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Just as with an attorney, a good accountant is indispensable in a business-buying venture and should be brought in as early in the process as possible. Look for enthusiastic recommendations from others in your business. Ask how much of the accountant’s business is with companies within your target industry. Someone who may be good with service companies may not be the same with manufacturing companies. He or she should also be able to explain complex issues in simple terms to help you make informed decisions.

Though they may charge more, a Certified Public Accountant is often the way to go. Fees can range from $150 to $350 an hour, but CPAs have a level of education and accountability (a college degree, strenuous state exams and continuing education are necessary) considered attractive to investors and bankers.

Your accountant may also be able to help you with money-raising efforts. At first, you might think this is because they know bankers. Yes, they do. But that’s not their only in with money. An accountant can sometimes help with raising money through contacts with other clients as well. But don’t expect them to promote this service. If they like the deal, let them offer it to you.

Your accountant will analyze the company’s financials to develop an accurate picture of cash flow, expenses, revenues, profits, liabilities and assets. He or she can also assist you with future projections to show to investors and bankers. Everything from budgets to cash flow reports will be prepared by your accountant. They will also help you determine the accuracy of financial statements.

As a buyer, you are best served by bringing in your accountant to help you with strategy before you even begin to search for a business to purchase. The advance planning and financial strategies they can offer may save you from some initial missteps. As with an attorney, remember that your accountant is there to give you accurate information, to give you advice and help with strategy, but the decisions are yours to make.