15 Key People, You Need on Your External Team

Whether you have had years of success in your business or are just starting, High Lift Financial can help you create a vision for your business life and family and guide you toward achieving that goal. 

Every business has an internal team that is responsible for carrying out all day-to-day operations. However, what will you do if a unique situation comes up? For that, I suggest you have an external team. Therefore, you will need 15 different people on your team. 

The Internal vs. External 

Whenever I bring up the subject of having a team, people often talk about their internal team. It is true that managers, operators, bookkeepers, and other key employees are an integral part of the business. However, having an external team is equally important. These are the vital professionals that are not necessarily involved in the day-to-day part of the business. Nevertheless, they have a valuable role to play. 

“It is crucial to have the right people in the key external positions.”

The “15”

Here is how I have divided the “15” into three sets of fives: 

• The critical ones that all business owners usually have; 
• The overlooked ones and;
• The ones who fill in the ancillary pieces. 

 

The Critical Ones

1. The CPA

For the business owner, the CPA is one of the most vital people. They are their go-to person on financial matters. What I find with CPAs is that the relationship with them is a long-term and reciprocal one. Suppose that I come up with a strategy. I will not rush myself and execute it. Instead, I will go to the CPA because I want to know what he feels are the tax ramifications of my strategy. So, we came together to start working as a team. This collaboration proves more productive for the business owner.

“Your goal is not to replace the people that a business owner already has in their life. You have to get everybody working together and be on the same page. So, the business runs like a fluid machine.” 

2. The Attorney 

There are several areas where business owners need the assistance of attorneys. From forming their company to legal issues such as liability problems, these personals are integral for the subsistence of a business. Attorneys are also necessary when it comes to estate planning. The attorney-business owner relation thrives when there is continuous coordination and communication. 

3. The Insurance Specialist 

They will help with your liability insurance errors and omissions, PNC, and auto personal disability. However, there is an issue that I found related to insurance specialists. Most of the time, they are just trying to sell the product, leading to protection issues. So you have got to be careful.  Make sure that the person who is dealing with you knows your business inside and out. 

4. The Benefit Specialist

You will need a benefits specialist to put together your employee benefits programs. This will not only include the workforce but the business owner too. In order to come up with a comprehensive plan, they will have to understand your workforce demographic in detail. Likewise, the business owners need to ensure that the employees get suitable benefits packages that fit their demographics and what they are trying to accomplish.

5. The Financial Advisor 

They are the ones who will be implementing the financial strategies. Whether it is implementing a retirement plan for the business or helping in setting additional reserves, you will need their assistance. In addition, they will also be guiding the family and employees on financial strategies. It is a critical role, and if it is not coordinated with the other professionals on this external team, there can be a disconnect. 

The “Overlooked” Ones

1. The HR Specialist

Most small businesses do not have an HR department. Usually, it is the business owner. Though it can save the budget but will increase the complexities in the workplace. For instance, an automotive business that does not have an HR specialist can run into several workforce issues that can directly impact business operations. 

An HR specialist knows the intricacies of human resources. The bigger you get, you need to have an HR department. For the smaller businesses, we have access to several consultants that we can bring in to help guide that business owner on HR policies, putting together employee handbooks, and other essential functions. 

2. The Business Coach 

This personnel will act as your second set of eyes on what you are doing, your strategies and guide you in complex business situations. They also help you to be accountable to the goals that you have set for not only yourself but for your business. 

3. The Sales Team Trainer 

A lot of small businesses have a sales team that’s going out there and selling. The problem is that most business owners are not looking for salespeople. Their approach is to hire someone and tell them that “Alright, I need you to go sell this.” 

This approach can hurt the business as most of the time, they hire people who are not fully trained in sales. So, business owners should take the proactive step of hiring someone who can train the sales team. As a result, the sales funnel will be simplified, and the business will realize the results much sooner.

4. The Advanced Business Planning Specialists 

These experts look at more advanced strategies, depending on the business owner’s current situation. For example, I have a team member who engages in advanced strategies utilizing life insurance and trusts to create additional tax-deferred and tax-free income down the road for business owners. 

5. The Therapist 

There are many things that are constantly ringing at the back of our heads. Going to a trained professional can help in undoing those complex knots so that you can regain your vision and come back on your track with full energy and positivity. 

The Ones Who Fill in Ancillary Pieces 

1. The College Planning Specialist

This will be someone who can help the client navigate the challenges of college planning for their kids or grandkids. College planning specialists will guide the kid to identify their interests and talents. They will also look at majors, which schools are the best for these fields and are the most apt to provide financial aid. 

2. The Eldercare Specialist 

An eldercare specialist will decide on the type of care that our elderly will need, whether they are our parents or in-laws. In order to avoid running into further health issues, having somebody like that is a critical thing. 

3. The Cross Border Specialist

The world is getting smaller. We are seeing relationships within families where people have dual citizenship. In addition, many people are retiring to these retirement communities in Mexico or Central America because of the low cost of living. 

However, this step has many intricacies not only from an estate planning standpoint but also from a tax standpoint. So, people must have specialists tap into their expertise to get proper guidance before making any decision. 

4. The Federal Employee Benefits Specialist 

If you have family members who do not want to be a part of the business and have joined the federal government somehow, they will need a federal benefits specialist. They will help in guiding the employees to their benefits. In this way, these family members will maximize what is available to them. Furthermore, they can plan for their secure retirement mindfully. 

5. The Business to Business Diversification Specialist

Suppose a family member is not interested in the business, but there might be some type of ancillary business that they can start with the business owner. The specialist can help the family member in achieving their goals. 

Hire High Lift Financial! 

When you hire us, you are not only getting us but the team. We can help you to coordinate all these different experts to achieve what is important to you. The last thing any business owner wants to do is get stagnant. So, schedule an introductory call to discuss your situation. 

Disclaimer 

The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the opinions and views of High Lift Financial. The availability of this content only serves educational and informational purposes. It is in no way a substitute for tax or legal advice or professional investment. 

Always make sure to consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.