The business asset has both opportunities and challenges. Yet family members, legal, tax, business and financial advisors all have differing expectations; what should happen with this asset. Every business owner deserve the opportunity to understand their options for the business BEFORE any thing else begins to happen and opportunities for themselves and the family.

1. let's raise the bar
on YOUR PATH
to Success or Significance
HOW WE LIVE TOmorrow DEPENDS ON OUR DECISIONS TODAY
owners & Advisors

2. Why is this important?
what 1200 engagements and 1500+ clients & their wealth
in 25 years has taught us both - In short, the top 1% of owners and
their advisors succeed because they mastered two principles of
leveraging human capital and managing risk.
investing in unique knowledge & relationships
Whether:
growing the business to the next level; sales, revenue, profit, value
An eventual transaction of the business, hold, sell, transfer, M&A
a liquidity event & wealth management
Owner & Family desire to become a family of significance

3. what the top 1%
does differently
They require a strategic ("holistic") approach that aligns advisors and
owners.
This forces them to play an A-game, which includes collaboration and
cohesion.
The owner will always be willing to pay a premium for receiving
something above the rate and/or commission as the return of value
provided far exceeds the amount paid.
The provider's success becomes the owner's success as is the converse
benefit to the provider.

4. As we learned to drive
the Auto insurance and repair businesses knew that we
can't all be "great" drivers.
and then in the business world
there were those who push themselves to strive, question
and answer.
There were those who show up having earned the right
to practice their profession and
those, like you, who "dared greatly" to make their own
paths instead of following others
back in High School
remember, there were A-students, B, C and so on?

5. the practice of law
Having worked with hundreds of attorneys, there are as many
varying competency levels and personalities as there are
disciplines. a solid generalist may be ideal for some matters;
whereas a trust & estate litigator may be preferred in others.
The layperson might understand the two differ, but we can't
assume this is true.
owners often don't know what they don't know. This leaves
them vulnerable. to their advisors' interpretation. For many
owners "what does it cost?" is the measure understood. It's
also a serious limitation.

6. the practice of accounting
Many use the general term accountant or CPA
however, within their profession, there are those whose
discipline is primarily business and/or personal tax returns;
others that focus on audits; and others are compliance
oriented.
The point is that not only are there gradients of ability, but
also specialization.
Not all are great students or drivers or service professionals.

7. OWNERS Expend RESOURCES working with existing professionals.
DO owners see these services as necessary & does this equate to their
having value? or are they expenditures that come down to rates and
commissions paid?
a provider will always justify s/he is receiving a fair amount (akin to
that we're all good drivers).
owner's expectations
What advisors often can't see
However, if other providers can render the same
services or relationship "quality" at the same
levels, no differentiation is provided.

8. the issue of synergies
Most advice is ad hoc, one-off, technical, tactical and transactional.
Each profession, based upon orientation, may see a solution for their
part of the case. while never ensuring that all are looking at the same
case.
they may have differing and conflicting vantage points.
This is why alignments are a key to success

9. (What question would a patient likely ask a heart surgeon?
Is it cost or success rate?)
the "fees/rates" issue gets compounded when there's "not enough
detail to determine scope or complexity" so the inquiry becomes; "
"my client needs 'X', what will it cost?"
Yet, The real fear of god issue is what and when will this impact the
client or present itself such as in an audit or a dispute arises? (this is
the reactive stance, not proactive in view)
what will it cost?
negotiating fees, when clients/prospects may not
understand what is being received, frames the
offering as a commodity.

10. too often these compound owner frustration and hesitation to
act.
Think of this as inefficient at best and ineffective at worst....
while assuming all are competent professionals.
common predicaments
a lack of perceived value
Is it any surprise the prospect/owner
wants to minimize what s/he's paying?

11. difference between an Accountant,
an economist and a finance
professional?
ACCOUNTant is concerned with the gathering, reporting and analysis
of business transaction data
ECONOMIST studies the production, consumption and distribution of
goods and services through the behavior of people, companies,
industries and nations.
FINANCE figures that process out as it reflects investing decisions and
risk management. It is concerned with the time value of money, rates of
return, costs of capital and optimal financial structures.
Yet retention selection often is based
on fee not knowledge

12. Cost, price, value & worth
COST is what is considered and the benefit of what an alternative
would have given.
PRICE is the amount paid in return for goods and services.
VALUE is the measure of the benefit believed to be gained from the
goods or services
Worth is what one is willing to pay, which may or may not be the
same as its price or value.
example
it cost $0.15 to produce a jug of water it is sold for a price of $0.75
to $1.25. would you pay $1.25 if it was the only selection available?
What's its value if you hadn't had any fluids in three days and
would you be willing to pay $10.00?
How about if that gallon was poured into a pool of water and it
was the difference between drowning or not?

13. what is the most valuable
asset owners have?
their prized possession, the business.
This has incalculable consequences and lays business owners bare
to consultants and advisors who may be well intentioned simply
because the time to at least distinguish what "good" or
"great" strains commitments of time and importance.
the largest number of business owners have no idea their
susceptibility to the fee versus value received dynamic.

14. why some advisors are paid for performance and why some owners
grow $50 to $500 million companies?
They leverage human capital while managing risk.
It's simply not financial and tax engineering alone.
risk-vs-opportunity-optics
Do you the reader now
understand

15. Vision. Direction. Execution.
your team leaders
Robin Coady Smith
1330 Avenue of the Americas, 23rd Fl
New York, NY 10019
Phone: 1-646-328-1982
Email: robin@prcio.com
carl Lloyd Sheeler, PhD, ASA, CBA, CVA
2725 County road 250
Durango, CO 81301
Phone: 1-619-453-3015
Email: carl@prcio.com