Why you need a team of advisors and who comprises your team?
A team of advisors is needed to help you the business owner make the right decisions, grow your business, and achieve the goals you have. By having a team of advisors in your corner, allows you to speak to any of your advisors about problems that you may have or that may arise to ensure you are heading in the right direction to fulfill your unique goal(s).
With a team of advisors, you can meet with them individually, or you can have Joint Planning Sessions, where all of your advisors are in attendance, and you can speak with them all at once. Your advisory team is there for you to discuss any problems you are having and to make sure you are headed in the right direction. You can address your strategic business questions with your team of advisors and formulate an overall plan. Your team of advisors will help you think through things, and you will benefit from having all of your advisors' expertise on your side to help you when you are making decisions.
When your advisors disagree with one another during your Joint Planning Sessions, you are there to hear their specific concerns, not to mention all your advisors are right there to resolve the immediate issue/dispute and move forward. You also get to understand things from each of your advisors' perspectives weighing the negatives and positives of each of their concerns.
Who comprises your team?
Your team of advisors will depend on your personal need, but usually, we see teams consisting of your accountant, your lawyer, and your financial planner. You can also invite your banker, business consultant, and other trusted professional(s) to these Joint Planning Sessions depending on your needs. Each advisor has a different discipline, and you are hiring them because they are an expert on their subject. By doing so, this allows you to turn to each of your advisors and get their immediate perspective on any legal/business-related matter.
You can discuss anything related to your business with your advisors; they may or may not agree on everything because they have different thoughts and disciplines, but you can review and understand their different points of view. You, as the business owner, make the final decision after considering all of their inputs. Your advisors will talk with each other and with you, and things will get done. Meeting with your advisors depends on what you have going on, we suggest meeting with your advisors at least once a year. These meetings will make you pay attention to your plans, get things done, and prepare you for the future.
If you would like more information or have any questions, please reach out to MB Law at email@example.com.
*This information is for general purposes only and is not intended to constitute any specific legal advice of any type.