For many advisers, there default position is “do nothing”. It’s often the safest bet and rarely wrong.
However, as a business owner (and perhaps an entrepreneur) use their advice but ultimately make your own call.
Role of Lawyers
Lawyers will generally focus on:
Legal due diligence
Contracts and agreement advice
Structure – including the way you buy the practice (i.e. legal entities)
Completing the transaction – required regulatory filings and registrations
Leases and employment contracts
Role of Accountants
The role of accountants will vary depending on their skill set as well as experience in your practice area and your own financial skills. Accountants’ roles can include (but is not limited to):
Analysis and assessment of the opportunity
Financial and accounting due diligence
Cash flow forecasting and affordability analysis
Tax structuring advice
Finance applications
If required, audit and forensic analysis
Once you have purchased the practice, your accountant should work with you to develop your business plan and extract value from your purchase of the practice. This may be through business reporting or strategic planning.
Other specialist advisers
Other specialist advisers may include:
Asset and/or property valuers
Business valuers
Finance brokers
HR and recruitment specialists
Tax specialists
Putting advice into context
Remember, although it is critical that you seek good, competent, independent, and expert (experienced) advice; do not rely on this advice blindly or solely.
Your advisers are advising you, not making the decision for you.
Their advice should be used to complement your own views and become part of your own decision making framework.
As with all contractors, you will also need to manage them as well as their costs.
Consider the options available for you and use www.practice4sale.com.au to buy or sell a practice.
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