Lawyers and accountants play critical roles in ensuring that transactions are legally sound and financially prudent. However, not all professionals are equally equipped to support such a transaction. This article walks through how to find the perfect one to suit you, and how to manage them efficiently.

Why do I need a Lawyer When Buying a Business?

Choosing a lawyer with direct experience in business transactions is crucial. Try to avoid generalists who take on any legal matter that comes their way. For example, if purchasing a franchise, seek a franchise specialist. They’ll understand the ins and outs of the franchise agreement, contracts, fees and much more.

If the business involves intellectual property, an attorney with IP expertise is advisable. If you’re buying a business overseas, you’ll want to find an immigration lawyer who has a detailed understanding of visa requirements and other legal necessities – they’ll help you avoid getting stuck in paperwork that could hold up the deal.

The Role of Accountants when Buying a Business

Accountants provide insight into the financial health of the business you want to buy. Unlike bookkeepers, qualified accountants—especially Certified Public Accountants (CPAs)—can evaluate financial records, offer tax advice, and structure deals in tax-efficient ways.

Technical accountants can ensure accuracy in financial due diligence, while business-savvy accountants can advise on broader financial strategy. Either way, they should adopt a conservative, numbers-driven approach that can help avoid emotionally-driven decisions.

When looking for a lawyer or accountant to facilitate your deal, you should prioritise those that have experience in business transactions, especially ones of a similar size to your deal.
Small businesses and SMEs might give greater importance to legal issues surrounding family or inheritance, while the sale of larger business might be more focused on assets and inventory.

Understanding Costs

Professional fees can vary dramatically and are typically charged by the hour. Rates reflect market demand, not necessarily quality, so high fees do not always correlate with superior service. Significant transactions involving complex legal and financial structures will incur
higher costs, but these are often justified by the value of sound guidance.

Some professionals may be open to negotiating their fees, particularly if they see long-term value in working with you. Explain your business goals and financial constraints to encourage flexibility.

How can I keep fees down?

The biggest obstacle for most people when considering a lawyer or accountant is the fees involved, but there are some things you can do to try and keep costs down, especially if you’re paying an hourly instead of fixed rate.

Firstly, keep a checklist of tasks which you need help with and make sure you’re only paying for exactly what you need. Handling administrative tasks like retrieving documents and tracking inventory yourself can help you avoid being billed for simple duties. Make use of pre-existing legal templates to save time and money, but make sure your lawyer or accountant always reviews the final document and walks you through it.

Another option you can consider is to offer your lawyer or accountant participation in your business – sometimes in the form of equity. This could mean paying lower or no fees for their services, and means they’re more likely to give you 100% of their effort and time. If they’re invested in your business financially, they’ll do everything they can to help you succeed.

Final Considerations

The professionals you choose to work with can have a big influence on the success of your sale. Select people with the right skills who respect your time and budget, and who align with your goals. Their expertise can help protect your interests - but make sure you always set clear expectations, and stay involved in the process as much as you can.

When managed effectively, your lawyer and accountant can become trusted long-term advisors who contribute to your business success well beyond the acquisition phase.