Team of CPA and Attorneys
What's up BP fam!
I am curious to those who have built a successful team that includes a CPA and/ or attorney in their team - what is your thought process or screening questions/ criteria before hiring them?
I've recently met someone who was telling me about his fix and flip business and how he does one flip per quarter (4 per year) and based on the numbers that he's shared with me, he should gross around 50-60k per deal and tells me he's able to keep most of it because he's got a really good CPA.
So, my question is, how do you screen and know when someone is able to provide you with that value-add service when you're not sure how or what that value-add service could be?
Hope this makes sense. TIA!
Most Popular Reply
@Alex F chang - You do need to get your arms around what is out there and possible in terms of strategies because otherwise, everything you hear will sound great. There are some great books on the subject of taxes and strategies, the Rich Dad series has a handful.
By no means do you need to be an expert, but it would give you the ability to have conversations with potential CPAs and attorneys from a place of reality.
I'd also talk to several different CPAs and attorneys to see what you find is common ground and where there may be hesitations on certain strategies. I'd dig in a bit more if you find that once CPA is pushing for something and another is not so comfortable with it because if the IRS comes knocking at your door, you definitely want to feel you are in a very strong and defensible position.
Get a little bit of education so you evaluate from a solid base. Good luck and let us know how it turns out.