Lawyer and Accountant Fee Structures

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by a searcher from Arizona State University
in 7373 E Doubletree Ranch Rd #200, Scottsdale, AZ 85258, USA

8yrs ago

Lawyer and Accountant Fee Structures

Does anyone know what it should cost to have a lawyer review the PPM and create a Purchase Contract/LOI? How about the cost of having an accountant review the financials (official or unofficial audit)?

Additionally, what are some ideal fee structures that could be set up with the lawyers/accountants? I'm a self funded searcher and want to minimize costs as much as reasonably possible. I've heard that guys will defer their legal fees untilredacteddays post acquisition and the cost usually ends up around $10k if you do much of the work yourself.

I'm curious to know what payment/fee structures each of you have chosen or plan to choose with your lawyers and accountants.

I greatly appreciate any insight you'd be able to provide.

-Gus Gabel

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831 Views

reply by an investor 8yrs ago
from Loyola University of Chicago in Chicago, IL, USA

You can do a lot of things inexpensively, but there's always trade offs. I usually had a good - better - best mentality when working with professionals. While paying a lot more doesn't ensure competency, sometimes it's a good substitute. The local accountant may not know what he's looking at but tell you he does, the expensive firm may charge more and provide nothing by way of help. I've been over charged by the $150 lawyers and I have overpaid on $800 an hour lawyers, so it's a mixed bag of reviews that's constantly changing. So, if I was in your shoes an looking at accountants, I'd do the following - - pick 3 local ones, explain what you are trying to do (along the lines of..."Hi, I'm trying to buy a company and I'm going to need an accountant to go through earnings, do you do that?" and then do a free consultation with them so they can walk you through their process. Also, if they have experience in the area you are going to work in (franchises vs. shipping companies vs. wholesale). Pick the one that fits your project and your budget.

reply by an investor 8yrs ago
from Loyola University of Chicago in Chicago, IL, USA

Also, get someone that you can talk to that can help you bounce off what the accountant says to you so you can double check that the story makes sense.