our relationships
success starts with team
We have not gotten to where we are alone. We have teamed with some very excellent and talented professionals. When these teams come together, the client is likely to achieve maximum success. There have been a handful of times over the years when we don’t come together. We always leave these key decisions to the business owner and respect the decision.
We have very few, yet important provisions that govern our relationship.
We expect mutual referrals. When we work together, be both benefit as does our mutual client. We will reciprocate with referrals to those who actively work with us.
We don’t replace you. You can only replace yourself, meaning you have to do something that makes the client replace you. 30+ years of ongoing working professional relationships prove this.
We expect a certain level of trust and we have ethical standards that must be adhered to for both client and professional relationships.
At times we may disagree. While we work for consensus decision-making, we will respect and adhere to any and all decisions made by our client whether our idea or not.
When we begin to cross our respective disciplines, the client does not do well. While all professionals may have some experience in other disciplines, we expect all professionals (including ourselves) to stay with our respective areas of expertise.
If you wish to be on our list of referrals, please send us your information on our Contact Page.
accounting
Simply put, we cannot do our job of financial analysis and guidance without sound and reliable accounting. We rely on superior accounting procedures to make sure the numbers and resulting financial documentation is accurate and reliable. Without this, nothing will work and worst yet, could lead to incorrect decision making.
While we are well versed in GAAP and standard accounting practices, we rely on the accounting profession and its
expertise to provide our needs. Furthermore we rely on accountants, notably CPA’s, to provide tax compliance and guidance. When financial plans are proposed we expect the CPA to review them to meet accounting standards as well as
analyze them for tax effects.
Along these same lines, we expect our accounting professionals to allow the financial professionals to do our jobs with the expertise we garner over time. There may be times when we do not always agree on direction, but we rely on the owner to make decision with such diverse data and make the best decision for his/her business – and we always support this methodology.
legal
Like other key professionals, we rely heavily on our client’s legal advisors. Our best relationships involve collaboration in matters that cross both legal and financial lines.
The best example of this collaboration involves banking relationships and accompanying lending documentation. We look at structure and the related documentation from a financial and management perspective and as well a from a bank relationship perspective. We do not advise a client on the legal aspects, but in concert with legal counsel, will recommend how the client manages the business and lending relationship.
With regard to the succession planning segment of our business, we need estate planning and succession planning legal expertise. Review of our Dynamic Succession Planning model will show we rely on this expertise both at the beginning of the process and in terms of annual follow-up. We also expect that such expertise will be used on a personal level with the personal financial planning experts needed in the succession planning process.
insurance
So often the insurance dynamic is relegated to covering catastrophes or even as an afterthought in the planning process. We think otherwise. We believe insurance products help mitigate risks that cannot be otherwise handled by a business. But more so, these products can be used for current and future planning – especially succession.
With careful planning and teamwork early in any business process, the products and services of insurance selected can not only reduce current and future risk, but in some cases overall costs and thus better profitability.
We make insurance reviewing a mandatory process as part of our financial advising; at least annually, but sometimes more frequently. By applying sustainability and other financial analysis, a company can make sure the right products and the right amounts are in place. An insurance advisor knowing the needs of the business and the business owner can help anticipate needs and even bring new ideas and services not contemplated.
Financial planner
Since becoming a financial advisor to businesses, we are frequently asked by to clients to advise them on personal financial matters. We even get asked by others who think of us as financial advisors if we can take the place of a professional financial advisor. Of course we don’t. Why? We are BUSINESS advisors, not personal advisors or planners.
Not only do personal financial advisors need to be licensed but the knowledge and tools are not part of our expertise. But our clients need such advisory services. This is especially true with our Succession Planning system, Dynamic Succession Planning. The Shareholder Segment needs the guidance of a personal financial advisor to complete the process.
Correspondingly, a financial advisor may be advising clients who own
businesses and need our expertise in advising them. The two go hand in hand. We have always had a very good working relationship with personal financial advisors and will continue such relationships – for the sake of our clients!