“Most small business owners decide to start a business because they love what they do. Typically, what they love doesn’t have anything to do with business tax structure, employee benefits, or employer regulations. I happen to love doing the things most business owners hate.” says Jon Tait, Senior Wealth Advisor  

Starting, running, and growing a business can be a challenging yet rewarding journey. One of the most significant challenges in business ownership is the proper allocation of resources. One of the most precious of all resources for a business owner also, unfortunately, happens to be nonrenewable; time. 

The best way to leverage what little time you do have as a business owner is to find the right people to stand beside and advise you during some of the most significant decisions in your career. Finding and building a team of knowledgeable employees and professionals is no small task. Still, it is invaluable if you want to see your business thrive and succeed in your future (without it taking over every minute of your day).

Your team needs not only reliable employees who can assist you in business operations but also strategic professional partners that can bring additional experience, expertise, and skills to the table for you. These are professionals ready to come along with you for a lengthy partnership to help you achieve goals in the distant (and not-so-distant) future. They will ask and help you consider and document your answers to some of the biggest questions you have regarding your business goals.

Having a professional partner alongside your business can help you see the forest through the trees and allow you to take back some of your time and focus on what you do best.

Not Just An Advisor, But a Partner and Professional

A trusted financial advisor is a critical part of your business success team because they can advise you on and assist you with implementing plans for:

Business Cash Flow Management and Employee Benefits Planning

Gross revenue, tax obligations, liquid, physical and depreciating assets, employee payroll, and benefits are complex issues that all impact each other in a real, meaningful way.  

Insurance Planning

Is your business adequately protected from liability concerns or any additional vulnerabilities presented by your unique service or industry?


Succession / Exit Planning / Strategy

You’re probably building a business that you want to grow and outlive you and even your wildest dreams for its success and longevity. You can’t work forever (even if you want to). There will come a day that you need to pass your business to someone else to take over operations. Will you be able to do that with confidence and peace?

Bottom-line Cost Savings / Profitability Maximization

The costs of doing business can be high. But what if yours are higher than they need to be? It takes time and dedication to be able to thoroughly analyze the financials of a business and be able to make educated and strategic recommendations about where some extra expenditures could be trimmed without negatively impacting the consumer experience or productivity of the business’s ability to deliver.

Asset Allocation

With those profit-maximized and cost savings, you may find the business having more capital than you’ve had previously. With an experienced advisor by your side, they can help you ensure that any additional capital is held in the proper accounts to maximize earning and growth potential, while also taking into account your time horizon and needs of accessing funds.

Financial Scenario Projections

Do you find it challenging to decide which way to go when you have multiple options in a scenario? With industry-leading tools, a professional can simulate and project the outcomes of various options to help you make the most informed choices.

Alignment Between Personal and Business Financials

Having one partner that can not only advise you on both your business and personal financial plans and investments – but actually leverage and coordinate them together to help achieve your long-term goals.

Coordination with other professionals (CPA, lawyer, etc.)

Part of getting your time back involves getting a team of competent professionals by your side.

Risk Management

Have you determined the risk tolerance of your business? An advisor can help you analyze important details of your business and understand what kind (and amount) of risk that is optimal for your business – either for sustainability or growth, depending on your individual goals. 

 

Opinions expressed in the article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Shares acquired via an exercise of employee stock options are subject to resale restrictions. Restricted stock is non-transferable and must be traded in compliance with special Securities and Exchange Commission (SEC) regulations. Holding stocks for the long-term does not insure a profitable outcome. Investing in stocks always involves risk, including the possibility of losing one’s entire investment.
While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.
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About Jonathan Tait, CFP, CPFA

As a Certified Financial Planner™, and Certified Plan Fiduciary Advisor, Jon believes in empowering and motivating clients and their families to strive for their goals, both financial and otherwise. Jon was inspired to a career in financial services by his father, who was also a CFP™ with Raymond James. Jon worked with his father after graduating from UNC-Chapel Hill in 1999 until moving on to be hired at the Raymond James home office, beginning as a Research Liaison, working his way up to Senior Research Associate. Then, in 2007, Jon returned to North Carolina to open up his own Raymond James office in Leland. Jon spends time with his wife, Kristin, and son, Turner, outside of the office. They enjoy outdoor activities including soccer, biking or beach days. Jon is an active member of many local organizations, such as the Leland Area Rotary Club, the North Brunswick Chamber of Commerce, and the Novant Brunswick Hospital Board of Trustees.