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Poke Holes

John Kielich, CPA - Managing Director for Kolb+Co. M&A Advisers   email | bio 
LeAnne Foster, CPA - Senior Associatefor Kolb+Co. M&A Advisers   email
February 2011

There's nothing like starting a new business venture. The adrenaline level is high, and there is nothing but success in the minds of the entrepreneurs. There is no downside in sight, because there has been no chance for anything to go awry yet and no one sees any landmines ahead. Unfortunately things often change, and they can change quickly. Change sometimes makes the situation better, sometimes worse and sometimes just different.

What if you could predict some of the changes or obstacles that impact your business plan? We recently met with a group that consisted of successful businessmen who have started companies and been advisers to other entrepreneurs. You would think they had all the expertise needed. However, this team had enough experience to know that they needed advice from outside their group -- people who could look at things from a different vantage point. Before moving forward and investing a lot of time and money into their venture, they stopped and asked other advisers to poke holes in their business plan. They found the process informative and made the needed adjustments to their business plan.  The group is confident that they are on the track to success.    

A critical mistake that many business owners make is trying to deal with adversity on their own. Leveraging experienced, trusted advisers from the start will help you avoid failure and assist in stabilizing situations when you experience rough times. Tell them your story. Ask them to poke holes. Ask for advice when you see potential problems. Ask them to tell you which are the strongest points in your business plan. Then revise your plan and talk to your advisers again (or maybe a different set) and go through a review process again. The more thorough the review process, the more confident you can be.    

Finally, be bold.  Pick advisers you trust and whose opinion you respect that are not afraid to challenge you.  In turn, challenge them to make sure they are doing their best to look out for your interests and goals. These advisers will be your best allies and will support you through the speed bumps that appear in your path as you build your business. They will get excited with you, cheer for you and make connections/introductions to help however they can. In fact, introduce your advisers to each other - one set of advisers networking with another set can often create ideas and opportunities for you.    

Starting a business on your own does not mean you should do it alone. Align yourself with a great set of advisers from the start and it will significantly increase your chances for success.