions to make sure they have the credentials to handle the decisions you will face as a business owner.
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For example, the advisors you interview need to be able to help with a business succession plan that involves understanding where the business falls into the overall financial picture, tax strategy, legal planning and sometimes insurance planning.
The advisor should be able to work with you if you are contemplating retaining talent with a deferred compensation plan, phantom stock plan, restricted shares or options. All of these tools have financial, legal and tax implications.
Feel free to set the bar high. Someone qualified to handle complex business-ownership planning should also have an internal team or connections that includes, at a minimum, a certified financial planner, an attorney and a certified public accountant.