How to Create the Dream Team for the Family Business?
The family business needs to create the “dream team” for the business. The “dream team” for the family business consists of:
- Insurance Agent;
- Business Coach;
- Banker; and
Here are some important groups to have on the “dream team” for the family business:
- Board of Directors;
- Management Team;
- Human Resource Management;
- Legal Team; and
- Support Team.
The business owner, of course, is the first member of the “dream team” because they are ones who start, develop, run, and grow the business. Also, your employees play a valuable role in the daily operation of the business because without your employees how can the business run and operate smoothly on a daily basis. An attorney is an essential key player in any business because of the legal implications in operating a business. An attorney’s role can be best described as “protector of your business” from legal implications or legal issues that may come up unexpectedly. An attorney’s duties can include: 1. Review and draft of business contracts; 2. Ensure your business is properly set-up as a legal business entity (LLC, Inc., Corp, etc.); 3. Represent the business in legal matters; and 4. Ensures that everyone is abiding by all the local rules, laws, and regulations in the operation of the business.
An accountant is essential to the daily operation of your business because the accountant deals with the finances of the business. An accountant ensures that your finances are in order and ensures that your taxes are in order to avoid tax trouble. An accountant ensures that the business is not audited by the IRS. An accountant ensures that you properly record your profits, losses, and expenses for your business. But, one important thing to remember, do not relay on your accountant alone to handle your finances and taxes for your business. Ensure that you continue to have first-hand knowledge of how your accountant is handling your finances. An accountant normally deals with your money transactions that occurred throughout your business fiscal year. Good way to have first-hand knowledge of how your accountant is handling your finances is by setting up a system that enables you to organize and record your business financials on a daily basis.
A bookkeeper is good to have in the daily operation of your business because they ensure that the business finances are in order. The bookkeeper deals with the record keeping of the business finances on a daily basis. A bookkeeper is good to ensure that all employees get paid on time, all debts owed to creditors are paid on a timely basis, ensures that all taxes owed are paid (payroll taxes, Medicare, social security taxes, FICA, withholding taxes, etc.), and all monies owed to the business are collected on a timely basis. The bookkeeper works hand in hand with your accountant to ensure that all the profits, losses, and expenses regarding the business are properly recorded. Also, you should have a good relationship with both the accountant and bookkeeper because they are assisting you with the business finances.
You should have a good relationship with your banker because they are ones who assist you with opening an account for the business. A banker ensures that you have the correct banking tools needed to run the business smoothly. Also, having a good relationship with the local bank will ensure that the family business can receive the loans, lines of credit, and other financial tools needed to keep the business afloat financially.
An insurance agent is good to have because the family business will need insurance to protect the business from all kinds of problems and issues that may come up. An insurance agent ensures that the business has the proper insurance to protect the business assets, personal assets, and financial future of the business.
It is good to have a business mentor for the family business whose has had similar business as the family business. A mentor is there to provide you with sound advice regarding the business and to answer any questions about running a business when needed. A mentor will connect you with the right people and organizations who can assist in the growth and prosperity of the business. A mentor is there as a friend, counselor, and teacher for you to learn and grow from as a small business.
Remember to have that “dream team” together and ready when starting a business because they are there to ensure that the business is a success and not a failure.
The fifth article in the “How to Properly Set up a Family Business” Series.
Donya Zimmerman is a business consultant, mediator, and legal professional with over ten years of experience. Donya is also a public speaker and aspiring author. She has a few books in the works that will be published and released in the latter part of 2015. The books will focus on entrepreneurship, small business, and daily devotionals. She is owner of Family & Community Mediation and Business Consulting (FACMBC) and Powerful Biz Woman (subsidiary of FACMBC). Both are based in Baltimore, Maryland and were established in 2013. Services provided by FACMBC: Mediation and Conflict Resolution Services; Business Registration Assistance (Limited Liability Company, Corporation, S-Corp, Limited Liability Partnership, etc.); Business Plan Drafting Assistance; Business Certification Assistance (MBE, WOSB, 8A, 501(c) (3), Hub Zone, etc.); and Business Organization Assistance. She is also a contributing writer with the Maryland Daily Examiner Newspaper and the Leadership Girl Newsletter. Donya Zimmerman has made article contributions to the Simply Inspirational Women in Business Journal for 2014 published by Dr. Cheryl Cottle.
If you are thinking about starting your own small business or non-profit organization do not hesitate to contact me because I can show you how to do so. Contact information: firstname.lastname@example.org; www.facebook.com/FACMBC; www.twitter.com/FACMBC; https://dzimmerman36.wordpress.com; http://www.linkedin.com/in/dzbusconsultantandmediator
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