As we kick off the New Year, here at CSB we believe it is important to create a team of people, to set you up for financial success. In the agriculture industry, we are no stranger to consulting a specialist for our operations. Whether it be a crop specialist, seed salesman, or veterinarian, depending on your specific operation, there is always someone to turn to, in order to help your operation, thrive. Many of you may have pieces of a financial team, or even a completed team; however, going into the New Year is always a great time to evaluate your situation and your goals.
Who Should Be on Your Financial Team?
The answer to this question depends on who you are, what your current situation is, and what the next steps are going to be. The purpose of a financial team is to make the most of your money, protect your assets, and leave a legacy for future generations.
- Ag Banker
Money and interest rates can be a topic that is at the forefront of many business owner’s minds, especially in a high rate market and a volatile commodity market. It is important to choose an Ag banker that understands your needs and your goals.
Here at CSB we pride ourselves as being a leading Ag Bank in Northwest Illinois. We have a team of experienced personnel, both in banking and in agriculture. Being your financial partner is top priority for us, to ensure that your operation succeeds.
- Insurance Agent
An insurance agent helps you safeguard your assets in the form of auto, homeowners, renters, farm blanket, life and long-term care insurance. They can advise you on the best policies to protect you, your family, and the future you are building, from risk.
While there are several online options for insurance providers, a local agent is an essential addition to your financial team. Their connections in the community, quality of service, and ability to work with other members of your financial team often times outweigh the price difference.
- Attorney/Lawyer
An attorney or lawyer can assist you, when buying or selling property (including businesses). Creating a will and estate plan, negotiating contracts and more. While you aren’t likely to interact with a lawyer very often, having an established relationship with one provides peace of mind for many worst-case scenarios.
- Tax Preparer/ Accountant
An accountant or tax advisor handles your taxes, including ensuring that they have been filed correctly, finding deductions you can benefit from and filing extensions if needed. When owning a business, an accountant is important in managing and communicating the company’s finances, especially on diversified farms and ranch operations that include multiple streams of incomes. A good tax advisor and accountant can be worth the investment cost.
When selecting a team of individuals to fill these rolls, asking for referrals from other operations; talking to their other clients; and looking beyond their professional resumes, are key points to focus on. It is also important to be honest and upfront as a client. Not every professional is the best fit for your operation, and that is okay; however, it is important to find that out sooner rather than later.
Our Ag Team here at Citizens State Bank is always open to filling the Ag Banker role for your operation, and with our connections to the industry, we come prepared with a list of other professionals that can be key players in your financial team’s success. Tune in Friday at 9 am and 1 pm, to hear Ag Banker – Brock Musser talk more on this topic on WCCI’s Buzz on Banking with CSB segment.
