Is your Accountant out to destroy you?
Moments ago we received a call from the Solicitor acting for one of our Sellers. He’d just received shocking confirmation that the Accountant was against the sale.
This came as no surprise to us considering that we’d been privy to the financial statements and could see that the Accountant was benefiting $70,000 a year in fees! A sale for our Seller could spell losing a client for this particular Accountant.
Only yesterday, another Seller of ours pleaded with us. His own Accountant had stated, “you’ve got a great business, why are you selling?”. What surprised us were the Seller’s desperate next words, “I don’t trust him to do the right thing and make any effort to help sell the business. I need your help to explain the financials to the buyer”. This particular Accountant was generating $8,000 a year in fees.
“Of course we can help!”
We don’t get paid until the sale settles so of course we were prepared to bend over backwards to make sure everyone got the answers they needed.
Sadly, we find that these events are not uncommon in our industry with Accountants unhelpful even when it’s their own client asking for help naive in the belief that their Accountant could possibly have their own agenda to line their own pockets.
If you suspect, or know, your Accountant will be resentful, our advice is NOT to tell them that you’re selling but instead ask them for help with whatever it is you need to assist the sale. If it’s a report you need emailed, or if you need to know how they’ve accounted for certain expenses, just ask them. Don’t tell them why you need it. Just tell them you want it.
A lack of answers for buyers, or a less than timely response, almost always ends a sale. Don’t let this happen to you.
DISCLAIMER
This is an opinion and should not be taken as professional or legal advice