A diverse team of experts can also offer you different perspectives from which to view your business, potentially uncovering opportunities you may not have thought of on your own. Without a diversity of ideas, you’re likely to get cookie-cutter solutions. In addition, having a team brings balance to your decisions so that a decision in one area or made by one expert is less likely to negatively affect another critical area. Countless conditions exist where a good tax decision negatively affects asset protection; a good financial planning decision negatively affects banking; a good asset-protection decision negatively affects bonding or insurance. For instance, while it may make sense to distribute cash from the business to reduce potential liability, it may not leave enough money on the books to satisfy banking or bonding. Having a team that communicates well is critical to finding the middle ground that’s best for you and your business.
Finally, the members of your advisory team act as trusted experts and guides, not simply specialists who can handle compliance requirements. They can also share their life wisdom, which can be helpful when the going gets tough. An experienced team is likely to have seen your issues before and have elegant solutions. It is also common for the team to know about potential business opportunities in your community and to make introductions to key people or knowledge. A good team connects you and your business to a legacy that you will both benefit from and pass on to those who follow in your footsteps.
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