I got the opportunity to attend and learn at the EPI SD event held at Lomas Santa Fe Country Club. The session was moderated by Andrea Steinbrenner. The panelists shared their experiences working with business advisors and business consultants. Panelists candidly shared what they look for in an advisor, the challenges of working with them, and the value they bring.
Panelists shared the importance of having a trusted person on their side, which an advisor can tremendously help them to get across the finish line. They also shared that, with an advisor’s help, they could not have done it without them. When having a person on their side that they really trust and who is invested in their well-being, that creates a sense of safety.
Also, panelists shared that they appreciated what a business advisor pointed out, brought to their attention to or suggested they pay attention to, such as: reminding them of their outcome regardless of how tough things may get, and letting stuff go. This is especially true for things that do not lead to the goal. Encouraging them to let go of small stuff while reminding them of their goal, and the outcome they want to achieve. In other words, advisors keep them focused on the big picture.
Advisors can bring their expertise to enhance the business by bridging the gap in areas where business owners may lack technical knowledge. Even though business owners may have an MBA that does not compare to learning to read a balance sheet, P&L, and cash flow in fine detail instead of trying to figure out everything by themselves. Business advisors can protect owners a lot and give a tremendous amount of value beyond what they anticipate.
Also, advisors can add value that business owners did not expect by encouraging them to develop certain relationships. For instance, they can foster a good banking relationship by emphasizing how vital it is for the business. Once a business gets a really good banker, so much positive change happens.
Generally, business owners work in the business and they are very tied to it. Business advisors can guide the business owners to transition from working “in” the business to working “on” the business. In other words, advisors help the business owners step out of the business and let somebody else run it. Advisors can help business owners untie themselves by creating the right systems and processes, hiring the right people and building the culture. When the business owner is not tied to the business, having the business run itself is a big plus and a great value, which makes the exit easy and the sale of the business quick.
However, business owners are not without expectations when it comes to an advisor. When they look for a business advisor, besides being knowledgeable in their field, they look for someone with soft skills, responsiveness and the ability to stay on top of it. They want their business advisors to be a broker, an advisor, and like a psychologist, all in one to really help them through. This is because there are so many different emotions business owners go through. One day, they are feeling very confident that they want to sell, and the next day, they’re like, “Wait a minute, do I really want to sell?” So, there is a lot of back and forth in that. An advisor’s connection at that emotional level is so valuable. Hence, they expect an advisor to figure out how to connect on an emotional level with the people they are helping.
They expect advisors to start strong and keep that momentum going. Business owners don’t want to babysit consultants by asking where things are and constantly following up with them. Business owners want their advisors and business coaches to be on top of everything.
Business owners also want their advisors to keep them focused on what they want and steer them away from the transactional stuff. In other words, they shouldn’t let them get caught up in the transactional stuff. This is a huge help during the transition.
They also want advisors not to try to convince them that they know more than them, because even if they do, they will never convince them. Instead, advisors can guide them through what they need and reassure them that this is what they want.
To sum up, business advisors add great value to the business owners by bridging the gap with their technical expertise, enhancing the business, helping them work on their business instead of in it, and being a confidante and emotional support-especially when business owners are going through the selling process. When looking for a business advisor, owners expect a knowledgeable, non-complacent partner who keeps the momentum going, and someone who is also emotionally ready for them.