Riley Bennett Egloff Magazine April 2018

WHY CAN’T WE ALL JUST WORK TOGETHER? A Client-Centered Approach to Working with Business Advisors By Anthony R. Jost, RBE Partner S mall business owners are often so busy working in their business that they neglect to work on their business. More than ever, in these complex and competitive times, businesses are forced to confront how best to provide their customers with products and services in an effi cient, cost-conscious manner while simultaneously maximizing the limited time and resources they dedicate to stay abreast of laws and regulations that may have an eff ect on their business. It is critical for a small business owner to arrive at a business plan that acknowledges the need to grow but also protect the business. The old maxim “an ounce of prevention is worth a pound of cure” can mean so much in today’s business environment and raises a few key considerations for every small business professional: 16 Riley Bennett Egloﬀ LLP - April 2018 1. How does a small business successfully work with and incorporate business professionals into its business plan; and 2. How does a business stay abreast of changes and developments in laws and regulations that may have an impact on its business? Working Eﬃ ciently with Professional Advisors Depending on the industry, small businesses may rely on a number of professional advisors on a daily basis, or their advisors may be less involved or non-existent. All too often we hear that a small business owner does not or cannot aff ord to hire proper talented business advisors. They jump in feet fi rst, which often means they did not have time to plan for long-term success. Even if a business owner gets information that would normally be provided by a professional advisor, that owner may not understand the true application and full legal or tax eff ect of that information on their business. Once the business is undergoing an audit or being sued, it is too late to plan and advise on a proactive rather than reactive basis. Unquestionably, every small business should have at its core two professionals actively participating in working on their business: an accountant and an attorney. As important as fi nding the right certifi ed public accountant and business attorney, it is probably more important to fi nd the appropriate combination of accountant and attorney who are willing to work with one another, are able to communicate with one another and are client-centered. There is no place for a business professional with a personal agenda and who is not willing to consider new or

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