Smart buyers rely on the expertise of attorneys, brokers, appraisers, and other advisors throughout the acquisition process. Frequently, these advisors are pivotal in helping prospective buyers effectively evaluate, negotiate, and close deals.

But according to some experts, buyers may be relying too heavily on outside advisors. Deborah Sweeney, CEO at MyCorporation, cautions small business buyers to "do your research and rely on a diverse set of advisors ... lawyers, accountants, etc. Educate yourself and then make your own decisions. Do not let others make these decisions for you. If you are going to become an entrepreneur, you need to know how to take various inputs and create an outcome that you can live with."

Lesson for Buyers: Third-party advisors play an important role in keeping your acquisition on track. But at the end of the day, you can't outsource key decisions. Use your attorney, broker, and other advisors to capture the information you need to make smart decisions.

Published on: Nov 13, 2018