is a different skill set than traditional accounting as it is forward looking, unlike most accounting which is about looking backwards. Because of this, they will often be very negative on M&A transactions as they see their client losing a cash flow they have been enjoying for years and from their lense not understanding why they would give that up for what they consider to be a low sale price. However, our experience is that most accountants have their clients' best interests in mind and their opinion is important and worth considering but it should also be taken with a grain of salt for the reasons above. The best approach for the Buyer is to get the accountant involved very early in the process. The M&A Advisor should be able to build rapport with them and invite them into the core team to they feel part of the transaction and can start to understand all aspects of it. Although they act for the Seller, they will be key in all the discussions around numbers and so having a good relationship with them is critical.
Choosing the Wrong M&A Advisor
The Buy Side M&A Advisor will generally manage the process from beginning to end, so if they are weak in any one or multiple areas, it can significantly compromise the process. This starts off with the ability to build rapport with the Seller and assist with structuring the transaction right through to managing due diligence and then the contracts phase. They should also act as a sounding board for the Buyer to help them through difficult patches. They need to be savvy enough to help navigate the many twists and turns in the process otherwise the Buyer may be on their own or at the mercy of friends and family who have an opinion but generally little experience. So choosing the right Advisor, to begin with, is probably one of the most important decisions
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