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 | | Buying and Selling Businesses: Including Forms, Formulas, and Industry Secrets by William W. Bumstead ISBN-10: 9780471243366 ISBN-10: 0-471-24336-1 ISBN-13: 9780471243366 ISBN-13: 978-0-471-24336-6 Hardcover 1998-03-09 Wiley Find Lowest Price |
Editorials | ||
Product Description Must reading for business sellers, buyers, and the professionals who serve them The secret of success in any business venture is in the details. In Buying and Selling Businesses, a remarkably successful business consultant supplies you with all the details you'll need to expand your professional practice into this booming market. Bill Bumstead covers everything from business valuation to closing the deal and gives you lots of tips on marketing your services, dealing with buyers and sellers, and avoiding the industry's many pitfalls. This indispensable guide: * Provides practical strategies for marketing intermediary services to buyers and sellers of businesses * Shows you how to combine the business of buying with the business of selling * Supplies numerous sample checklists and forms * Helps you work effectively with buyers and sellers * Includes an extensive glossary and an industry resource list. M&A mania is back! U.S. business sales are booming once again--some say annual volume now exceeds $400 billion. With the majority of these sales involving businesses priced below $1 million, opportunities abound for professionals who want to expand their practices to intermediary services for buyers and sellers of businesses. But if you're going to enter this hyperactive market, you can't afford to learn by trial and error. You need reliable, up-to-date information on how to apply your skills to this highly specialized field. Buying and Selling Businesses takes the guesswork out of buying, selling, and valuing businesses. Drawing on highly developed skills and decades of practical experience, author William W. Bumstead explains every detail of every stage in the process--from arriving at an asking price to matching buyers to businesses, from negotiating a purchase agreement to closing the deal. He offers countless tips on marketing intermediary services to business buyers and sellers; packaging businesses for the selling process; ethical, legal, and confidentiality issues; and the personal and professional traits that make for success in the field. He also provides: * A special section on business valuation by master valuer George D. Abraham * Numerous checklists, forms, form letters, and telephone scripts for marketing intermediary services * Invaluable tips on avoiding pitfalls in the industry * Information on potential certification and licensing of intermediaries * An extensive professional glossary and industry resource list. For consultants, intermediaries, attorneys, CPAs, realtors, and other professionals, Buying and Selling Businesses is an indispensable guide and introduction to the industry. It will remain a helpful and much-thumbed reference for years to come. It is also an important resource for anyone interested in buying or selling a business who needs to understand the kinds of services that professionals can provide as well as the processes involved in the sale or purchase of a business. | ||
Reviews | ||
Not For MBA's or Finance Professionals If you have an MBA from a program worth anything, you could totally skip this book. And if you don't have an MBA, do not look for this book to give you any technical skills anyway. This books does, however, serve as a pretty good checklist of best practices in managing and marketing your business and a checklist of things to avoid. To that end, this book's title should read something like "Top 10 ways to..." or some other elementary name and should cost about $10. This is definitely not a reference or text book or technical guide as the price suggests, and only confirmed my belief that this industry is not that complicated at all for those with a top MBA or those who have any knowledge of investment banking, venture capital, or any subset of elementary valuation skills. I guess because of the high number of certifications touted by the author and the industry associations, I bought into that fact that this industry somehow may require more technical skills than what is tought in a basic MBA finance or valuation course or more soft skills than any other entreprenuer needs. But I was wrong. This industry just seems to require, based on this book, a first level MBA finance course (reading financial statements, calculating relevant cashflows by undertanding and crosswalking net income to free cash flow, and discounting at the appropriate rate) and general entreprenuerial skills. For non-MBA's I would recommend buying specific books covering the two subjects in depth rather than one that barely touches on the surface of each. For my fellow MBA's and for those who've studied finance and entreprenuership in depth, I would recommend thumbing through only the 10 or 20 pages in the book that include checklists and forms just to validate that you are headed in the right direction. These 10 or 20 pages are not worth $100, so buy it used for as cheap as possible. | ||
My comments of Mr. Bumstead's book Having been in the business brokerage industry for 14 years, it was very refreshing to read someone who has a clear picture of what a broker should do, and how to do it. Also, the importance of an appraisal was made perfectly obvious. As a matter of fact since I learned the necessity of an appraisal in order complete a rational transaction, I will not accept a listing assignment with my client unless and until an appraisal is completed and they agree to offer their business at the appraised value. If they are unwilling to work with me in this manner, I wish them luck and I go to the next seller. And I offer them the names of several other brokers who will do it the seller's way. I certainly won't. Using this simple procedure results in my selling 4 out of 5 of every listing I get. I don't waste weeks and months, as do other brokers, trying to sell something that is over priced and won't sell at the price the seller thinks it is worth. Why all of the brokers I know use this old fashioned outdated and time wasting procedure, I cannot understand. What they all do is to ask the seller what he/she wants, and then hurry up to sign the listing. When they have 20 of these kinds of listings, they are lucky if they sell a few and it is no wonder that a score of one sale for every 4-6 listings is the norm for the business brokerage industry. Thank you Mr. Bumstead for saving me weeks of wasted time and money and for allowing me to concentrate my valuable time with sellers who understand the logic of a fair market appraisal before going to the market place with their business. It is the only way to go. Without this simple concept from Bumstead, I would not be the successful and happy business brokerage consultant I am today. | ||
Buying and Selling Businesses I spent a career as a banker and during that time I saw many people attempt to enter and exit business ownership. In doing so, most of these people contacted a real estate or business broker for guidance. Unfortunately the majority of the buyers and sellers encounter brokers who know little more than they do about such transactions. This book gives everyone involved in the transaction the guidance they need. It should be used as the Bible in business transfer transactions and every business owner should refer to it regularly as a guide for planning for that eventual exit. | ||
An Outstanding Book A well written and professional work, valuable to the novice and professional alike. I found particularly useful the chapter on "Finding Buyers and Sellers". I can see already how this information will increase my income this year. | ||
Excellent Book! I have been in the industry as a professional for several years and was looking for something to use as a practical guide for my office. This book has served the purpose very well. I have also heard Mr. Bumstead speak to an industry meeting where he was received very well. The purchase of this book was money well spent! | ||