business Archives - Note Advisors, LLC

Who’s Got Your Back?

Tom Waring on January 6, 2021

Have you ever explored the full meaning when someone says, “I’ve got your back?”

Is it that they’re committed to watching out for you and taking care of things that you are likely to miss?

Are they dedicated to being that second set of eyes and hands for you when necessary?

Is it someone willing to help when you need assistance, even before you know you need it?

How about somebody who will literally enter into a physical battle on your behalf?

Have you ever taken the time to consider who’s got your back in your business?

Perhaps it’s an advisor who has a single-minded area, whether it be law, accounting, or lending.

Maybe it’s that individual who’s able to rise 30,000 feet for a broad view of your world and then tell you how your business fits in your life, particularly during stressful times.

Maybe it’s the person who can keep the bigger picture in mind when aiding you in your day-to-day business battles. Or someone who can pull you aside – despite your protests that you ‘don’t have time’ – and offer strategic perspectives and advice you can trust.

These “have your back” individuals will ask questions that stop you in your tracks, that allow you to take a deep breath while the stress of the moment leaves your body. They do this without fear that their questions might be simple, naïve, or lacking a complete understanding of your business.

They don’t worry if they’re the biggest thought leader or genius in the room. They’re focused on helping you slow down, making certain that you’re not ignoring the larger implications of whatever task is at hand.

They maintain the big picture, yet they are at the street level, working right alongside you. They open their network and introduce you to the accountant, the attorney, the banker, even the medical professional, and ask them for exceptions on your behalf, all because they truly believe you are exceptional.

These are the people who see you for who you are, believe in what you are trying to accomplish, and give all they’ve got to help you get there. In effect, fully defining what it means to say, “I’ve got your back.”

We all need someone like this, don’t we? I know who it is for myself and the impact they continue to make in my world. Who has your back, in your business, and in your life?

Great Advisors Ask Great Questions

Tom Waring on November 5, 2020

In the decades I’ve spent advising individuals on their businesses and their wealth, I’ve observed that people are often concerned about having the “right answers.” It makes sense. We all want to be correct, feel affirmed, and know we’re on the path of success. However, I’ve learned that to arrive at the “right answers,” you need to ask the right questions. At Note, we believe great advisors ask great questions. The kinds of questions others might not.

Questions you never get to fully contemplate in the day-to-day demands of running your business.

Questions which, by the time you recognize they should have been asked and addressed, rob you of valued financial capital and time.

“What made you decide to start this line of work?”

“Are you still doing it for the same reasons?”

“What has to happen over the next three years for you to feel professionally fulfilled and successful?”

“When was the last time you took off a couple of weeks, or even a month, from your work?”

“If you don’t have the support in place to take a month off or more, what do you think would happen to your business if you become unable to work for an extended period of time due to illness, injury, or premature death?”

These kinds of essential business questions don’t stop there. For many business owners, there are succession concerns that can implicate partners, family, and employees.

“How do you plan on getting out of this business alive?”

“Are your children working for you? If so, do they expect to own the business someday?”

“Can you identify key employees in your company?”

“Do they know they are your key employees?”

Some business owners have shareholder involvements.

“Have you reviewed your shareholder agreement to make sure those integral to your business aren’t robbed of ownership positions, like your children?”

“How might this impact partners and co-shareholders you might have?”

“Does your shareholders agreement address liquidity needs that may occur during their lives—college education funding, unanticipated expensive medical care, helping a child with a home down payment or a grandchild with their education?”

“Can these needs create the unintended consequences of diminished business focus, or loss of a key shareholder?”

There’s also the challenge of managing relationships with varied business advisors.

“Do you have a collaborative team of advisors—an accountant, a tax expert, a lawyer, an operations pro?
“How do you coordinate communication among them all?

“Do you have one core advisor facilitating such communication? Or do you find yourself spending your business time interpreting the work of each one of your advisors for everyone else?”

“How’s that working for you?”

If any of these questions hit a nerve, I want you to know that I see you and the challenges you’re facing. That’s why I’m passionate about asking great questions that grab your attention and give you pause. Questions that inspire the right answers for your family, your business, your wealth, and your legacy.

If you’d like to start a conversation filled with great questions, I can be reached at Tom@NoteAdvisor.com.