Professional Advice – Who is Important? An Overview of Various Professional Counselors for Small Business Owners

Professional Counselors Who Are they? Accountants Insurance Legal Consultants Lenders

Professional Counselors – Legal Seek local bar acceptable lists Self Educate about Legal Process Interview several; discuss fees Choose one with start-up business experience Choose one with fund-raising experience Contracts review experience Investigate track record, experience, & reputation Remember: attorneys main raison d’tre is to keep owner out of liability

Professional Counselors - Accountants Three kinds: managerial, tax, and financial Managerial: predictive Tax: avoid penalties and minimize taxes Financial: good for outsiders like bankers and investors REMEMBER: Accountants best for telling you as owner where you have been. Few are also good at business advice in general sense.

Professional Counselors: Insurance Dealing with “risk”: how to minimize Kinds of “risk” – financial, collections, technology, sickness & injury, property protection, product & service liability, legal violations, and loss of key employees. Interview several: examine & compare rate quotes, experience, satisfied customers, recommendations, & resources for in-house training

Professional Counselors – Management Consultants For profit ($$$) and not-for-profit ($). Non-for-profit: local SCORE chapters, SBDCs, and WBCs. Check local chambers of commerce, and local university business schools. HR services now commonly done by hired consultants. Frequent uses? Recruiting, HR duties, market experience, social media training & use, investor relations, sales experience, connections.

Professional Counselors: Lenders Provide useful guidance on financials and recruitment of key employees Provides legitimacy to public Sounding board Can help recruit customers Identify business partners if necessary Secured lenders will have little time; equity investors MUCH time.

Professional Counselors: Board of Advisors Recruit Successful types (#? Maybe 5-15) Diversify competencies Meet 2-4 times a year (online?) Give meaningful roles (not window-dressing) Gives entrepreneurs inexpensive advice and benefit of others’ experience. Local reputation gives legitimacy