Getting your team of professional advisors to meet with you as a group periodically is a good practice to start. By a team of professional advisors, I mean, your accountant, lawyer, financial advisor and anyone else that you feel should be involved in the development of your business.
The main reason to get these parties to meet is so that they hear from you at the same time, what your vision is for the company. And how they feel that they can best assist you with achieving this vision. Each of them will also be able to provide insight as to what they would focus on in this process.
For instance, in the initial stages of incorporating a business, a lawyer will develop a structure and create a share structure that would suit you as a business owner, but may not realize that one of your objectives is to provide an income stream to your children. Your accountant may suggest that a trust structure or a separate class of preferred shares should be created in order to supply the flow of income that you want to pass on to your children. And your financial advisor may have another option available for you to help fund money to your children, but through an insurance policy or another investment tool that neither the accountant or lawyer may have thought of. The three advisors can brainstorm and come up with the best solution for you and your company.
Having all three meet at the same time will also allow you as the business owner to benefit as well since you would not have to go back and forth between the advisors in separate meetings, nor would you have to worry about misinterpreting what one advisor says as they will all be at the same place and will be hearing and discussing the same things. This would improve in efficiency of ideas being generated and executed. So you would be maximizing the outcome with the minimum amount of time.
I don’t mean that that this is something that needs to be done every month or even every quarter, but it should be something to consider doing once a year possibly as a strategic meeting. With everyone on the same page, great results will happen.
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About the Author
Dayna Holland is a Vancouver-based Chartered Accountant whose expertise includes strategic financial planning, budgeting assistance, and tax advice. Read more about Dayna Holland >>