This post is a resource-focused business acquisition process guide — not another walkthrough of the stages themselves (see our 7-stage business acquisition process guide for that), but a guide to exactly which advisor to bring in at each point and what you should have ready before that conversation.

  • A lender comes first, before a broker, lawyer, or accountant.
  • A broker adds the most value during sourcing, through access to off-market deals.
  • A lawyer becomes essential once you have a signed LOI, not before.
  • An accountant's role is concentrated in due diligence, verifying what the seller has represented.

Advisor 1: Your Lender

Engage a lender first, before anyone else. Getting pre-qualified establishes your real budget, which shapes every other decision that follows. Have a personal financial statement ready, along with a rough sense of your target industry and price range. The SBA's 7(a) loan program page is the most common financing route for individual buyers and a good starting point for this conversation.

Advisor 2: A Business Broker (Optional)

A broker isn't strictly required — some buyers source deals independently, and our guide to buying a business without a broker covers what that path involves — but a broker adds real value during sourcing through access to listings that never go public and negotiation experience most first-time buyers don't have. If you go this route, review a broker client agreements carefully before signing.

Advisor 3: A Transaction Lawyer

Bring a lawyer in once you have a signed letter of intent, not before — that's when their review of the purchase agreement actually has leverage. See finding a lawyer for buying a business for what this typically costs and how to find the right one. Have your LOI and any deal-specific documents ready before your first meeting so you're not paying for time spent explaining the basics.

Advisor 4: An Accountant

An accountant's role concentrates heavily in due diligence — verifying that the seller's financials, tax returns, and cash flow claims actually hold up. Use the due diligence checklist for buying a business as a starting checklist to bring to that engagement. According to IBBA and M&A Source's Q1 2026 Market Pulse survey, realistic valuation multiples typically run 2.0x SDE to 4.0x EBITDA, a useful benchmark to discuss with your accountant as they review the seller's numbers.

What Should You Have Ready Before the First Meeting With Each Advisor?

For a lender, bring a personal financial statement and a rough target price range. For a broker, bring your written criteria so they can actually filter opportunities instead of sending you everything on their list. For a lawyer, bring your signed LOI and any deal-specific correspondence with the seller, since paying an hourly rate to explain background you could have summarized in advance is an avoidable cost. For an accountant, bring whatever financial documents the seller has already shared, even informally, so the engagement starts with real numbers to react to rather than a blank slate.

If you're assembling your own team and want a recommendation on any of these roles, get in touch with Silver Surf — we can point you toward advisors who've done small business deals before.

FAQ

1. Which advisor should you engage first?

A lender, to get pre-qualified — everything else follows from knowing your realistic budget.

2. At what point do you need a lawyer versus an accountant?

A lawyer becomes essential once you have a signed letter of intent to review; an accountant is needed as soon as you enter due diligence to verify financials.

3. Do you need a broker for every acquisition?

No — some buyers source deals independently, but a broker adds value through access to off-market listings and negotiation experience, especially for a first acquisition.

4. What should you have ready before meeting an SBA lender?

A personal financial statement, a rough sense of your target industry and price range, and any available capital for a down payment.