I recently wrote about how an accountant and financial advisor can help with your estate plan. Today I had a meeting with a client who was looking to get their business off the ground. We talked about the various ideas she had for her business. Last week we finished up her estate plan as well. So her question was,

What Should I Do Next?

There are lots of different next steps to take, but we focused on the business and where it would go from here. She was already off to a good start and was planning on hiring a few employees before the end of the months.

Accountants and Financial Advisors

One of the first places I sent her was to her accountant. If she was going to be hiring employees (or independent contractors), there are a variety of tax issues to be dealt with. We had been planning for the employees when we set up the company, but now it’s time to get into the nuts and bolts. While a lawyer can help with employment contracts and other agreements, an accountant can make sure you’ve got your tax structure in place and ready.

She also works with a financial advisor we both know. Although her financial advisor works on her personal assets, she also had some good ideas for the business. We hopped on a conference call to discuss some financial options for the business.

Another area we identified? Benefits. When you start a business on your own, benefits can be low on the list. You may talk to your accountant about setting up a retirement account. But what about health insurance? Or disability insurance? Maybe you need key-person insurance? Having a good benefits broker can help flesh these issues out as well.

Luckily for this client, we knew a benefits professional to talk to. He’s in the process of putting together a plan for her. And at the end of our brainstorming session, she has a clear path forward with the next steps to take.

P.S. If you need an introduction to an accountant, financial advisor or benefits professional, shoot me an email and I’d be happy to share some names…

Next Steps

If you are thinking of starting a business or already started your business and want to make sure your legal documents are in order, give me a call and we can sit down to discuss the process and what documents would be best tailored for your company – (877) AMAYERS.

Andrew Ayers
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I work with business and estate planning clients to craft legal solutions to protect their legacies.