Advanced Business Group has a client base consisting primarily of high net worth business owners and entrepreneurs. Many times, we notice our clients need services that will help them be more successful and we are asked to help find a provider. It is important to us to find the right professional advisor that will help the client and work with us to reach the clients goals. Additionally, we continually work with professional advisors that have clients wanting to buy or sell a business and are relying on the advisor to help them with the process. We have discovered five professional areas that often work with the same client base that we do and could share a mutually beneficial relationship with us without any competition.
We regularly find business owners that do not have quality accounting services. They need good financial information to present to buyers, audits, reviews, and compilations. Tax issues, strategies, and preparation often need to be addressed on a regular basis as well as due diligence services. They will look to us to help them find the right accountant. At the same time, it is the accountant that often is the first advisor to find out if a business owner wants to sell his business or is looking for ways to grow his business.
Many of our clients do not have an existing relationship with an attorney. The clients often need corporate restructuring, tax vehicles, new entities, asset protection, and liability issues that require your services. Closings, document review, real estate issues and a variety of other circumstances are common as well. Attorneys often have clients needing evaluations for litigation, divorces, etc. and are the trusted advisor when the client is looking to buy or sell a business.
Asset Managers/Retirement and Financial Planners
A large percentage of our clients are about to retire or are planning for retirement. Even those that are not retiring, if they are selling a business then they are about to have a lot more cash than usual. Unfortunately, they often have had very little planning or no idea what to do with the money they are about to receive. It is important to us that our clients can meet their goals after the sale and these services are crucial to be successful here. Many professionals in this area have clients that are business owners and the transfer of business ownership (by selling or gifting) is a large part of retirement planning or asset managing. Often, the business owner does not understand the real value of the business, or how the sales price of a business is going to be paid, or over what time frame they will be paid, or how to best avoid taxation. All of these issues can have a tremendous affect on the services you provide and the size of the assets to be managed.
Many of our buyers will need a bank to provide funds for the purchase or funds to operate a business that they have purchased. Our clients not only need lending, but will require a variety of other banking services such as checking, employee checking, credit card, bill payment, and personal loans. SBA lending is used frequently as well. Bankers are often involved with business professionals that would like to grow a company or purchase a company for the first time and use the banking resource as part of that growth.
Advanced Business Group understands that brokering real property and brokering companies are two different areas of expertise. Each has its own buyers, deal structure, marketing, and taxation issues just to name a few. At the same time, business owners have a desire to sell both a business and the property it is located on and this creates challenges that can hinder the sale of each asset. We do not sell real estate and rely on commercial realtors to help our clients with this. Additionally, realtors often have appraisers to value real property yet struggle to understand the value of the business. Realtors can be frustrated with selling property with a business when you can not put a “for sale” sign on the property without hurting the business. Working together, these are just a few of the many ways we can help each other to maximize our clients position.