Our relationship begins with a phone meeting. During this call, we will discuss your personal and business goals, as well as the catalyst driving the need to grow the value of your business. Typically, this introduction takes about 15 minutes. Because the purpose of this meeting is to get to know each other, there is no obligation to move forward.
However, if there’s mutual value in the new relationship, and we all agree to proceed, the process can officially begin.
Once we’ve decided to continue our relationship, some paperwork will be necessary to begin the management process. First, you will need to fill out an Engagement Agreement to make it official. The Heritage team will then request some of your past personal records to better assess and create an action plan moving forward.
In addition to your personal records, the Heritage team of advisors will request business records. These records requests could include your previous tax filings from the last five years, operations manuals, a written business plan, employee profiles, organizational charts, etc. The information contained in these documents is necessary for us to fully and accurately assess the current health of your business.
Business Value Growth
Once everyone is clear about personal goals and how your business can support achieving them, we transition into business value growth. Your personal financial planning doesn’t stop here but is 1 of the 2 integral pieces in reaching those goals. Here, we will continue working toward your goals through one-on-one meetings and adjustments with your personal financial planner alongside those meetings with your value growth advisor. 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.
We will begin the Business Value Growth process with a benchmark business assessment. During this evaluation, your advisor will examine eight key areas of your business. Once the assessment is complete, your business will be assigned a starting position. Additionally, you and your advisor will have a clearer indication of which areas of your business need the most attention. This allows us to know where you are now, to help shape a plan to get you where you want to be.
Increasing your business’s value is a lengthy process. As you improve in one area, other areas will react, 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. During the alignment phase, you will begin working on each area of your business through strategic planning.
Your advisor will guide you through our strategic planning workshop, where you will choose three objectives to work on from the eight key areas for a determined amount of time. For each objective, you will identify three tactics to achieve them. Similarly, you will choose three action steps for each tactic. As you complete each action step, you should move closer to successfully achieving your objective.
After each strategic planning session, you will review its impact on each area of your business. While you should see small improvements at the end of each session, it will be necessary to complete several strategic planning cycles to reach your overall goals.
Depending on your individual needs, we have multiple tiers of consultation. These consultations could occur up to 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, the benchmark value of your company will be assessed upon the completion of each strategic planning cycle, as well as annually. Clients using our strategic planning service are guided through the movement of their plans, monitoring and correcting as needed.
The results of these improvements to the business’s asset value are constantly moved into the personal planning side, contributing to the owner’s overall net worth.
After the implementation phase, we will review your progress and adjust the data in the business valuation software packages. You will receive an updated appraisal on an annual basis. The updated numbers are then factored into your net worth statement. As we review the data, your advisor could suggest further adjustments. Because the business value growth process is constant and ongoing, many of our clients choose to repeat the cycle once they’ve completed it, refining even more.
Are you ready to have clear, long-term plans for growing your personal wealth and your business’s value, preparing it for a transfer when it’s time to retire? We’re here to work with you! Fill out the form below, and we’ll call you to schedule a short, no-pressure meeting. During this consultation, we will determine how we can help you reach your financial goals and answer any remaining questions you may have.
Upon completion of the form, you will be contacted within one business day.