In the previous three posts, I have laid out my thoughts on why I feel having strong relationships with a business banker, lawyer, and accountant is important. These three individuals need to provide you with ideas, support, and information on topics that are critical to your livelihood and likely not within your area of expertise.
Here's the challenge though - What happens when you don't agree? The primary responsibility, or duty even, of these three individuals is to look out for your business, and they should take that very seriously. However, there will be times when you don't necessarily see eye to eye.
The problem that I have seen arise is that because we view these people as experts, we naturally want to defer to their opinion, even if it contradicts our instincts. I would argue that in some cases they may even expect us to defer to them. However, as the owner, the decisions associated with these three areas in particular, are ultimately ours to make and the business consequences ultimately fall on our heads. Let me give you an example.
Of the three professions mentioned, I think that having a lawyer that you philosophically agree with is the most critical. It is important to have a discussion early on in the relationship. Explain to him how you do business. If you don't mesh on business philosophy, it doesn't mean you have to find someone else, but it could certainly be a warning sign. Maybe you can learn from each other and work well together, or maybe you are simply going to butt heads.
A few years ago, I had a contract negotiation with a distributor. After a several days of calls, emails, proposals, legal wrangling, etc., we had agreed to definitions and terms. The lawyers wanted to meet once, face to face, to finalize the deal and ensure everything was covered. When everyone arrived at my office, the lawyer for the distributor suddenly informed us that he did not agree to the terms! The distributor's owner, someone for whom I had tremendous respect, sat there, hands crossed and head down, and said nothing. I was flabbergasted as I had thought the deal was done.
Eventually I asked the lawyers to leave, and nearly had to throw the distributor's lawyer out when he refused and told me, "I don't feel comfortable leaving my client alone." I can guarantee that if my lawyer had performed like this in front of me he would have been fired on the spot. A few days later we finalized the contract in person, without the lawyers. The repercussions of their lawyer's performance though? The new terms favored Big Bang more than the original agreement, and I lost a level of respect for our distributor.
What it comes down to, is that even though your outside professionals are experts in their fields, they are not necessarily experts in relation to your business, or your business relationships. You must filter their expertise and advice through your personal philosophy. You may not always agree with their suggestion, and that can be a very difficult thing to accept when we're paying them a tidy sum, but it's OK. Better to have to sleep with your decision than have someone else misrepresent you.