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Entrepreneur’s Guide to Small Business Finance | Financial Aides
By: Janean Huber & Heather Page, 1995
Many business owners are wary of sharing their financial “scoop” with anyone…even a financial planner. That could be a big mistake since a financial planner can help you analyze income and expenses, develop risk management policies, choose a legal form, manage income taxes, plan for retirement and find the best way to sell or transfer your business.
“A lot of people don’t understand what a financial planner can do for a business,” says financial advisor Patrick J. Horan of Horan and Associates in Glen Arm, Maryland. “My job is to help them set goals and then draw a road map to make sure they get where they need to be.”
When selecting someone as important as a financial planner, you’ll want to check credentials. Designations of Certified Financial Planner CFP), Chartered Financial Consultant (ChFC), Chartered Life Underwriter (CLU), Personal Financial Specialist (PFS) and Certified Public Accountant (CPA) are all excellent qualifications.
Also look at the length of time in business – it should be at least five years – number of clients, involvement in continuing education, and references.
And while many people are wary of financial planners who work on a commission-only basis, those who work on an hourly basis may spend more time than necessary on a project driving rates sky-high. In the final analysis, qualifications are always more meaningful than the method of payment.
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