Wealth Management Business Planning Fees

What is Business Wealth Management?

Often times, business owners want us to increase their company’s profitability, sales, margin, or return on investment. However, we believe that increasing the salable value of the company is paramount. By taking the steps that are required to increase the salable value of your business, you will simultaneously be driving profitability, sales, and many other desirable outcomes for your business. At Heritage Business Advisors, we believe that knowing the targeted value of your business only comes from a fully quantified, written personal financial plan.

Once your personal financial plan is completed, the value growth team knows the targeted value your company needs to attain in order to achieve your personal goals.

At Heritage Business Advisors, we believe that the only way to properly grow the value of your company is to do so in conjunction with personal wealth management. The idea behind this is a simple one: in order for your business to succeed, your house must first, be in order. As business owners, our business goals are often tied directly to our personal financial goals. Because of this, Heritage Business Advisors has developed a business management process that combines your personal wealth management with your business’ and drives them toward their common goals.

With your personal financial plan in hand, the value growth team can begin the value growth process.


The Business Value Growth Process

The process of Value Growth for businesses is a complicated one that requires time, dedication, and plenty of determination. Due to the complexities, we have broken it down into four main categories of illustration: assessment, analysis, consulting, and adjustments. Aspects of these categories may take place at separate times or in tandem.

Introduction Phone Meeting

We begin our relationship with an introductory phone meeting that determines the goals you seek to accomplish and to set expectations for them. This introduction is typically a one-hour meeting and comes free of charge to all of our potential clients. During this phone call, we will also discuss the catalyst which began driving your need for growing the value of your business.

As we continue, we address any questions you might have about our process and how it can work for your business goals. If everyone feels comfortable with the new relationship and we all agree to move forward, the process can officially begin.

Engagement Agreement

If the client feels the relationship is profitable and worth engagement, paperwork will be required for us to begin the management process. In order to gain access to your existing accounts, you will need to fill out an Engagement Agreement (fiduciary agreement). This paperwork is required for us to begin the process of opening your new accounts and transferring the funds to them.

The Organizational Process

Beginning the value growth process requires a great deal of information. Your Heritage Business Advisory team will request many, many business records, including the previous five year’s tax filings, operations manuals, a written business plan, employee profiles, organizational charts, and many more. These documents are necessary for us to fully and accurately assess the current health of your business.

If you don’t have all of these documents, don’t worry. Many of our clients do not have every item that we request. Just understand that part of the value growth process will be dedicated to developing them. However, sharing the information that you do have allows the process to move in a much more fluid manner.

The Assessment

The heart of the value growth process is the business assessment. This assessment will take you deep into the operations of your business by examining the eight key areas of Planning, Leadership, Sales, Marketing, People, Operations, Financial, and Legal. In each of these areas, you will self assess and be challenged by your value growth advisor to examine the health of your company.

Value growth is not for the faint of heart. It takes a lot of time and you must be determined to see it through. A well-conducted and thorough assessment can take up to 10 hours to complete.

The Analysis

Following the assessment, you will have a basic knowledge of your company’s current value and what its value could become. Included in this information will be a series of three-tiered recommendations to increase the value of your business. By following and completing the recommendations, you stand a better chance of reaching your goals.


The Consulting Process

Understanding how to put action to the recommendations is just as important as knowing what you need to do. However, with everything business owners must accomplish in their day-to-day operations, it’s easy to grow weary. When we are tired or overwhelmed, we often seek ways to unburden ourselves. This is why you need a coach to help you to manage all that is required of sticking to the value growth plan and to hold you accountable.

Once you’ve completed the Organizational Process, we transition into the Consulting Process. Here, we will continue working toward your goals through face-to-face meetings and constant assessment and adjustment. You will get to know your value growth advisor very well and they will work diligently to help you through every step of the process.

1-on-1 Consultation Meetings

Once we have gone over the results of your benchmark value assessment and devised plans to improve the weaker areas of your business, we will begin regular consultation meetings. These meetings are designed to update the data in the valuation software and review the results.

Although the initial benchmark appraisal only takes between five to seven hours to conduct, increasing that value is a lengthy process. As you improve in one area, other areas will react to that change, creating the need for adjustments. Knowing how to pivot from one area to another without losing the momentum gained in previous areas can be challenging. That’s why our continued 1-on-1 consultations are so valuable. Your value growth advisor will help you to stay on track while maintaining the areas of fluctuation. Each meeting will identify new goals and assign new tasks.

Depending on your individual needs, these 1-on-1 consultations could occur once, twice, or even four times per month. If your goal is exit planning, the meetings will focus on updating the data points that move you toward your exit. For those who are working towards value growth, we will reassess the benchmark value of your company on an annual basis and make adjustments as needed. Clients using our strategic planning service are guided through the movement of their plans with monitoring and correcting as needed.

The results of these improvements to the business’ asset value are constantly moved into the personal planning side adding to the owner’s overall net worth.

Adjustments

After we have completed the implementation phase, we will adjust the data in the business valuation software packages, confirming that you are on course to meet your specific goals. The business value growth process is a constant and ongoing one. Many of our clients simply repeat the value growth cycle once they have completed it.

Ongoing Review & Reassessment

Often times, life can turn on a dime. What might have been a steady and secure course yesterday, might seem volatile and uncertain today. When this happens, we want to make sure that you are doing everything in your power to accomplish your goals. We want to ensure that you are staying on the path toward your desired outcome. That’s why we regularly monitor and review the plans we have agreed upon, measuring them against your current status and projecting them into the future. By being proactive, you have a better chance of succeeding at reaching those goals than someone who is reactive.

We could hold up to four meetings per month, depending on your specific needs and service. However, it has been our experience that after the initial assessment, adjustment, and implementation is complete, there comes a time in our relationship where our clients prefer to meet with us only once or twice per month. We also have clients who request phone meetings as possible strategy-changing issues arise. Whatever your needs, the value growth advisors at Heritage Business Advisors are here to continue helping you along the way to increase your business’ value.

As with other reporting meetings, we request that decision-makers attend.


Learn the Business Management Fee Structure

Just one of the many ways we feel your trust is gained is by being 100% transparent about the fee structures. Click to learn about our Wealth Management fee structure.

Schedule An Intro Phone Meeting

If you are ready to discuss the details of how Heritage Investors will manage the financial strategy of both your personal and business, schedule a meeting with one of our team members.