What are the Most Important Professional Relationships for new Business Owners?

October 03, 2025

by a searcher from University of Washington in Seattle, WA, USA

I worked in big companies until I purchased my business. Most of my financial life was "handled for me" or there were self-service tools to handle them. Think retirement accounts, tax planning, health insurance etc. For the past year I've relied on the same services carried over from my old company or just let them fall to the wayside. I'm looking for suggestions on key financial relationships I need to build, what those people do, and how to go about selecting the appropriate partner. For example: I have an accountant (the same one used by the former owners). I have no idea if he's "good enough" or I could unlock a lot more value with an accountant who has experience in ETA and can help me plan for an eventual sale. Similarly would love guidance about the right time to start building relationships with financial advisors/wealth managers, bankers, insurance brokers etc. Thanks!

Reply by a searcher
from Princeton University in St. Louis, MO, USA

I would NEVER use the same accountant that the former owners used, unless you were a long-time client of that accountant already. No matter what they try to do as far as being impartial, there is some inherent level of conflict of interest in that dynamic. Also, as you alluded to, there is a question around how sophisticated your sellers are, and how well-suited their accountants are for you coming in. It's worth it to find your own accountant and transition books over to them, so that you can be sure you are getting the right level/quality of service in an area you really shouldn't want to skimp on.

Reply by a professional
from Texas State University in Sidney, NE 69162, USA

Thanks for the tag, ^Luke Tatone‌. Based on working with dozens of business owners through growth and exit, you need four critical advisors in place now—not later: 1. Fractional CFO with SMB Experience Not just someone who reads historical financials. You need a CFO who builds forward-looking models that inform strategic decisions. 2. CPA from a Separate Practice Use a different firm than your CFO for proper checks and balances. Find someone with demonstrated experience in business sales who'll structure things tax-efficiently from day one. (Ask how many business sales they've guided in the past 24 months.) 3. Wealth Advisor Who Specializes in Business Owners Many wealth managers don't understand that 80-90% of your net worth is concentrated in one asset: your business. You need someone who can plan for liquidity events, diversification timing, and building wealth outside the business. Ask what percentage of their book of business is business owners. 4. Strategic Advisor with Revenue Growth + Exit Experience This person coordinates your other advisors and keeps you focused on growing cash flow while building enterprise value. They should understand what buyers actually care about. I presume this is why Luke tagged me. The biggest mistake I see: Waiting until###-###-#### months from exit. By then, you've left value on the table through suboptimal tax structures and operational inefficiencies that can't be easily corrected. Start now. The ROI on the right team will dwarf their cost. ^redacted‌ Happy to make introductions as I have multiple colleagues in each of these areas of expertise.

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