How long has your automotive business been open for business? Ten years? A week?
No matter how long you’ve been around, having an exit plan is necessary. If you don’t have one in place already, the best way to start is by choosing the perfect advisor team.
Here are six different types of people you should look for when selecting the team that will help guide your exit planning process:
- Financial planner or business-valuation advisor
A financial planner or business-valuation advisor is perfect for your advisor team because they’re determining things based on facts, numbers, and formulas, which they know well.
- CPA or consultant with experience in the automotive industry
The advisor in this role will primarily focus on assessing where your company excels, areas for improvement, and analyzing opportunities you may not be taking advantage of yet.
- Property and casualty specialist
This team member will be in charge of protecting the value of your business. They’ll assess your property and get the proper insurance measures in place, ensuring you’ll be protected, should something unforeseen happen prior to execution of your exit plan.
- Business broker
The business broker will advise you on how to maximize the value of your business, ensuring you get the most possible for your automotive business. They’ll make sure that your exit plan is realistic and pragmatic.
- Estate planning attorney, life insurance advisor, trust department, or business attorney
The advisor in this role will be in charge of ensuring that the business exit plan aligns with the business owner’s lifetime goals and objectives. They’ll coordinate the exit plan with your estate plan and make sure their goals are aligned.
- Financial advisor
In this final role, the financial advisor will be responsible for advising the current owner how to invest cash in ways that fit with their goals.
Other Important Factors
While all of these types of advisors are important, choosing individuals with the right personality traits is vital when it comes to putting your advisor team together. You want to choose individuals who are team players and responsive. And while your teammates don’t have to agree on every recommendation made, they need to be willing to work together to make a plan that fits the business owner’s goals.
You also want to make sure the individuals on your team have experience. Make sure to choose candidates who have plenty of experience working with business owners on a variety of matters that come up throughout the day.
No matter the size of your advising team, you ultimately want experienced, go-getting, team-players to advise you on your next steps as an automotive business owner. If you find yourself needing help selecting members for your exit planning team, we’re here to help! Contact us today to get started.