You will need to hire a number of different advisors. Here are 20 questions to ask before you get into a business relationship:

ATTORNEY, CPA, FINANCIAL ADVISOR, BANKER, INSURANCE AGENT

1. How long have you been in practice?
2. What experience do you have with startups?
3. How many health care providers have you worked with? How many chiropractors?
4. What are your qualifications (specific certification for each profession; for example, CPA licensed to practice in your state)?
5. Who will I be talking to on a regular basis (the CPA, bookkeeper, or other)? Will this be the same person all the time? What if he/she is not available – do others in your firm know my account?
6. What is your general approach to working with clients (are you aggressive? do you advise caution?) OR, What advice do you generally give clients in my field to lessen the likelihood of problems (with the IRS, for example)?
7. What is your special interest or area of specialty?
8. What is your fee schedule? How are fees calculated? If I call you and ask a question, will you bill me?
9. What is your estimate of my monthly expenses?
10. What startup services do you provide?
11. What specific regular services should I obtain?
12. What additional services might I be interested in?
13. Why should I choose you over other (CPA’s, attorneys, etc.)
14. Do you work on a “retainer” – minimum fee each month for specified services?
15. Will you provide a written agreement for services?
16. Please provide me with three references who can attest to your abilities in my area (health care practice).
17. Have you ever been disciplined by the state board for your profession?
18. What if I’m unhappy with your services?
19. What do you expect of me?
20. What should I have asked you that I didn’t?

DIFFERENT TYPES OF PROFESSIONALS

What services should you expect from the different types of professionals? Here are a few in a nutshell:

• CPA. Depending upon your level of expertise, you may want the CPA to provide different levels of expertise. The minimum would be to have the CPA review your quarterly P&L (profit and loss sheet) and balance sheet, and to have him/her provide tax advice.

The CPA could also do your monthly bookkeeping entries and provide you with a monthly statement. Some CPA’s employ payroll specialists who can do all the payroll tasks involved in paying employees, reporting, and payment of payroll taxes.

• Attorney. You will want an attorney on an occasional basis to talk to regarding issues of employment law, patient relations, reviewing contracts, general business law questions. You should not need to keep an attorney on “retainer” (monthly minimum).

• Insurance agent When you purchase insurance, your biggest concern will be service. You should ask for references, specifically for businesses in health care and those who have had claims in the past few years, so you can judge service for yourself.

Financial planner. This person should have the CFP (Certified Financial Planner) certification and specialize in helping small businesses avoid (not evade!) taxes, by suggesting various deferred compensation and retirement plan packages.

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