Who Do I Ask?

In the world of entrepreneurship, there are a multitude of questions that arise when starting or scaling a business. From legal matters like setting up an LLC to financial decisions such as personal wealth management, the need for guidance is prevalent. However, the daunting challenge often lies in knowing who to turn to for answers. In episode EP533 of "Keep What You Earn," Shannon delves into the complexities of identifying the right professionals to seek advice from.

Shannon begins the episode by addressing the common frustration experienced by business owners who struggle with the ambiguity of not knowing who to ask for vital information. Often, the fear of embarrassment or the lack of knowledge about the appropriate resources hinders individuals from seeking guidance. More concerning is the possibility of being dismissed when reaching out for assistance, especially when consulting with professionals such as CPAs. Shannon emphasizes the importance of professionals respectfully addressing their clients' inquiries, even if the questions seem elementary or easily searchable.

A crucial point highlighted by Shannon is the necessity for business owners to understand which questions are appropriate for specific professionals. For instance, legal matters like forming an LLC or drafting contracts fall under the jurisdiction of lawyers, as it deals with legal liability. On the other hand, when it comes to numbers, financial structures, and tax implications, accountants are the go-to professionals. Shannon emphasizes the significance of collaborating with both lawyers and accountants, especially when considering complex business restructurings or financial planning.

An interesting analogy Shannon provides is the distinction between lawyers and accountants: "lawyers do letters, accountants do numbers." This simple yet profound statement serves as a clear guideline for determining the type of professional needed for specific concerns. Consequently, understanding the unique expertise of each professional aids in streamlining the decision-making process when seeking advice.

Moreover, she advises that business owners seeking personal wealth management assistance should engage financial advisors, certified financial planners, or wealth managers. While accountants are adept at managing business finances and tax-related matters, the realm of personal wealth management requires specialized expertise. It's crucial for individuals to discern the scope of services provided by their financial professionals, ensuring they have the right specialists to address their specific financial needs.

As the episode progresses, Shannon underscores the significance of establishing clear expectations and boundaries when engaging with professionals. It's essential to recognize the delineation between the services offered by different experts and resist the temptation to blur these lines. By doing so, individuals can benefit from the specialized knowledge and skills of each professional without encroaching on their respective domains.

Lastly, Shannon invites her audience to join CFO on demand, a platform where various professionals, including financial advisors, business lawyers, and other experts, will provide insights and guidance on multifaceted aspects of running a business. This initiative aims to empower entrepreneurs by connecting them with a network of experts who can offer specialized advice, ensuring they receive well-rounded support for their business endeavors.

In conclusion, navigating the intricate landscape of the business world for advice and expertise can be a daunting task. However, with the guidance provided by Shannon Weinstein, entrepreneurs and business owners are equipped with the knowledge to discern which professionals to approach for specific concerns. By acknowledging the distinct roles and competencies of lawyers, accountants, and financial advisors, individuals can make informed decisions and seek tailored guidance for their entrepreneurial journey.

What you'll hear in this episode:

06:35 Consult lawyer and tax advisor on restructuring.
08:49 Identify your accountant's role and seek specialists.
10:49 Consult money coach for personal budgeting advice.

If you like this episode, check out:

Is Hiring Your Family the Right Thing to Do?

Mastering Recruitment: Marketing Strategies with Shannon

How My Dad's Advice Shaped My Career and Business Success

Want to learn more so you can earn more?

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.