Starting a business is not easy, and it is also not something you should do alone.  At a minimum, you need 4 different advisors that serve 4 different roles–sometimes referred to as your BAIL team. Each of these advisors plays a specific part to help you succeed. Here’s what to expect from each advisor:

B – Banker

A new business needs capital. Whether borrowed or owner contributions, a banker is essential to setting up your accounts, line of credit and anything else you may need on the finance side.  You usually want someone that will take a personal hands-on interest in your business.

A – Accountant 

With money comes decisions about taxes.  A knowledgeable accountant is essential to ensure you pick the correct tax treatment for your entity and have continual support to minimize taxes as you grow.  The choice of entity should always be a decision made with your accountant and your lawyer. Neither of these advisors should form the business without the advice of the other.

I – Insurance Broker 

Whether you are a solopreneur working at home or a company with 500 employees, you must have commercial liability insurance in place. A knowledgeable commercial insurance broker will take time to understand your business and provide you with tailored policies to fit your business. They should also serve as a resource along the way as you enter into contracts. Anytime a contract, such as a lease or master services agreement, has insurance requirements, ask your insurance broker to review the insurance requirements for reasonableness and compliance.

L – Lawyer 

A lawyer is essential to making sure your business has chosen the correct type of entity and is set up correctly and completely at the beginning to achieve your goals. A lawyer is on your team to advise along the way as you face new situations and help you mitigate potential risks so you can succeed.

Need a Lawyer to add to your BAIL team? Give me a call.