Choosing the Right Advisor: Expertise Matters

“My neighbor is an attorney, so I want them to handle the purchase agreement.” - actual client

“Great. How many business transactions have they handled?” - me

“Well, I’m not sure, but they helped our friend with a DUI.” -the client

This is a perfect example of why not all advisors are created equal.

In this case, the attorney had no experience with business transactions. Fortunately, they recognized their limitations and referred the client to someone more qualified.

Unfortunately, this isn’t always the case. Many people present themselves as advisors without the necessary expertise.

It’s common to see buyers or sellers turn to a friend just because they hold a degree or credential.

Corporate accountants are not the same as small business accountants.

Immigration lawyers are not M&A lawyers.

A real estate license doesn’t equip someone to value or sell a business.

An MBA doesn’t qualify you for anything. Trust me.

When choosing an advisor, seek out those who specialize in small businesses. Ask about their track record. Ask for references.

The stakes are high. Small mistakes in due diligence or a poorly drafted purchase agreement can cost you thousands—or worse—down the road.

How have you found your best advisors?