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Provided by Kristin Robertson  In my practice, I see that the best run and most successful businesses gather a team of Trusted Advisors to guide them as they grow. It would be my pleasure to help you build this team of Trusted Advisors to direct you on your journey. I am a member of Exit Planning Exchange (XPX) Austin, a professional community of trusted advisors that collaborate to help their clients build business value, transfer ownership, and create a legacy of success in their lives and their communities. The members of XPX Austin have been granted membership based on their reputations within the community, their integrity and ability to deliver high quality services. The following is a list of the Top Ten Experts, all of which are represented in XPX Austin, that you need to guide your business to success. 1. Business Operations Coach It is difficult to run a business without a methodology to help you set a vision, execute the vision with discipline and focus, and hold your people accountable to expectations, while also building healthy teams within one’s organization. Real-Life Example After 17 years of growth and success, a business owner realized the company's future growth required a new level of accountability within her organization, including a better way to manage progress toward goals through smarter metrics. This executive’s business adopted the Entrepreneurial Operating System (EOS) to provide the framework for increased growth, greater customer satisfaction and employee retention. The result was a 25% increase in sales and 100% client retention. Signs that you need this expert
2. CPA/Finance/Bookkeeping Every small business needs a CPA to do their taxes. Without this licensed expert to back you up with the IRS, a small business is at risk both financially and legally. Mid-sized businesses additionally need a finance expert to guide them with larger purchases, advanced financial analysis and to provide expertise with mergers and acquisitions. Real-Life Example When she first started her business, a small business operator did the bookkeeping, payroll, and taxes all-by-herself. As her business grew, she knew that she needed to delegate these responsibilities. When she received a threatening letter from the IRS regarding details on her tax return, she immediately contacted a CPA. The CPA recommended a bookkeeping service and a new cloud-based accounting system, successfully resolving the issue with the IRS. This owner’s business is continuing to grow, due in no small part to the time she has now to focus on other parts of the business. Signs that you need this expert
In addition to basic checking and savings account, businesses also need loans and mortgages, credit/debit cards, merchant services, basic investment services such as CDs and other services such as safe deposit boxes. Small Business Loans (SBA) loans are backed by the government and are offered with attractive terms. It's important for any business to have a strong relationship with the appropriate banking professional. Real-Life Example A small business owner needed to invest in several new, highly customized and expensive trucks to serve his growing business. He was able to secure an SBA 7(a) loan to fund his investment in new equipment. Signs that you need this expert Contact a banker when you need:
 4. Wealth Advisor
Most business owners have upwards of 80% of their total wealth invested in their business itself. This creates a risk to the financial health of both the business and its owners. Investment diversity at any stage of growth is vital for your financial security. A wealth advisor can help you design plans to take money out of your business to create a diversified portfolio of investments that reduces this overall risk and increases your net worth. Real-Life Example When you are busy growing a business, it is difficult to take time to think about your own financial security. One successful business owner was deeply focused on growing his business and subsequently failed to take time to diversify his net worth. When it came time to sell his business, he was shocked to learn that the valuation of his business was much lower than he anticipated, causing him to make drastic changes to his retirement plans. Signs that you need this expert
Nobody works forever and there is always the possibility of unforeseen adverse events such as injury or death of the owner. Planning from the inception of your company for your eventual departure is just a smart business plan. By creating a succession or exit plan, you can build a more valuable business and a robust personal financial plan. A Certified Exit Planning Advisor (CEPA) can help you think through what is important to you as you contemplate your exit from the company. They will guide you in creating a succession plan, preparing the needed documents, and engaging with professionals (such as those listed in this guide) to execute your plan. It is never too soon to think and plan about your succession wishes. Real-Life Example An owner of a professional practice realized that selling his practice for top dollar required the expertise of a consultative business broker and employing a business operations coach. He engaged these professionals for several years before selling the practice to his junior partners. By doing so, he achieved a price for the sale of his practice and his partners purchased a better-run practice poised for continued growth. Another professional services firm was initially created as a partnership between two friends. Several years later , one partner’s interests turned toward other endeavors. Through the foresight of their Trusted Advisors, this firm used their pre-negotiated Buy-Sell agreement to dissolve the partnership and create new entities for both partners. Signs that you need this expert
6. Attorney Every business needs a legal expert to help create an effective contract template, review contracts, draft incorporation papers and anticipate worse-case scenarios. With a good attorney in your circle of Trusted Advisors, you will sleep better at the end of the day. Real-Life Example An entrepreneur was considering buying a franchise business but was intimidated by the Franchise Agreement that the franchisor put forward. In response to this, the entrepreneur engaged the services of an attorney well-versed in franchise law and thus was able to negotiate a more favorable agreement with the franchisor. Signs that you need this expert
7. Sales Expert Sales, the life blood of any business, has become more challenging than ever before in a rapidly changing marketplace and digital marketing tools. Building an effective sales process and an efficient sales team is essential for the success of your business. A sales expert or fractional Chief Revenue Officer can help you build this process to gain the discipline and accountability needed for your organization to succeed. Real-Life Example Having hired and fired several salespeople for non-performance, an ambitious entrepreneur wanted to learn how to build a sales force the right way. She engaged a fractional Chief Revenue Officer who created a sales playbook, which documented a proven sales process that the team would implement. The fractional CRO helped hire a sales team and trained these individuals for success. salespeople to follow the playbook. In addition, this consultant shadowed each salesperson during their first six months on the job to provide selling tips, ensuring that the employee understood the established process. After six months of the consultant’s engagement, sales grew, allowing the company to post a 25% increase in revenues year over year. Signs that you need this expert
Most business owners are not experts in marketing, especially in the ever-changing world of digital promotion, which includes the need for a social media strategy, in addition to an updated and SEO-friendly website. Real-Life Example Totally frustrated with a lack of qualified leads for her salespeople, a business owner reached out to a local marketing firm for help in revamping and updating the company’s website and creating a comprehensive marketing plan. The owner started to learn about SEO, and how important it is in driving traffic to her company’s website. The consultant helped the company implement its marketing plan and continues to monitor the website’s performance on an ongoing basis. This effort resulted in a 50% increase in leads for the sales force. Signs that you need this expert
9. IT Expert What company doesn’t depend on computers and applications to run its business? With cybercrime increasing, why would you trust your IT operations to Uncle Joe, who also runs the shipping department? You need the services of an expert IT or managed services provider to install state-of-the-art computers, security software and a cloud-based infrastructure to ensure your data and trade secrets are safe. Real-Life Example One company was using USB/thumb drives to move data between devices, including home computers. When one employee left the company, he told the CEO that he had data on a thumb drive that was important to the company. While no harm was done, the CEO immediately realized she needed stronger measures to ensure the security of her firm’s data and engaged the services of an IT expert to move the technology stack to the cloud, while at the same time implementing up-to-date security measures. Signs that you need this expert
10. HR, Benefits/Insurance and Recruiting A good rule of thumb is when you hire your first non-family member to work for your company, that is the time to engage a Human Resources professional to help you navigate through the compliance risks of running a business. These experts can help you develop an employee handbook that:
Real-Life Example A successful small business was classifying its sales force of six people as 1099 contractors, even though each salesperson was working exclusively for the company. This put the company in an out-of-compliance situation with IRS regulations, which prompted the CEO to engage the services of an HR expert. Fortunately, in this case, the company had no employee complaints during this time and was able to correct the situation without provoking an IRS audit. Signs that you need this expert
11. Business Insurance Every business, no matter how small, needs basic business insurance and the need for insurance grows along with the size and complexity of your company. Here are the kinds of insurance you might need for your business:
Real-Life Example A small business owner experienced a devasting flood in his facility when a water pipe broke due to recent freezing winter weather. Because this owner was underinsured, he had to pay $200,000 out of pocket to remediate the damage. Had he been adequately covered with commercial property insurance, his out-of-pocket expenses would have been considerably less. Signs that you need this expert
In conclusion, I hope that this guide is helpful to you in gathering your circle of Trusted Advisors. I’m here to help introduce you to people I know and trust who can help you in any of the listed disciplines.
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