Most first-time buyers make the same mistake:
They find a business they want to buy, then scramble to find an accountant, a lawyer, and an advisor.
By then, it’s too late to do proper due diligence or negotiate effectively.
The smart move?
Build your team before you even have a deal under contract.
Today, I’ll show you exactly who you need and how to find them.
The three people you need
Before you start making offers, assemble a team that includes:
1. An accountant who understands business acquisitions and can review financials, spot red flags in tax returns, and help you understand the real cash flow.
2. A lawyer who specializes in M&A and can draft contracts, review terms, and protect you from legal disasters.
3. An industry professional (or M&A advisor) with experience in the type of business you’re buying. They help with market research, valuations, and due diligence.
Everyone on your team should know the ins and outs of acquisitions.
Their expertise will help you spot red flags and save you from costly mistakes.
How to find them
Start with your personal network and reach out on LinkedIn or X to find these professionals.
The best approach is asking for referrals from other business buyers or people in your industry who’ve worked with acquisition specialists.
Look specifically for professionals who’ve worked on deals similar to what you're planning!
They’ll understand the nuances of your target industry and deal size.
How to compensate them
You have two solid options:
Pay them hourly or project-based fees (typical for first-time buyers with limited budgets).
Or - offer equity in exchange for their help.
I’ve seen buyers offer 2.5% equity to each team member in exchange for helping with due diligence and growth strategy.
The equity route works well if you have a solid deal but limited cash for professional fees.
Why this is important
When you have your team in place before finding a deal, you can move fast.
The second you find a business worth pursuing, your team is ready to evaluate it properly…
So you’re not wasting weeks trying to find professionals while the seller talks to other buyers.
Speaking of finding deals…
I share acquisition opportunities with subscribers when I find ones worth evaluating.
If you’d like those emails, fill out this short form below:
👉 I want to buy (or passively invest into) a small business
And if you’re selling your business, fill out this form instead:
👉 I want to sell my small business
Onward,
— Ben Kelly
