Oct 09
8
Choosing the Right Advisors for your Acquisition
When it comes to buying a business, you want the right people on your side. Almost any business broker worth their real estate license will tell you that an experienced and knowledgeable broker, accountant, and attorney can be crucial to helping you close your business purchase.
What to look for: A quick search on the web or a scan through your local yellow pages will prove how bountiful attorneys and accountants can be. But just like the right business, not all advisors are created equal. You can take some steps to ensure you have the right people to help you through the process.
First, do your due diligence. Ask around. Some of the best introductions can come through referrals. So ask other professionals if they know of any attorneys or CPAs who specialize in business acquisitions. Your business broker can also be a source to provide you with some possible contacts.
Don’t hire just any advisor. You are looking for someone who has been there and done that with respect to business purchases. You are looking for a CPA that understands tax allocation and creative deal structures. Similarly, just as doctors specialize in a field, you can find an attorney who specializes in business acquisitions. Though the right attorney or CPA may come with a slightly higher price tag, you get what you pay for.
Establish a relationship with your chosen advisor. No impressive resume or credentials can make this the right advisor for you. After you have compiled a shortlist of qualified professionals, be sure to select someone whom you trust, is timely, and you feel you can work with.
Ultimately, how you choose to pursue a business acquisition is up to you; however, having the right people and resources at your disposal can make the process that much smoother, and can get you to your ultimate goal quicker: owning your own business.
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