Because Business Is Personal: Advantages of a Full-Service Partner

Written by: Brady Drake

The idea that business and personal lives are completely separate is not true for anyone. Work is a source of personal satisfaction, close relationships and the money it takes to live. Business and personal worlds are especially linked for business owners, whose personal passion and assets are tied up in their business.

Choosing a full-service financial partner who can bridge those worlds can help business owners and their employees keep their personal and professional lives in balance. They can help manage your business finances while maintaining a focus on how that fits into your personal financial future. Here are some examples of how.

Owners can Seamlessly Bridge their Personal and Business Needs

An owner’s biggest personal asset is often their business. When it comes time to retire, sell or pass down a business, every decision has a personal component. With a full-service partner, an owner can plan and execute a succession plan, and plan for and manage their retirement. Many owners focus so much on their business that they have loose ends on the personal side of finance once a sale closes. An advisor who knows the person and the business can help sort through those big questions about what comes next, not just closing a deal.

An Understanding and Appreciation of Complex Transactions

Every business decision affects the owner’s finances. For example, debt is a powerful tool for financing growth and operations; understanding how it changes the value and marketability of a business is important to consider too, especially when it comes to personal wealth. When it comes time to step away from a business, with partner buy-outs, seller financing, and other transaction options, it’s important to understand how and when an owner will realize proceeds, and what that will mean for their personal life. A full-service partner will consider both sides.

Create an Environment Where Financial Wellness Flourishes

Selecting a single partner for business functions like retirement plans, health savings accounts, and other employee benefits offers significant efficiencies. Working with a partner who also sees your employees as individuals, with their own financial needs and balancing acts, can promote overall financial wellness among staff, too. Employees who feel financially secure are happier, more productive, and easier to retain. Look for providers who can deliver advice and services that benefit employees personally.

Help Owners Focus on Running Their Business

There is a psychology around money that can have a profound effect on a person’s mental health and overall well-being. This is especially true for business owners, who must make decisions that affect their family, their employees and even their employees’ families. That’s a lot of pressure. Feeling confident with their own personal finances can help business owners maintain the clarity and confidence to do right by their business.

Simplicity and Efficiency of One Point of Contact

This is a complex financial time for businesses and individuals. The more partners and services, the less efficient and more cumbersome interactions become. Instead of bringing business and personal advisors or providers of multiple benefits together to compare notes, having a single partner who can handle everything means less onboarding and coordination time, less weighing multiple opinions and a greater ability to get things done.

Alerus has a long tradition of serving both businesses and individuals. Through the My Alerus platform, we help individuals see their overall financial picture. Financial advisors can help individuals plan for their future. Business advisors help guide owners and leaders through important decisions with broad impacts. Connect with Alerus to learn how we can help bring balance to your financial life.


Banking :: Mortgage :: Retirement :: Wealth Management


The information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Alerus does not provide legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Alerus Financial, N.A. is Member FDIC.

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Brady is the Editorial Director at Spotlight Media in Fargo, ND.