Forums: Discussions for entrepreneurs and small business.

Who do I refer my client to help with those highest level decisions?

THE IMMEDIATE CHALLENGE:  Key decisions have to be made, an exit strategy planned, and the right consultants / advisors brought on board. Small franchise store owner has zero experience running a business, and needs a highest-level advisor for personal and business finances. Well funded, good employees, great store manager, excellent sales and marketing in place, growth industry, good corporate backing.

Who do I recommend? A good business attorney? A business coach? A financial advisor? An accountant?

Hi there!

If they are small businesses, they may have a budget to work with and may not be able or want to pay for much since they are trying to gain profit and not expend so much.  What exactly are they needing advise on?

I am a business owner and Accountant.  I assist small business and those who have never had business operating experiences with these issues.  If they are a public corporation they need to adhere to certain federal regulations such as Sarbanes-Oxley Act of 2002.  If they are a sole proprietor they may want to restructure their business structure to avoid any risk of their personal assets.  If they are selling in one area or sell and ship to multiple areas they may be liable for local taxes on top of state taxes and other special or transit taxes.  Their are many issues a business owner should know and I can help them eleviate stress and headaches most small business owners are overwhelmed with.

 

Thanks

Bree

Accountant

Independent Accountancy Services

Sounds like you need a CFO.  Check out CFO magazine to see if this is indeed what you need, then start building your defining your terms, like what exactly do you need your CFO to do? How much will you pay?  There are search firms that can assist you in finding the perfect CFO for your needs.  Look for a CFO that has experience in doing whatever your #1 goal is for him or her (i.e. if an exit strategy is your primary goal, find a CFO that has “exited” many a company) Hope this helps a little!

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Leslie
Founder and President
Charmed Life Products LLC
Grill Charms™… The MUST HAVE grilling accessory that is revolutionizing the American Cook-out AND The perfect gift for any occasion!
Grill Charms
                                                                                                    

Hello Bree, and thanks for your reply.

This is structured as an S-Corp, I believe, started by a man and wife in their 70`s. She died in December. There is a need to set up an exit strategy and also succession to a new owner in the event the remaining owner dies. All sales are local.

The current accountant firm offers Business Advisorship services, but the accountant has never offered them or explained them, which baffles me. The business attorney hasn`t dealt with any of these issues. My suggestion right now is for the business owner to find someone(s) with business ownership experience who also has the legal and financial knowledge to advise him.

Hello GrillCharmer. If only we could find someone who would function as a CFO but more in the capacity of professional services like an attorney or an accountant, and who is affordable. What should this expenditure be for someone who owns a one-store franchise with 5 employees?

Look into www.CFO.com and see what is out there.  You can do some research on the field, get an idea of what you need, if someone like that exists and maybe make a contact or two.  This is most certainly not my area of expertise, but hopefully it might be worth looking into.  Very best of luck!

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Leslie
Founder and President
Charmed Life Products LLC
Grill Charms™… The MUST HAVE grilling accessory that is revolutionizing the American Cook-out AND The perfect gift for any occasion!
Grill Charms