Article by Eric Purvis, Director of TAA Planning.eric




Your crack team

… 5 experts you need for your business strategy

Whether you’re growing your business’ value and profitability because you want to sell it, make acquisitions, or expand your empire, the stakes are high when you begin to ponder how and when you’re going to kick off your strategy. You’ve essentially got two goals in mind:

  1. Maximising your company’s value, and
  2. Ensuring you accomplish your business and personal objectives.

To make sure that you build, grow or exit your business on your terms, and capture all of the value you’ve created in your business, you need to be proactive – not reactive. Think ahead and gather your team. I’m talking two to three years ahead, if possible, especially if you’re planning to exit.

Choose a team of advisors who can and will help you make this change in your life as smooth and as rewarding as possible. You should also understand that growing your business is a multi-disciplinary endeavour. Only a team of professional advisors will have ALL of the expertise needed to design a comprehensive, integrated Growth Plan with all its associated goals and strategies.

Your crack team

crack team

As a headstart, I’m going to tell you exactly who you need on your team and the one-word reason why you need that individual.

  • A business coach – Accountability
  • A solicitor or legal advisor – Compliance
  • A financial advisor or wealth management professional – Maximise
  • A tax specialist – Minimise
  • An insurance professional – Protect

What about the cost?

Nobody likes to pay unnecessary fees, but the cost of developing a good business strategy is usually miniscule compared to the additional value achieved when it comes to the critical moment (whether it’s expansion or exit). What’s more, sophisticated investors like venture capital firms and private equity groups would never invest in a company that doesn’t have a strong, clearly defined, professionally prepared business strategy in place, so it’s money you’ll need to spend no matter what.

Who do I choose?

If spending on your strategy team is an investment, make sure it’s a wise one. As with all good business decisions, do your research on who to work with and make sure you start early enough so that you can take full advantage of all opportunities.

Why do I need this team?

Because sticking to your strategy is just as important as having one. This is what your advisors are for. Meet with them on a regular basis to ensure that crucial steps of your plan are being completed on schedule.

So, how many of your crack team have you assembled so far?