As an entrepreneur, you are in a unique position —you not only own the business but you are its backbone and keep everything aligned and in motion. With such significant responsibilities, you face many daunting issues. Developing and sustaining a business model, properly financing your business, personnel and family problems, staying ahead of the competition and finally either monetizing or passing off the business to the next generation are just a few of your challenges. You face different hurdles depending on the stage of your business. Just as the pressure points are different at each stage, the type of support you need also changes. One thing is always constant; the need for a true partner and trusted objective resource to help you along the way. Let’s take a look…
A startup has a vision about the type of company they want to become and while they are passionate about that vision, it may be difficult to succeed and make dreams a reality.
As you start your business, you need to make sure you have a sustainable business model, the proper team and equity structure, appropriate funding and the proper tools in place to keep track of where you have been and where you are going while at the same time minimizing your tax burden. Having the right mentor and professional advisors are also critical to your success. Many startups benefit from our Start-Up Package which addresses these needs with additional components such as business plan/model review, advice on ownership strategy and structure, tax entity selection, tax services and an introduction to finance sources.
High growth companies face a new set of challenges. Along with improved performance comes increased responsibility to continue to perform well, to keep your employees happy and most of all, to please your audience.
As a high growth company your financing sources move from Angels, VCs and family to banks and possibly Private Equity Groups (PEG’s). An entrepreneur needs to continue to focus on profitable operations as you grow and to keep in mind the various financing alternatives that may be available to you. Keeping your staff happy with benefits while complying with the environment of ever-changing rules is another challenge you face – our team is at the forefront of these changes and regulations. Our experienced team members have the type of diagnostic tools and knowledge to keep you focused as well as a deep understanding of various financing alternatives.
As a company is maturing, the owner(s) begin to focus on what’s beyond the high point of their successful business – what will their next move? They may consider consulting, perhaps a new business or just plain retirement. These are difficult decisions and are fraught with emotion as one reaches the twilight of their career.
In many cases, your goals and objectives may begin to diverge from others; you may seek to continue expansion while others may be more comfortable either staying in place or perhaps in getting out. Established companies also face their share of management/family disputes. Our BAS team has extensive experience in helping with family business matters, shareholder dispute resolution and similar issues and has served as an objective and often calming influence during these trying times.
No matter the stage you’re in, Withum is here to help you plan for your next steps. Schedule a consultation today or call our team members today (609) 520-1188.