The Importance of a Team Approach in Business Transition Planning
Your business is likely your largest asset and one you’ve worked very hard to build. The relationships you have established both in and outside your business have been forged over time and the trust you have in your closest allies is of great value; especially when it comes to your advisors.
If you’re like most owners, you’ve had a long-standing relationship with at least one advisor. Typically, a CPA or attorney are your main points of contact when you have important decisions to make about your business, and rightfully so. Having sound financial and legal advice is critical and knowing they’ve truly got your back is critical.
One thing that is vitally important to know about your current advisory is whether they have any experience in business transition planning. While there are many well-versed accountants and attorneys out there, most are not experts in planning a business exit. It’s not only important to have expert advice, but it’s also crucial the experts you choose are able and willing to work as a team. You have only one chance at a successful exit and it will likely be the most important financial decision of your life.
Having a team of advisors who will work together to help you create and implement a plan is essential to a successful exit and will allow you to leave on your own terms and not someone else’s. The truth is, no single advisor can have all the answers, but collectively they can. Advisors who are willing to work together to help you achieve your best possible outcome can and will save you time and money.
You may think hiring a team will cost you more in fees and initially it might, but the actual cost of not having a team and getting conflicting or incomplete advice could cost you exponentially more than just a handful of fees. The rest of your life, and the means to support it, depend on expert transition advice now, not after the liquidity event.
Starting planning early with a team of qualified professionals helps ensure you have the peace of mind knowing the future is secure for you, your family and all the stakeholders involved.
For more information on how to get started, watch: