Business owners need the objective counsel of outside advisors to help them identify and consider these issues to make good judgments. However, owners also need to recognize the pressures and incentives their outside advisors are facing, and which might influence their counsel. For example, outside advisors are often likely to obtain work from the owner if the transaction moves forward, creating an inherent pressure to be optimistic.
While it may be possible to arrange multiple advisor relationships in ways that eliminate bias, this is inefficient and expensive. It also has the effect of undermining other important advantages that come with having close advisors who are familiar with all aspects of the business.