Be Prepared

We have many interactions with professionals, and many times we might not properly prepare for the meetings. Keep in mind that a professional’s stock in trade is their time, and their ability to apply their knowledge, skills and experience to their patients’ or clients’ specific situation at that time for that issue or problem. Being prepared for a meeting will maximize the value you receive during that time. Some interactions are easy such as going to an attorney to have a new will prepared. Some are very difficult such as seeing a doctor for chest pain. Most every situation falls between these two extremes.

There is a common ground in all issues that cause a meeting, consultation, or examination by a professional, whether it is a physician or dentist, an attorney or CPA. The client has a reason for wanting the meeting. This is where advanced preparation becomes important. It will save the professional time and help them get to the main issue quicker. Here are some guidelines to consider.

If you are planning for a meeting with your medical professional, take note of the things that made you schedule the appointment in the first place. If you have any pains or discomfort, when did they first develop or get noticed by you, how was it manifested, what did you take to relieve the pain and how did you respond to that treatment? Were there any other changes that took place that you might have overlooked because it was not directly related to the pain or was in a different part of your body, were there any physical changes or changes in your bodily functions around that same period? Try to be aware of what has been happening and be prepared to explain it to the health care professional. Bring a full listing of your prescription and nonprescription medications that you take.

If you are planning for a meeting with an attorney and need something prepared or something done on your behalf, prepare a memorandum of what you want accomplished. Include all of your questions and facts, with a listing of people that will need to be contacted or included in the document, along with their addresses and other identifying information. If you are going because you want a new will, that is an obvious result; but if you want to sue someone, or need a contract drawn up, or a buy-sell agreement, you should be very specific about what you want and what you would like as the result.

Too many people go to an attorney unprepared and spend inordinate time responding to questions that could have prepared for beforehand. Use the time propitiously to get the answers for what you do not know and not spend the time dredging up what you already know and could have put in the memo. You can do the work 1) before you see the attorney, 2) while you are with the attorney or 3) afterward to send to them. I think the easier and better way is before your first meeting.

If you’re planning for a meeting with your tax accountant for annual tax filings, make sure you have all your information and organize it so it will be easy to follow. If an organizer was provided, try to complete it as much as possible. If there are questions you do not know the answer to or understand the question, you can ask that at your meeting; do not call to ask what it means (unless it might relate to some information you should bring and, in that case, do not call but bring it to your meeting). Use last year’s return as a “road map” of information you would need and make sure everything reported on last year’s return is accounted for. If something does not repeat, make a note to let the preparer know that so they will not have to follow up with you about the “missing” information. Bring a copy of all tax notices and assessments you received during the year.

Starting a Business Meeting: If you’re planning for a meeting with a CPA because you will be starting a business, bring as much as you can about the business, how it will be financed and the approximate expected sales once it gets started. Be prepared to explain your experience in that type of business and why you decided to start your own business. If you will have a partner, you should both go to the meeting. You should also be prepared to explain what you want to occur if one of you dies or becomes disabled since a buy-sell agreement is a necessary document when
there is more than one owner. Have three or four business names picked out in case your first choice cannot be used. Prepare a listing with your names and addresses and other contact information, and family members if they would be involved in the business in any manner.

To help you make sure you’re on the right track, check out my starting a business checklist.

General Accounting Advice: If you are planning for a meeting with an accountant for any other situations where you will need to consult with a CPA, be as specific as you can about your desired outcome. You should prepare a memo to use at the meeting. You do not have to provide it if you do not want to, or if it is “unreadable” except by you, but it will make your thoughts better organized.

If you’re planning for a meeting with a financial planner or asset manager, have a listing of all of your assets backed up with your most recent statements of your investible assets including stocks, bonds and bank accounts. Also include statements of assets in IRAs and employer-sponsored or maintained plans and pension benefits you would be covered for.

If you’re planning for a meeting with an insurance agent, I suggest reviewing beforehand your current and previous year’s policies for coverage and premiums for those two years. Compare the coverage with potential or possible losses should the worse occur. You are insured to protect yourself from the worst happening, not for good things to happen. You should do this for your liability and homeowner’s policies as well as medical policies and any life insurance.  

Comment: If you have life insurance you feel you no longer need, consider selling them rather than terminating them. Speak to your agent about this. 

There are many other professionals you might need to interact with, and this listing covers some of what I feel are the most visited or needed ones. However, apply this information to every meeting you will have with a professional, even your colleagues. A simple rule is to BE PREPARED. Even if you end up not having the meeting, you will end up with a much better understanding of your situation and affairs.