Customer Reviews

The Complete Guide to Buying a Business

5 star:		(15)
4 star:		(6)
3 star:		(4)
2 star:		(0)
1 star:		(0)

 

 

If you are really thinking about buying a business go ahead and order this book then continue reading my following thoughts. Now 40 I have had my own businesses since I started mowing yards at 14. I have formed and run over six businesses. I currently have a Texas subchapter C corporation, two Florida corporations, am corporate secretary for a Texas 401c3 non-profit and now I just bought a Florida LLC. This LLC is the first business I have ever bought and I was spooky like it was my first time to the show someone where I kept my first piggy bank. I generally buy assets of a business but this one had a permit in it which could not be taken out of the LLC. This difference is explained very well in the book. This book is an excellent way to get you into the thought process and guide you through the steps of buying a business before you make the mistakes and look back. Naturally you are still going to want to have a CPA, attorney, etc. I personally would not go into business without both a SCORE mentor and a local small business development center or SBA counselor!!! Do this before you spend any money on an attorney, CPA, or even a cup of coffee to discuss with a seller your buying a business since they are no-charge, not conflicted, and very resourceful. But this book should still be mandatory reading for anyone interested in buying a business even with all the above. I have several other books by NOLO and find them to be very concise and useful so look at those too. The contracts are good but one must remember a contract is something promulgated between unique parties and hence the contract should be as unique as the parties entering into it. Use the contracts in this book as a guide for your thoughts and a way to outline how things are going to be done but edit them liberally and include your every thought and concern because their, my, or another's contract is not going to fit YOU. I wish you success and prosperity.

I found the book to be a nice reference to buying a business. Several key chapters provide some good thought provoking questions to consider in any endeavor to start a business. I had checked this out in the library and found myself wanting to write in the margins. A really good first step in identifying the hows and whats of buying a business.

Overall not a bad book. Several good ideas and reminders. The forms on CD are very helpful. However, a book that touts itself as complete, shouldn't short-cut critical issues such as valuing or financing a business simply by referring the reader to another book, often by the same publisher. The chapter on valuing a business was an overview without specifics. The chapter on financing, again just an overview, didn't mention the process of using a self-directed IRA to finance a business purchase (you need a special asset custodian for your IRA, but it is legal).

A wonderful tutorial for kicking off your small business. Simple language, but big advice. Covers everything you need to know about purchasing a business. Buying a business is a risky proposition but risk can be diminish to a minimum if you do your homework. This book helps with that. Usual NOLO quality as well.

If you are thinking of doing more with your money than watching it rollercoaster on the stock market, buying a business may be a good idea for you. In this case, you will want to get this guide, complete with a CD for Windows PCs (not Mac) which offers handy resources to help get you started on the road to being a business owner. The guide is not totally complete, because it does refer to other books by Nolo if you want more in-depth information, but it is a great starting point. You can save a lot of time, and a lot of legal fees, by knowing what questions to ask at the outset. This book can help educate you on the most critical points of this crucial decision. Then it will be time to apply what you have learned from the book in relation to the particular businesses that you are considering purchasing.
but make no mistake-buying an existing business, compared to starting one from scratch, can be a huge decision. Weigh the differences carefully before committing yourself. This book can help a lot. For starting your own business, check out the Business Matters series of books authored by Evelyn Trimborn, especially if you do not have a lot of money but would like to start being your own boss. How to Make Money with Affiliate Marketing Even Without a Website

I'm a big fan of Nolo books and this one doesn't disappoint. If you're considering buying a business you'll find a lot of relevant information and you're also likely to encounter issues that you otherwise might not have considered. One caveat: I never consider any book to be a "complete" guide. Purchasing a business is a major event and you are well advised to consult with professionals for needed tax and legal advice. But that being said I'd suggest everyone read this book first to better understand what you're getting into and to be educated enough to ask the right questions of the professionals and to understand the ramifications of their advice that much more.

This is a must read if your going to or thinking of buying your own buisness. It covers all the topics to give you the insite needed to make the right decision when buying your buisness.

Gee whiz, this manual is the least helpful Nolo publication I've ever read. It pains me to say so but this one seems almost as if the entire thing was phoned in. It doesn't have the meaty, pithy, chewy bits that most Nolo publications have.

I've just come up with a theory for this to wit, Nolo is finally running out of stuff to write about. Its (non)legal library is so big, by now, that it has simply plucked all of the ripe, low hanging fruit and is serving up green stuff.

This guide reads like what one imagines a 'Dummy's Guide' or a Cliff's Notes book reads like, a broad, not particularly deep survey that briefly hits all the main points such that one can put them into a blue book essay and get a C+ grade.

Even if you don't know anything about this topic, I suspect it is possible to find a different and better manual on the subject. I would look there.

This one is genuinely mediocre.

As a small business owner, and a potential purchaser of an existing business, I really appreciated this. Not at all patronizing or low-level, this book provides detailed explanations of the many considerations of buying an existing enterprise.

Examples: comparison of different entities (sole proprietorship, s-corp, LLC) and the different ways to transfer operations (transfer of assets (most common) or a transfer of equity.)

"The Complete Guide To Buying A Business" comes with many forms that are necessary, but not easily found elsewhere. There is no need to reinvent the wheel as these questions have been answered by many others in buying a new business. Why search for basic forms and checklists such as bills of sale, confidentiality agreements, sales agreements, assignments, and promissory notes?

From experience, sellers and business brokers will (attempt to) require numerous forms that may or may not be in the best interest of a potential buyer to sign. Nothing will replace the advice of a skilled attorney, but this book will help answer basic questions and save the lawyer's billable hours for the truly complicated stuff.

Comes with a handy CD with examples of forms and much more.

It is, of course, recommended.

Do you want to own your own company? Be your own boss? Be the only one that makes decisions and live by them? Maybe even make lots of money? A lot of Americans have always wanted this and consequently there are millions of business owners out there in the country. Generally, there are two ways of doing this: You can start your company from scratch and build it up from the ground up; or, you can purchase an existing company and take over its operations. While this second approach is maybe more likely to lead to some success for you as the business you are buying already has a history, it also involves more work on your part as you need to find the right business, negotiate the right price for it, and consumate the purchase process itself. To help you in this endeavor, Nolo Press is publishing the book that is the subject of this review.

The title of the book is: "The Complete Guide to Buying a Business", but in reality it is more of an introduction to the process and the decisions that need to be made during the process than a really complete guide. That is the reason why I am giving this book a four star rating. The book covers some basic definitions and the general process of purchasing a business, but it is sprinkled with many warning statements about how your experience is likely to be different due to the unique situation that you are involved in. This uniqueness affects everything from tax treatments, to the kinds of business, to the process and forms that have to be filled out etc. The book should probably be named something like "The introductory Guide to Buying a Business" - but maybe that would sell fewer copies, and would certainly not fit within the series that Nolo publishes.

Given its limitations, this is still a nice book to peruse before launching yourself into the world of business purchases. The book gives you a good understanding of the basic processes, some of the things that you should be aware of as a prospective buyer, and some guidance as to what to look for in terms of positive or negative indicators that this business may not be quite as nice as you might think on first blush. One of the distinction repeatedly made in the book is that you should prefer to buy the assets of a business rather than the business entity itself. The book does a fairly decent job of explaining the differences between these and states what your preference as a buyer should be, and then it tells you that the seller will prefer the reverse. Unfortunately there is no guidance provided on how to successfully bridge this gap - and that is a problem.

Another problem area is that the book was written by an attorney. This is probably why the majority of the book is consumed with the right forms and templates for the various legal agreements that may be required, or should be put together. The book is very thin, though, on some relatively critical financial and accounting areas that should be just as carefully thought through and evaluated. For instance, in the discussion on how to value a business, the small chapter mentions a few common techniques, but then only brushes over how to evaluate an income statement or a Profit & Loss statement. It mentions a cash flow analysis in passing. In no case does it explain why these are truly important, nor how to analyze these key financial documents.

So, should you read this book if you are considering a business purchase? Absolutely - if you've never been involved in the business world before and are looking for introductory guidance. This book serves a useful purpose in developing your initial understanding of what it will take to buy a business, but please be aware that it is not a comprehensive guide, regardless of its title