Dr. Adrienne B. Haynes, Esq.
Contributor

Taking the time to consider the team you need to help grow and scale your business should be a regular consideration. As an owner and leader in business, a part of your responsibility is to make sure the business is not only innovative, but resilient and sustainable. The good news is that you don’t have to have it all figured out on your own, and you shouldn’t! Two key characteristics of a CEO are strategic thinking and the ability to delegate.

Surrounding yourself with a professional dream team can help you see your blind spots, look ahead, remain in compliance and able to focus on the purpose or mission of the business.

Business Partners. Starting a business with someone is a legal marriage in essence, and the decision and long-term implications should be considered as strongly. You should know their strengths, their weaknesses, specific roles in the business, how decisions will be made and how finances will be contributed, earned, spent, and distributed. These decisions should be documented and regularly discussed.

Vendors and key partners are also important roles on your Pro Dream Team. Make sure your relationships are in writing and specific so that relationship goals can be met and exceeded.

Business Attorney. Every business decision has a legal ramification, and the legal system has complex obligations for compliance and recordkeeping. Pursuing business excellence requires risk and liability and having a legal team in place that knows you, knows your business, and knows your goals will help keep you in compliance and playing offense.

Accountant. If you don’t know your numbers, you don’t know your business, and this is a key differentiator between someone pursuing a hobby versus a business with long-term purpose and mission. Despite how money was treated in your childhood home, the mistakes you’ve made, the challenges — — you don’t have to carry that into your business. Treat your entity separately from you from the initial choice of entity stage and hire an accountant who can advise you on how to navigate and manage the money you make. I recommend a bookkeeper for the day-to-day or month-to-month management, and an accountant for financial planning, quarterly reviews and tax preparation.

Banker. Having a business bank account does not mean you have a banking relationship or a banker. I repeat, smiling and small talk with the teller each week as you make your deposits is not a banking relationship! Find out if your bank does any business banking. If so, sit down with a banker and learn more about the resources, education, and financing tools available to you now and in the future. Developing a fruitful banking relationship can and should take time and outlining goals and understanding qualifications can make a banker a valuable member of the Pro Team.

Insurance Provider. Managing liability and risk as a business owner can be done through insurance. There are many types of business insurance available, including general liability, professional owners and executive’s policy, key man insurance, errors and omissions, workman’s compensation, event insurance, health insurance, etc. You may have to engage more than one insurance agent based on your needs.

Authority Rep. If your business requires a permit, license, certification, or other qualification before being able to participate, know the authority. Again, submitting dues to an association or governing body every year does not mean there is a relationship. Attend events and continuing education opportunities hosted by the authority in your industry and introduce yourself to the agents or representatives. Having a relationship with these professional dream team members can lead to networking and marketing opportunities, leadership and education opportunities , and a more direct line of communication in the event you had any questions with your certification or license.

Mentor(s). Having a business will remind you that the more you know, the more you don’t know. Having a formal or informal advisory committee or mentor can help provide prospective, encouragement, and valuable connections.. For the first business incubator I designed at the Blue Hills Business Center, I curated a group mentoring team for each business- an attorney, a financial professional, an industry executive, and someone else based on the owner’s greatest need. This was an invaluable part of our program’s success and this collaborative approach has been a valued part of our coaching curriculum.

Talent Pipeline. A Pro Dream Team includes support for today and for the future. Planning for the future includes means being intentional about your company’s talent and management pipeline. Succession planning ensures that all the work you’re doing today will mean something. It’ll be a symbol of pride and accomplishment, a job creating vehicle, and a source of continuing revenue, and perhaps charitable contributions. Managing this element well will also include Pro Team Members that include financial and wealth planning professionals.

Balance Network. YOU are a key member of your Pro Team! To be effective at work, you have to give yourself time to recharge- burn out is not cute or profitable. We encourage our clients at SEED Law to be mindful of their mental health by taking time to rejuvenate away from the business and include your family and friends in your balance network. As much as we can try, business is personal, and it’d be hard to grow and scale your company without the support of those key friends and family members.

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Thanks for reading!

My name is Dr. Adrienne B. Haynes and I’m an entrepreneur and attorney based here in Kansas City. My law firm, SEED Law, has been partnering with business owners across the Northeast and the city for almost 11 years. I loved living in the Northeast and I was fortunate to serve as an Entrepreneur in Residence for the Kauffman Foundation in 2017. Together with a dedicated group of Northeast residents and leaders, we explored a community designed innovation district pilot program. I was able to present this work during a TEDxUMKC Talk on Community Innovation Design in 2020.

Over the next few weeks, I’ll be contributing articles and resources on small business and estate planning legal considerations. If you have questions, please reach out directly at adrienne@seed.legal.