In the decades I’ve spent advising individuals on their businesses and their wealth, I’ve observed that people are often concerned about having the “right answers.” It makes sense. We all want to be correct, feel affirmed, and know we’re on the path of success. However, I’ve learned that to arrive at the “right answers,” you need to ask the right questions. At Note, we believe great advisors ask great questions. The kinds of questions others might not.
Questions you never get to fully contemplate in the day-to-day demands of running your business.
Questions which, by the time you recognize they should have been asked and addressed, rob you of valued financial capital and time.
“What made you decide to start this line of work?”
“Are you still doing it for the same reasons?”
“What has to happen over the next three years for you to feel professionally fulfilled and successful?”
“When was the last time you took off a couple of weeks, or even a month, from your work?”
“If you don’t have the support in place to take a month off or more, what do you think would happen to your business if you become unable to work for an extended period of time due to illness, injury, or premature death?”
These kinds of essential business questions don’t stop there. For many business owners, there are succession concerns that can implicate partners, family, and employees.
“How do you plan on getting out of this business alive?”
“Are your children working for you? If so, do they expect to own the business someday?”
“Can you identify key employees in your company?”
“Do they know they are your key employees?”
Some business owners have shareholder involvements.
“Have you reviewed your shareholder agreement to make sure those integral to your business aren’t robbed of ownership positions, like your children?”
“How might this impact partners and co-shareholders you might have?”
“Does your shareholders agreement address liquidity needs that may occur during their lives—college education funding, unanticipated expensive medical care, helping a child with a home down payment or a grandchild with their education?”
“Can these needs create the unintended consequences of diminished business focus, or loss of a key shareholder?”
There’s also the challenge of managing relationships with varied business advisors.
“Do you have a collaborative team of advisors—an accountant, a tax expert, a lawyer, an operations pro?
“How do you coordinate communication among them all?
“Do you have one core advisor facilitating such communication? Or do you find yourself spending your business time interpreting the work of each one of your advisors for everyone else?”
“How’s that working for you?”
If any of these questions hit a nerve, I want you to know that I see you and the challenges you’re facing. That’s why I’m passionate about asking great questions that grab your attention and give you pause. Questions that inspire the right answers for your family, your business, your wealth, and your legacy.
If you’d like to start a conversation filled with great questions, I can be reached at Tom@NoteAdvisor.com.