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5 Professionals A Business Needs

Throughout the life of a business, it will go through cycles of growth and challenges, some easier to navigate than others. And while business owners know their products and services inside and out, there are many aspects which an entrepreneur depends on the expertise of other professionals. At bankFNBD, we stress the importance of having a close network of experts you can call on for their specialized advice. Here are five:

  1. Accountant

From making sure your financials are compliant with current accounting standards to ensuring you’re paying all obligated taxes timely and sufficiently to helping you value your business—we cannot stress enough the value and necessity of a Certified Public Accountant (CPA). Discuss your long-term business plans — will you be passing the business down in the family or looking to list the business and it’s related assets for sale? Planning ahead can help you maximize your business valuation. And when you find yourself going through an audit, you will appreciate a professional preparing the requested documentation for the auditors review and corresponding on your behalf. Certain financing structures require ongoing financials be provided by a client to their lender, and having an accountant who can regularly update P&Ls, Balance Sheets, etc. for submission saves the business owner time and keeps their financial information current for new requests.

  1. Financial Advisor

Most people, even entrepreneurs, don’t want to work forever. Whether the plan is to scale back from the day-to-day involvement, cash out by selling off ownership shares, or just close up shop at some point, the planning is key. Too often business owners invest in their business without building investments outside of their business, limiting their retirement options.

Diversifying investments and building personal wealth essentially helps you to weather different economic cycles and leave your options open for how and when you want to retire. A financial advisor helps his/her clients build wealth and plan for retirement according to their personal financial goals and lifestyle needs. Take the time to strategize now for where you want to be a decade from now.

  1. Attorney

Lawsuits, client and vendor contracts, business structure and partnership agreements, A/R collection letters, employment law guidance, acquisitions, real estate transactions… the list goes on. Build a relationship with your preferred legal counsel now, because you will need an attorney’s services at some point. If you operate outside of Louisiana or outside of the U.S., choosing an attorney who is familiar with the applicable laws of where you do business is essential to protecting your company and ensuring business continuity.

  1. Insurance Agent

As you scale and grow, it’s very likely that your insurance coverages will need to grow with your business. Using an agent who understands your industry, your risks, and any specific policies or precautions you have in place is essential to protecting your business with the proper insurance policies and adequate coverage levels. You should meet with your agent at least annually to go over any changes and discuss policies in place. And if you’re hiring on employees with their own personal health insurance needs, you’ll want an agent who can assist with a company benefits package to offer your team.

  1. Banker

Fewer and fewer banks specialize in small business lending, but at bankFNBD, over a quarter of our loans support our local businesses and our clients’ commercial ventures on an annual basis.

When it comes to choosing a banker, local matters. From a fuller understanding of the area's industries and economy to being vested in the success of the Southwest Louisiana community, our lenders have insights that some big-box banks just cannot match. When it comes to building mutual rapport, we are dependent on the trust of our community. Break it, and the reputation risk can impact our bottom line. It’s in our best interest to look out for the success of our clients and community. Direct and indirect cash flow analysis, financing structures that align with the depreciation schedule of corresponding assets to maintain a well-balanced balance sheet, and product recommendations to increase efficiency in the day-to-day bank operations—our lenders have a suite of offerings to help our clients stay ahead of the curve and meet their business needs now.

If you don’t have a business banker, our officers would welcome the opportunity to listen to your entrepreneurial story, share our recommendations, and earn your business for years to come.  Call us today at (337)463-6231.

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