4 Factors Business Owners Discuss with a Financial Advisor

No matter what type of company you own – from a flower store to a coffee house, a graphic design firm to an importer, a retail clothing store to a smoothie shop – part of your business plan should be securing the ongoing support of a financial advisor. Business owners and executives need another voice who can see their enterprise for what it is and deliver the guidance necessary to succeed. Here are just some of the factors business owners discuss with their financial expert.

1. Cash Flow and Business Liquidity Needs

You may think it’s only up to you and your internal marketing and financial team to address cash flow and business liquidity needs, but an outside financial advisor can be can essential part of that equation. Having an objective person review your methods ensures an honest assessment of strengths and weaknesses.

Is your business performing as well as it could? Does enough cash flow in to cover the cash that goes out – and will these numbers remain static or change and improve over time? Your profitability and chances of success revolve around smart financial planning. With a personal advisor in your corner, assets, liabilities, and financial health get the regular attention they need.

2. Company Retirement and Benefits Programs

When you run a business, you must offer decent company retirement and benefits programs to employees – and no one should have to tell you that happy employees who can help their families  through our benefits are far more likely to stay loyal and stick around.

It’s not always easy to identify the best plans for you and those who work for you because it needs to be helpful but not cost-prohibitive. A financial advisor can guide you to worthwhile support options and help you steer clear of those that are not.

3. Asset Protection Strategies and Liability Management

The goal isn’t just to make money as a business owner but to protect against financial losses, especially when it comes to taxes, creditor claims, and damages in potential lawsuits. Identifying asset protection strategies involve the movement of assets into a separate legal entity for protection while liability management helps reduce company loss from failing to pay a liability on time.

4. Buy-Sell Agreements

Also known as buyout agreements, buy-sell agreements establish what should happen to a business if the owner dies or leaves the company – in short, it confirms that the legal plans surrounding succession will be honored whether the business is transferred to another owner, individual, or entity.

The buy-sell agreement is common when there are two or more business owners and executives and it’s an agreement that delivers important protects in case of resignation, termination, retirement, death, divorce, or disability.

Why Every Business Owner Needs a Financial Advisor

You may be super savvy when it comes to business or have a solid business plan that can’t be beat, but an outside entity will always be able to identify any holes in the plan and make you aware of what can be done better to minimize your risk and secure your assets. Get the financial advice and support you need for your enterprise from Hollander Lone Maxbauer in Southfield, MI. Contact us to schedule a consultation.