Advisers

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April 05, 2023

by a searcher from University of Pennsylvania - The Wharton School in Tampa, FL, USA

What are people's thoughts on hiring advisers (legal, accounting, etc.) that are not close enough for face-to-face meetings? Assuming all else equal, is it a must to have an adviser that is driving distance from the business?

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commentor profile
Reply by an intermediary
from Wesleyan University in Granville, OH, USA
Last year my then-partner and I closed an $84M sell-side deal with the only face to face meeting between us, seller, and buyer that happened in late###-###-#### I think I was only face to face with the client 3 times in 2.5 years it took to find the right buyer. My experience is consistent with both ^redacted‌'s and ^redacted‌'s. In any case, local or not, take some time to get to know your advisor before committing to work with them. Definitely talk to a couple references.
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Reply by a professional
from Bentley College in Miami, FL, USA
Agree with Evelin. It's a personal choice but keep in mind that it's not always possible to find an advisor who is a good fit for the project and just happens to also be in your area for face-to-face meetings. Meaning, you'll be limiting your options. Plus I imagine that the advisor would charge you for the commuting time for a face to face meeting so your costs would increase.
At DueDilio, we have not seen many requests for advisors that are in the same geographic area as the buyer/seller. I think it's very common to conduct business over Zoom or phone.
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