Customer Reviews

How to Buy and Sell a Business: How You Can Win in the Business Quadrant (Rich Dad's Advisors)

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

 

 

This books offers canned advice and can be summed up as:
1. Find a good accountant
2. Find a good lawyer
3. Find a good business broker.

The three people above are your 'team' and will carry you through the pitfalls of buying a business.

Oh yes - he also spends one chapter on why lawyers are 'deal killers.'

That's it - I saved you money. Three is no further detail, only a checklist. Nothing worth $19.

You should only two Kiyosaki books: Cash Flow Quadrant and the Investing Guide - all else is nonsense and filler - regurgitating what he already said in previous. From his advisor series, the only person who fills the books with valuable information is Diane Kennedy's Loophols and Real Estate Loopholes. All other advisor books are filler and junk.

'How to Buy & Sell a Business' by Garrett Sutton is a very enjoyable read on what really is a complicated subject. It is written with the assumption (I assume) that one is completely new to the process of buying a business and a first-time seller of an existing business.

Written in very easy-to-understand language, Sutton has divided up the processes of buying and selling a business into chapters with case studies presented and key points to look for and/or execute as you are buying and selling your business. Some points and pages worth noting are as follows:

Pg(s) 98 - 107: Valuation of a business is very complicated. It involves everything from the FMV of assets, intellectual property, current and potential revenue, accurate accounting and finance, and of course goodwill. There are books written that cover this topic by itself and Sutton does a good job in outlining the basic concepts of valuation. His coverage of the three principles of valuation (future benefits, substitution, and alternatives) are informative though brief. He manages to provide the IRS-recommend approach to valuing a business as well, which is of course very important.

Pg(s) 114 - 116: The negotiation phase of buying a business next to valuing the business and reviewing accounting and finance records is arguably where it comes down to (along with the ability to obtain the needed financing). Negotiations is an art with a lot of science involved. Specific to Sutton's work the section on Representations and Warranties should prove helpful from a broad view on things to look for when negotiating on the other side of the table.

Pg(s) 120 - 123: Covers structure and the pros and cons of an asset sale versus a stock sale. He manages to cover both pretty well and covers the concept of indemnification, which is often overlooked when one buys and sells a business. The stock versus asset structure is very complicated, but Sutton manages to point out high-level concerns you may have.

Pg(s) 131 - 134: Covers financing structure. Financial structuring can be the key (along with terms) on rather a deal is even "do-able." These pages point out quick-cut ways to obtain the money (at least where to look) while giving you some common sense approaches to obtaining the financing and to have sources of funds compete for your business. A strong section within the above pages is the discussion on convertible securities as a form of payment - common in large-scale sales of businesses (corporate and private), but may be overlooked by smaller businesses owners and prospective buyers.

The case studies are very entertaining (at least to read) and put the chapters in perspective. This book is not designed to be a standalone guide to buying and selling a business, but to give you a quick overview of the process as you proceed forward in buying or selling your business. It is not fluff as many would assume from the Rich Dad's Advisors (TM) book series. Also, Dianne Kennedy's chapter may make your eyes glaze, but this chapter is a must even if you are seasoned at buying and selling small businesses - yes, it covers the tax strategies and consequences. As an managing partner of a capital funding group that specializes in assisting small to medium size business owners obtain cash for their businesses, I see small oversights and mistakes that are made by buyers and sellers of businesses that if one thought about in the beginning would make the buying or selling of businesses a more pleasant experience. That's the key to my review recommendation: You will finish this book with some knowledge and/or key reminders especially if you are a novice at buying or selling a business.

In summary: If you're new to the buying and selling of a business - this book is strongly recommend. If you're a current business owner, but it's been a while since you bought or sold a business - this book is recommend for a quick review prior to going to your team of professionals. If you're a seasoned buyer and seller of businesses this read will be too basic for you. If you work with businesses as a professional adviser - this book is strongly recommended.

This book, the newest in the Rich Dad series, will save a businessman years and thousands of dollars in mistakes.The typical mentality of checking with an attorney is not the best advice. Some attorneys, as reported in this book, will drag on the process and many are not entrepreneurs.I also recommend Real Estate Loopholes which also just came out in bookstores.Read and grow rich.

This book is great for anyone that is just starting off in the business realm. I'll assume that whose who gave bad reviews on this book are people who already have a good amount of expereince in the business world. For them this book is just too basic of information that they already know. I, on the other hand, am just starting out in the world of business. I am 21 years old and this book was perfect for me in teaching me the basics and where I need to go to get some of the information I need. This book was also very motivating for someone starting off like myself. I recommend this book to anyone and everyone that wishes to begin learning about what it takes to buy and sell a business.

The most motivational part of the book is in the forward when Robert Kiyosaki quotes his rich dad, "The richest people in the world learn to buy and sell businesses, not work for them."

What the book lacks in motivation it makes up for in facts and detail. I would say it's more for someone that has already decided to buy a business and is working through the details than someone looking for the motivation to make that leap from an employee to a business owner.

There is a great Henry Ford quote, "Never complain, never explain."

The topics covered are basic in a business 101 type of layout, sort of like a text book, but well worth pushing yourself through for the basic knowledge you'll get.

Get the foundation with this book then move on to some biographies of business whirlwinds who give you the real drive and push to start doing deals.

By Kivin Kingston author of, A 20,000% Gain in Real Estate: A True Story About the Ups And Downs from Wall Street to Real Estate Leading Up to Phenomenal Returns

My Blog: bloglines.com/blog/KevinKingston

Excellent primer for the budding entrepreneur thinking of buying or selling a business. Will help the novice engage in intelligent conversation with his or her team of experts as well as with the prospective buyer or seller. If you want to get top dollar when you sell your house, you take the time to fix it up and know the market...same goes for a business. Consult with the expert as Mr. Sutton has proven to be time and time again.

Starts with a comparison of buying a business v. starting one up, and a related personal assessment re: whether that is the right thing for you. Gives helpful resources for those new to owning a business. Info weighted a bit towards buying a business v. selling one. Engaging writing style. Good case studies, and good discussion re: confidentiality agreement. Not a detailed how-to book, but doesn't proport to be one. A good intro to the process.

This book will show you how to properly buy or sell a business. How to evaluate, negotiate and close the deal.

I like the fact that Sutton includes scenarios and explanations.
If you aspire to own your own business or looking to buy or sell a business, this is a great book to show you how.

In addition you must read Own Your Own Corporation by Sutton and Rich Dad Success Stories for motivation and ideas.

I find Michaels review disturbing that in the end he points you to his web page that is tempting, tantalizing and then he wants the routing numbers to your check book. What a guy! If he is not really a lawyer, it sounds like he has all the makings!

Keg

The Rich Dad company is a money hungry series of authors and salesman, whom are taking all your money. You buy their books (which are most times not bad), but then they elude to buying more of their products and seminars, which are most times from $600 to $5000! Robert K. and his team of advisors are not rich from Real Estate....They hold their wealth in Real Estate. They are rich because of the thousands of dollars that people spend to attend their events and buy their products.