Among my clients is a special breed: Those leaving corporate America to start a new business.
Their special issues can be broken down into three categories.
#1. They need protection. These clients usually have mass assets or things they want to protect. They have homes. They have families. They have livelihoods. Unlike many younger business owners, these people typically want to make sure they are protecting their assets and managing risk appropriately. No one wants to have to file for bankruptcy and walk away from a failing business.
#2. They need process. Those who have been in corporate America for a long time understand processes and procedures. They have lived by them for a long time. We want to build processes and procedures into the new business to protect it and its owner.
#3. They need customization. No two people who leave corporate America are exactly alike, and each business arrangement is going to be special. We want to build a culture of customization. We want to start with the way the business is built and the way the partnership agreement or other corporate documents are put together. Throughout the entire business, we want to make sure everything is customized for the owner’s needs.
This class of new business owners shares generalities and maybe nothing else. Someone who’s very experienced working with these types of owners can spot the issues and help create a custom system that works.
What’s your experience with this? Have you seen things that you need as a senior business owner that are not being serviced by others? What types of things are you looking for when you’re starting your next business? Join us in the comments below and let us know your thoughts and experience.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer creative daw.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.
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