Building the team for the business owner: Picking your first partner

Coyne_HeadshotJohn Coyne, Vice Chairman

Last week, we hosted a terrific webinar with Andrew Haas, a senior estate planning partner at Blank Rome, a major Philadelphia-based national law firm. Over 100 financial advisors throughout the country signed on to participate.

It dawned on me as I listened to Andrew that when building a team for a business owner client, financial advisors should align first with an estate planning attorney. Why? Because together, not only can you help business owners understand how their life will be after the sale of the business, advisors can help business owners recognize their own mortality.

My friend, Dan Prisciotta of Lincoln Financial, has a line in his excellent book, One Way Out, which is about helping business owners exit their business for the highest possible value. In the book, Dan says, “Your exit is 100% guaranteed whether you go out vertically or horizontally.”

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The role of the partnership is to help business owners maximize the value of their business so they can enjoy the fruits of their labor and secure their legacy after they are gone. The estate planning lawyer is the bucket of ice water that can wake the business owner up to the reality that poor preparation of the exit plan will have a direct impact on how their family and heirs will live their lives after they are gone.

An estate plan coupled with a financial plan prepared by you reflects an exciting and reasonably predictable future after exit. You have helped them take the first step in letting you build their team. The key to a great partnership is transparency. By having both the financial plan and estate plan fully understood by all parties, as these are both living documents and will evolve over time, you can keep everyone’s eyes on the target of a successful exit.

We want to help advisors help their business owner clients live the life they’ve worked for. The way to begin the process may lie with helping them understand life after they’re gone.

To help decide which estate planning attorney is appropriate, you may consider engaging in some of the services that are offered through investment management firms such as Brinker Capital that have relationships with a wide array of organizations. Brinker Capital Wealth Advisory works with business owners, individual investors and institutions with assets of at least $2 million and has partnerships with firms that can assist with the estate needs of business owners.

To learn more about Brinker Capital, a 30-year old firm following a disciplined, multi-asset class approach to building portfolios, and an overview of the services available through Wealth Advisory, click here.

Have a safe and enjoyable Independence Day weekend!

The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Brinker Capital, Inc., a Registered Investment Advisor.

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