When searching for an accountant, take a long hard look at all the pros and cons. It is important to consider what might happen if you choose poorly as you dwell on the benefits of a sound selection. A poor choice might lead to trouble with the revenue authorities, could cost hard money, or could cause you to miss out on a vital tax saving opportunity.

You only need to open up a “Yellow Pages” book to view the extensive listings of attorneys. This section is easily the bulkiest in the entire book. When you are looking for a business for sale you need to make sure that you buy the services of an attorney who is a specialist in this field, and who has extensive experience in the field of acquisitions.

Make sure that you go through a careful process of selecting an attorney and an accountant for your business:

Call in some referrals. Look to other professionals that you do business with – your bank manager, for example, or a general practice lawyer. At present, you have a working relationship with these qualified professionals, and it seems reasonable that any recommendations which come from them, are likely to be just as professional in their work ethic as they are.

Check credentials. Once you have a shortlist, make sure that you look at their credentials. There are a wide variety of professional groups whose members specialize in business acquisitions, and you should always look into whether your prospects are members. Typically, the best professionals will maintain membership in the more proactive and more widely recognized bodies. Whilst on the subject of checking, always refer to your local Better Business Bureau or do a quick Internet search highlighting the professional’s name. In the majority of instances, a name will appear on any complaints or high profile cases.

Size up their specialty. There are “horses for courses”, as the saying goes, and you need to ensure that your accountant or attorney not only specializes in business acquisition, but has also ideally worked in your specific industry. In the case of an accountant, for example, your pro should be up-to-date with the applicable tax laws for your category.

Establish rapport. Whilst you might think you have found the best professional to assist you with your business valuation or to help in the process of buying a business, take some time to establish rapport and build a good relationship. Chemistry is important and you should set out clear goals so that both of you understand the objectives.

Network. Your local Chamber of Commerce or business networking group is a great place to turn for advice and referrals. You may often find a professional during a workshop, lunch meeting or after hours function.

Take time to select an accountant and attorney wisely. Do not be afraid to change if you feel that you have made a wrong choice. When you decide that you are going to own a business, you will need all the best help that you can get.

Richard Parker is the President and founder of the prestigious Diomo Corporation – The Business Buyer Resource Center. His celebrated materials, seminars and consulting have encouraged thousands of aspiring business buyers from around the World to pursue their dream of buying a business.

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