Lawyers, Accountants, and Insurance Brokers: Small Businesses Need All Three

January 11, 2011
By Michael Smith on January 11, 2011 9:05 AM |

Thumbnail image for iStock_000010981844XSmall.jpgI have a standard speech that I give to clients who come into my office to discuss starting a business. It goes something like this: "You're smart to be looking for a lawyer to help you, but you need more than just a lawyer. You should also find a good accountant and a good insurance broker. You really need all three. Don't try to get by with only one or two of them. For example, don't expect your accountant to give you legal advice, and don't rely on a lawyer to tell you what insurance policies to buy. And don't try the do-it-yourself approach in any of those areas."

I have to admit that not all of my clients follow that advice. After all, starting up a new business is not for the faint-of-heart, and most people who try it are very self-reliant and accustomed to being jacks-of-all-trades. Last night I was browsing around the website of the Indiana Small Business Development Center (or ISBDC), and I found something that I'm going to use to help me persuade those clients who are skeptical about the need for so many different professional services. The ISBDC's website has a list of frequently asked questions, and my curiosity was piqued by this one: "What professional services do you need?" The answer? Attorneys, accountants, and insurance brokers! Read the entire discussion here. Future entries on this blog will discuss the ways that each profession can help small businesses. You might want to subscribe to our feed so you'll know when they're posted.

About Small Business Development Centers and ISBDC:

Small Business Development Centers are a network of organizations, administered by the United States Small Business Administration, covering all 50 states, D.C, Puerto Rico, and other United States territories. The Centers provide education, advice, and counseling to small business owners and to people who want to be small business owners.

The Indiana Small Business Development Center has ten regional offices. The Central ISBDC regional office covers Marion, Hamilton, Boone, Hancock, Hendricks, Johnson, and Shelby Counties. It's located on the Ivy Tech Lawrence Campus, 9301 E. 59th Street, Room 147, Indianapolis, IN 46216.

About Smith Rayl Law Office, LLC: We are a small business ourselves, currently with two attorneys and one part-time employee.

Attorney Susan Rayl runs her criminal defense practice from an office in a restored home in the Old Northside of Indianapolis, just north of the Benjamin Harrison Home. She handles criminal defense cases, including appeals, all the way from traffic tickets to major felonies. Contact her at (317) 964-6000 or at susan@susanrayllaw.com.

Michael Smith concentrates on business organizations, business transactions, and nonprofit organizations. His office is in Fishers Office Suites located in the Town Center area of Fishers, Indiana. Many of his clients are startup businesses, and he often assists in the organization of new business entities, especially limited liability companies. Contact him at (317) 576-8542 or at mike@michaelsmithlaw.com.