Many small businesses try to save a little money by not taking advantage of the expertise of professionals. In the end though, this oversight can be a costly mistake. The professionals I'm talking about are attorneys, CPAs, insurance agents, financial planners, and bankers. Until 1998, I owned a small computer software company which provided tools and productivity products for the large IBM mainframe client, primarily Fortune 1000 companies. While we were a small company (7 people at its largest), we did well enough that I was able to sell the company and retire at age 39. I'm confident that the outcome wouldn't have been the same had I not listened to professionals in the areas that really made a difference.

No good story is complete without some real life examples to back it up. So here are some of my experiences:

Corporate Attorney – A good attorney can really make a difference, particularly if your customers sign license agreements or you enter into regular contracts. Early on, I didn't use an attorney and I entered into some software distributor agreements that were less than favorable for me. At the end of the day, I missed out on a large offer to purchase my company for the sole reason that I didn't have proper exit strategy clauses in my distributor agreements. During due diligence, this was discovered and the deal fell through. Once I began using a good corporate attorney, these issues were cleared up and when I finally sold the company in 1998, everything worked out.

CPA – My accountant more than earned every dime I spent by taking the time to ensure that my company was sold using the best tax strategy for me. By structuring the deal as a stock sale versus an asset sale, I saved significant income tax costs on the gain from the sale. Without my CPA, I wouldn't have had a clue and would've likely done the deal however the buyer wanted it structured.

Insurance Agent/Financial Planning – Good people in this area will help your small company not only with the proper insurance to protect your assets in case of disaster or lawsuits, but they can help you with attractive employee benefits packages. These packages can help your company maintain a competitive edge and retain your employees longer. Even as a very small company, I was able to offer very flexible health plans and top-of-theline retirement programs without taking any of my time.

Banker – A good relationship with a bank can mean the difference between success and failure. My business had its financial ups (when sales were great) and downs (when you're spending all your money on new development and busy hiring talent). Without an understanding banker who knew me and believed in me, I wouldn't have been able to obtain the financing I needed when I needed it. Take the time to show your banker your business plan and explain why you need what you need and how you'll be able to pay a loan back. I searched hard for a bank that was willing to have a personal relationship with me, as when I first started out I was rather extended. But I had a great idea and a plan!

To get the most out of these relationships, keep all professionals regularly updated as to changes in the company as well as long-term company goals. SBRN is the perfect resource to help you find the professionals you need. By trusting the expertise of SBRN, you can reduce the time it takes to find quality professionals that understand you and your company's goals.

Gregory Nelson is Chairman of SCORE Naples. He can be reached at (239) 430-0081 or www.scorenaples.org.