Business owners need their own ‘quarterback'

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421 W. Holmes St. Chester, IL 826-5331

CHESTER - Unless you've been cut off from every source of media, not to mention all human contact, you're no doubt aware that the Super Bowl is fast approaching. If you're a football fan, you're probably eager to watch the game featuring this year's best teams. And if you're a business owner, you can learn a lot from how Super Bowl teams are put together.

One thing that virtually all Super Bowl teams share is a stellar quarterback - someone who drives his team with skill, agility and vision. These same qualities can be found in a qualified, experienced financial professional - someone who can act as your "quarterback" and help you reach your goals.

What sort of guidance might you get from your "quarterback"? Here are some possibilities:

Coordinating your "team" - A Super Bowl-caliber quarterback is adept at getting everyone on the offense to play well together. And as a business owner, you, too, may need to get your own "team" up and running. Specifically, you may well need to use both an attorney and a tax professional to help you take care of various aspects of your business. Your financial advisor can help coordinate their services. For example, if your business is involved with your estate plan, you will have legal, tax and investment considerations to deal with - so you'll want these various professionals working together toward your ultimate objectives.

Executing your strategy - Whether a quarterback hands off the football or throws a pass, he is attempting to follow his team's game plan, or strategy. And your financial advisor, as your quarterback, will help you execute the right game strategy to work toward your own objectives. For starters, your financial advisor may ask questions such as these: Do you have a retirement plan in place? If so, is it appropriate for your needs? Do you have the right types and amounts of business insurance? Have you considered business succession strategies? Once your financial advisor knows the answers to these questions, he or she can then help you implement your overall strategy through the use of suitable products and services.

Adjusting your "plays" - When a quarterback sees something he doesn't like, such as a last-minute change in the opposing team's defense, he may call an "audible" to adjust his team's designed play. Similarly, if your financial advisor identifies obstacles to your success, he or she may recommend changes to your "plays" - the individual actions that make up your overall financial strategy. To illustrate: After reviewing the progress you're making toward the retirement lifestyle you seek, your financial advisor may determine that your retirement plan - such as an owner-only 401(k), SEP IRA or SIMPLE IRA - is underfunded, contains a high percentage of conservative investments or may need potential growth opportunities. Consequently, your financial advisor may help you decide it's time to consider adjusting your contribution level and investment mix.

A Super Bowl team needs a good quarterback - and so does your business. Consider putting one in action soon.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.