The initial business planning involves quite a bit more than entity choice and formation.
At the start of any new business there are a host of decisions that need to be made concerning business processes, record keeping, reporting, compliance procedures,
economic and capital structure, labor structure, procedures and compensation, insurance coverage, etc.
Many of these mattes have a legal component or present varying degrees of risk exposure, all of which we assist the business owner is addressing
so that the business has a solid foundation and initial structure. Additionally, proper business planning allows you to prepare
for your future in three distinct ways: ensuring that your business provides you with the maximum return, protecting the welfare
of your family, and protecting your business entity and operations.
Your business plan should allow for the probability of everything going extremely well, and for the possibility of major operating problems or adverse life events.
Many risks can be avoided or minimized, however the real benefit of business planning is often not avoiding a risk,
but anticipating and being prepared for the risk if it arises – contingency planning so to speak.
PRE-ENGAGEMENT
Whether you are contemplating a new business, established in a single-location family business or trying to manage disparate business locations or entities,
we can help you design the business plan that encompasses stability, foresight, financial strategies, compliance, and peace of mind.
After review with you and/or your Financial, Legal, or Accounting advisor, and it is determined that your business may benefit from our services,
you or your advisor will be contacted Corliss, A Law Corporation.
It is our belief that you should involve your other advisors in your planning and keep them apprised of steps you are taking.
In this way advisors are fully informed and have a chance to offer their particular expertise to the process. This is Collaborative Business Planning.
Gathering the Information about the Business and Your Goals
During our initial contact we gain a basic understanding of your business and concerns.
We will explain our business planning process and schedule a time for you to meet with us and often your other key advisors.
We will send you our Confidential Business Information packet which includes:
- the date and time of our meeting
- directions to our firm's offices
- an explanation of the process ahead
- basic information about business planning and our firm
- a Confidential Information Booklet for you to fill out and a list of requested documents.
Preliminary Review
Prior to our initial visit, if you have provided us with the information requested in the Confidential Information Booklet, our team,
together with any other necessary key advisors, performs a preliminary review of your business and personal family needs.
This preliminary review is based on our conversations with you and your other advisors and the information you provide and it helps us be more prepared
for our initial meeting with you. We also organize all of the information you have provided so that it will be accessible to you, our firm's team members, and, as needed, your other key advisors.
The organization of your information in this manner ensures a meaningful and productive initial visit.
Initial Visit
Our initial visit with you is intended to continue the important process of information gathering.
During this visit we ask you to share some of the background and history of your business, your current business structure,
if any, your objectives, legal requirements, and options so we can get a deeper mutual understanding of your business dynamics
as well as your unique needs and goals. We explore how your business and family lives will best be served.
We will take the time to answer all of your questions regarding the particulars of the law as it relates to your business. Based on what we learn in these conversations,
we will outline our recommendations and process, including our price to do this work and responsibilities that you and we will have in this process.
If you decide you would like to proceed with our process and engage us, we will then take you step-by-step through the planning stages, from the various Entity Choices to the Formation of your business legal entity.
We will discuss with you the tasks that will be necessary to complete your plan, including the additional information we will need and the approximate time line for each of the steps.
ENGAGEMENT
Analyzing and Testing
We analyze, test, and challenge combinations of planning theories and strategies for the Entity Choice and Formation.
We determine the Entity that will best fulfill your stated needs and desires for you and your family.
This Preliminary Plan is often enhanced by the contribution of your other advisors.
Building the Plan
Through the use of legal documents, narratives, graphs, charts, models, and schedules our firm and your other advisors build every aspect of your comprehensive and understandable Business Plan.
While there is no perfect answer, we strive to achieve the optimal impact within a manageable plan.
Presenting the Enhanced Plan
We review and confirm all aspects of the plan with you along with your advisors. We offer you the added benefits of incorporating
into your business planning all the wisdom, judgment and expertise of successful practicing professionals in many distinct disciplines.
With your understanding and approval, we proceed to the signing of each of your plan and legal documents.
Implementation
We assign every detail of the plan to the appropriate advisors for immediate action. Each advisor provides you with a detailed plan and implementation schedule.
Confirmation
Confirmation
We answer any remaining questions and present you with your business's completed plan. We also take you through the first year of your business compliance requirements.
Find out more about our Family Business Planning process:
|
