NOT Like preventive medical care vs. critical emergency care, it's preferable to get sound business advice up-front that will help you avoid unforeseeable problems in the future. The penalties for failing to obtain professional legal advice often prove costly. Fees for litigators to mop up mistakes can run into the tens of thousands, whereas correctly structuring a business transaction beforehand usually can be accomplished with a couple of thousand or less. Accountants, too, need to be onboard early on if you ever want to raise outside money.
Investors are afraid to trust their money to entrepreneurs who fail to keep good financial records.
But you don't necessarily have to hire professionals immediately to establish a relationship. The trick is meeting prospective lawyers and accountants, finding advisors you like, and then asking them to be on standby for you when you are ready. Good lawyers and accountants offer free initial meetings because professionals like to identify potential success stories and then work to make them happen. When you are ready to bring in paid counsel, try to retain your lawyer and accountant on a deferred or partially deferred basis. To negotiate an agreement to pay part of your fees now and wait until later for the remainder, remember that money talks.