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#14 Professional Service Partners - Getting the most from your accountants and attorneys
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Navigating professional service partners for entrepreneurs and growing businesses.
Episode 14 of the CEO Bros podcast, featuring co-founders Brian Balduf (BHT Studios) and Brad Balduf (By Your Side Autism Therapy Services) with host Matt Croak, delves into the critical, yet often underestimated, roles of professional service providers for entrepreneurs. The discussion focuses primarily on accountants (CPAs) and attorneys. The hosts emphasize the love-hate relationship many entrepreneurs have with these partners, highlighting their necessity from the very beginning of a business journey, particularly for corporate governance, even if they slow things down or incur significant costs. A central theme is the "parent-child relationship" analogy, where these professionals offer essential guidance, sometimes unwelcome, to protect the business and ensure its long-term viability. The hosts also briefly discuss Brian's experience in an 8 year copyright infringement trial that VHT Studios won against Zillow.
Key Themes and Ideas
Accountants, Attorneys: The hosts categorize these groups as essential partners for entrepreneurs and growing businesses. They represent critical external expertise needed for navigation, growth, and protection. There's a shared sentiment of both necessity and occasional frustration with these professionals.
Accountants (CPAs):
- Initial Needs vs. Growth Needs:
- Minimizing Taxes (Expense):
- Importance of Financial Organization for External Parties:
- -Specialization with Growth:
Attorneys
- Necessity for Protection: - Key Areas of Legal Review:
- Understanding Risk vs. Opportunity:
- Specialization and Firm Size:
- Research and Budgeting:
- Attorneys as Assets/Weapons:
- Corporate Governance:
- Business Referrals:
- Planning for the Future:
The episode strongly advocates for entrepreneurs to recognize the vital roles of accountants and attorneys from the outset of their business journey, despite the associated costs and potential friction. These professionals provide crucial guidance on corporate governance, financial management, legal protection, and strategic growth that can prevent significant problems and unlock greater opportunities in the long term. The need for specialized expertise as the business evolves is also a critical takeaway.
#innovation #startups #howtostartabusiness #leadership #management #zillow #vhtstudios #byyourside #gouldandratner https://www.vht.com https://www.byyoursideac.com https://www.gouldratner.com https://www.chicagotribune.com/2017/02/13/zillow-group-owes-82-million-to-rosemont-photo-company-jury-finds/14 episodes
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