Stacking the Deck: Three Questions to Consider When Choosing the Right Advisor

As a business owner, you likely understand the value of surrounding yourself with trusted advisors (attorneys, CPAs, etc.). Have you ever thought about the issues you take to your advisors? When was the last time you thought about what your advisors are bringing to the table?

If your goal is to maximize the value of your business, you may want to take a look at the relationships you have with your advisors.

Are they bringing you ideas or are they simply answering the questions you have?

Both are important, but when looking to drive value, you may need more guidance or direction than answers to your questions.

You might also want to think about the questions you are bringing up to your advisors. Are you being honest about what keeps you up at night? Or are you only sharing with them the things you think they might have an answer to?

In an ideal relationship with your advisors, you would be sharing everything that is on your mind, with the understanding that your advisor might not be able to solve all your challenges. You know your advisor is best prepared when they are fully apprised of what is on your mind. The stronger the relationship you have with your advisor, the more likely you are to fully share your deepest concerns.

Do your advisors have a trusted list of other advisors they can refer you to if the challenge at hand is outside their area of expertise?

Look for advisors who are willing to work with others to find the best outcome for you, regardless of whether they are the ones to provide the expertise. Too often advisors let their egos get in the way.

Finally, does your advisor hold you accountable?

Does your advisor challenge you? Do they poke holes in your plans and strategies? Most importantly, when you don't follow through on recommendations that have been made, do they call you out on it?

You need to decide what kind of advisor you are looking for. Are you looking for a cheerleader? Someone who will encourage you to meet goals and lends an understanding ear when you've been too busy and don't accomplish anything?

Or are you looking for a kick in the tail? Not all advisors are willing to use "tough love" on their clients. The best advisors understand their clients may not like the "tough love" in the moment, but the advisor is willing to do it because they know the client will value the outcome.

When it comes to choosing advisors, relationships matter. Surround yourself with a team that is willing to listen to you, bring ideas, challenge you, and when needed, practice some "tough love."

To learn more about how Blue Value Advisors can help you prepare your business for the future, complete this form to get in touch with one of our advisors.