Breaking It Down: The Fourth of the Ten Commandments of Business Acquisitions
Our Ten Commandments of Business Acquisitions has been so popular that we have decided to break it down. To briefly discuss each of the Ten Commandments and its import and impact.
The fourth commandment: "Use seasoned financial and legal advisors."
I hate to even say this, as it seems so self serving… But it needs to be said.
Working with advisors who are expert and highly experienced and strongly committed to your project is absolutely essential.
A prospective buyer should assemble a team of advisors, including a business attorney and an accountant, and perhaps/ possibly an investment banker also.
Buying a business, especially for the uninitiated (and we have worked over the years with literally dozens of first time business buyers), is a complex/ daunting process, and each of these professionals needs to be carefully selected and engaged/ retained based upon their relevant expertise and experience.
Because buying a business can be quite the adventure, with unexpected twists and turns and challenges/ issues to be addressed along the way, it is important to work with professionals who will make your project the priority and with whom you can easily communicate and cooperate.
While it may seem daunting to screen and engage/ retain multiple professionals, a seasoned business attorney, for example, should be able to assist you in finding the right accountant and investment banker.