How Can I Find an Ethical Graphic-Arts Business Advisor?
Rock,
I’ve been burned by a professional service provider who did not look out for my interests in a transaction. This person not only betrayed my confidence, but I believe he benefited financially by his advice to me. I felt betrayed by someone who has done work for me as an advisor and specialist over the years. How can I prevent this from happening again?
Money is such a powerful motivator for those who do not have a bright, unwavering line that designates their personal integrity and professional ethics.
We go into relationships expecting that we can trust hired experts and advisors to look out for us and our business. After all, that’s what we are paying them for. It’s disheartening to find that they have been swayed by competing interests to our own.
My advice is this: Start with advisors who have a lifelong professional history of operating with integrity. From their mission statement to their public-facing information, everything should be in alignment.
In my own career, I have built my business brick by brick on ethical behavior and the search for mentorship in trust and integrity. I find that the longer someone is in business as an advisor, the more evidence of integrity (or lack of it) you will find in their dealings and relationships.
Keep the following points in mind when searching for an ethical advisor in the graphic arts industry.
Consider someone who has a background in the industry and, preferably, in your sector. Does this guarantee that the person will operate ethically? Not necessarily. However, someone who is well known in our industry may be more careful about not burning bridges.
Ask for referrals. Contact the experts you already trust. Your long term advisors –attorney, CPA, banker and, of course, LaManna Consulting Group– should be among the first you ask. Keep in mind that your reputation is part of the equation as well. An ethical advisor may not want to send you to someone in their professional network if you do not reflect well on them.
Do a general search online. Get a feel for the individual and their professionalism by looking at their company website, blog, LinkedIn page, and social media accounts. Check reputable news sources and public data about any issues with employees or suppliers. You may find issues before you even get to the point of calling references.
Check references. Do take the time to call. Don’t rely on an impersonal email or worse glance at a list of names and conclude “they’re good.” When calling references, ask for examples of how an ethical situation was handled. Did the advisor follow proper and legal business procedures throughout the relationship? Did the client have any concerns? Ask: “Is there anything else I should know?” If there’s a long silence or a vague, hedging comment, that’s a red flag.
Look for third-party endorsements. Does the advisor belong to service organizations, professional groups or trade associations that are centered around ethical behavior or strong personal character, such as Rotary International? Does the advisor have a leadership role in the group? Are professional licenses and association memberships up to date?
Ask for proof of credentials. Are there state certifications that require or demonstrate ethical business practices for that profession? Is the advisor in good standing? Are licenses current? Are there any complaints on file with the state attorney general or consumer affairs department? If they have operated or been licensed in other states, is there a history of good behavior?
Check for reviews or complaints online. We know that not every online comment or review is true. However, if there are bad reviews or complaints, it’s time to dig deeper. Check the advisor’s Better Business Bureau page online. Be sure to click on the BBB tab that describes unresolved complaints. Try to read between the lines about how the complaints were resolved. Was everything handled in a professional manner? Were there bitter feelings despite the resolution?
Choose advisors who understand the ethics of your specific business. Each business is different and has elements that must be handled carefully. From labor practices to finances to your business assets, there are always places in a business where an expert can skirt the line — or advise you to do so. Think hard about picking an advisor that may put you in legal jeopardy with their advice.
Pick specialists in areas that matter. For example, if your company has intellectual property, proprietary processes, trade secrets or patents, your advisor must know how to handle your confidential information properly and in a way that protects you.
Give weight to advisors who have a lifelong career of ethical behavior. Yes, I mentioned it above, but it is, to me, the overwhelming indicator of integrity. Seek an advisor who endeavors to operate ethically in spite of personal adversity. Choose someone who has experienced the ups and downs of the market and a variety of economic conditions and yet persevered in doing the right thing even when times were tough. All things being equal, choose an advisor with a lifetime of ethical behavior versus someone who has not yet tested his or her character in a challenging situation.
You never want to say, down the road, that you took a shortcut on checking out your advisor. You should see positive check marks in every category for integrity. If you see questionable issues, the deal is off. Once an advisor has decided it’s okay to be ethical “sometimes,” they have taken the wrong fork in the road.
Don’t choose an advisor by price alone. An advisor with lower up-front fees may not have the depth and breadth of experience in your industry to give you the in-depth, candid advice and service you will rely on. Or, a lower retainer fee may gloss over the fact that the broker expects to receive a percentage of the final selling price.
Have your attorney review the contract before you sign it. When you choose an advisor, you can expect to receive a professional engagement letter, an NDA and a contract that explains the terms and conditions for both parties. Contracts are a must with top advisors. Make sure you understand every provision in the contract, especially with regards to fees and how final payments will be structured.
Take the time to do your homework because integrity matters in the graphic-arts industry — it matters everywhere.
RECOMMENDED READING
What The Dark Side Of The Horse Racing Industry Has Taught Us
Find Savings by Doing Your Online Due Diligence
Check out other articles in my #AskRock series for more mini case studies and expert answers for the specialty print and converting industry.