Customer Reviews

Mergers & Acquisitions: An Insider's Guide to the Purchase and Sale of Middle Market Business Interests

5 star:		(11)
4 star:		(2)
3 star:		(0)
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1 star:		(0)

 

 

The vast majority of M&A activity is in the Middle Market, where enterprises are highly idiosyncratic. So, any author who hopes to illuminate this topic in any meaningful way faces several challenges. Dennis Roberts overcomes them all to produce a volume that owners of enterprises will find as useful and accessible as his professional peers.

The first challenge is credibility. Mr. Roberts is no unsullied academic, and he proves as much through his choice of real-world examples that every business owner will identify with. Another winner - for me, at least - is his use of the first person. Mr. Roberts makes more observations than declarations. Those observations are as instructive as his conclusions.

The second challenge is structure. Middle Market M&A is a massive topic. Any comprehensive treatment could easily run several volumes. Mr. Roberts constructs the book in a logical architecture of issues. To me, this reflects his experience working with the priorities of his clients. He knows what they're most concerned about, and how to lay out sequentially what they need to know.

That leads to the third challenge: Who is this book written for? Clearly the book is aimed at business owners who may be considering M&A activities. Suitably, it addresses issues to their point of view - especially in the case studies he chooses. But Mr. Roberts also balances that need against giving a broader view of other parties involved in M&A. Those same case studies are useful as cautionary tales to M&A professionals and other professionals who work around the edges of the field.

Mr. Roberts moves quickly through substance, saying little more than needs saying (perhaps less than this review), another concession to impatient business owners. All of which gives you a sense of just how much Mr. Roberts packed into 400 pages. That style allows us to digest key issues without wading through the metaphysical history of blah blah blah. Practical. Pragmatic. To the point. Move on.

One picayune complaint is the less-than compelling graphic layout of the text, a gripe directed at the publisher, not the author.

Sitting down with Mergers & Acquisitions is like having Mr. Roberts in the room as a friendly advisor. You may wish to skim some parts of lesser interest; while reading and re-reading other parts with a pad and pen. (My copy is marked up and tagged with post-it notes, like an undergrad's.) In the end, you'll feel like Mr. Roberts has shared more than his encyclopedic technical knowledge: He's shared much of his accumulated wisdom. Like most readers, I've never met Mr. Roberts. But it does seem like it would be time well-spent, if the book is any indication.

I found the book to be a thorough outline of the Mergers & Acquisitions process and a great reference manual for this process.

The author provided clear, understandable explanations on how to value middle market businesses and the various stages a merger or acquisition will take.

I also appreciated his "seller" recommendation to focus on the terms of the sale as compared to the final the sale price and why the terms are much more important than the final transaction price.

Have you ever found a book so helpful to your professional development that you found yourself saying: "Stop reading only at your own peril!" This book is such a book. Although I have lots to manage with my current buy and sell side engagements, I feel like I really owe it to my clients and myself to finish this book before I take another significant action on their or my own behalf. This book is absolutely fantastic, thank you! As someone new to the business and being a sole practitioner, this book is like having the personal coach/mentor I've wanted with me on/during my various engagements. I do alot of reading in the M&A field; this book is far and away the most helpful M&A advice I've read thus far. There are lots of M&A books out there but most are written from the perspective of Wall St. To get good information on main st, one can get lots of great stuff from IBBA. That leaves a big gap, a missing link if you will, for those of us wanting to make a living in the middle market. Roberts' book fits the bill perfectly. Thanks to Dennis for sharing his knowledge and experience through this book.

This is a FANTASTIC book! I own a small but rapidly growing company and read Stan Foster Reed's definitive textbook on M&A in the hopes of gaining some expertise in this area. Although Mr. Reed's book is comprehensive, it is not aimed at middle market M&A and is not particularly reader friendly to the small business owner. So . . . I started looking for other books on M&A to address this shortcoming.

I discovered that Dennis Roberts book is both reader friendly and comprehensive. It is also frequently humorous with several stories that made me laugh out loud! Mr. Roberts uses colorful real world stories mined from his many years in investment banking that are relevant to the points he is making and firmly ground the principles he seeks to impart in the mind of the reader. Along the way you will likely also learn how to improve your own business--at least that is the way it worked for me.

But at the end of the day, after you have spent many years of your life building your business when you put it on the market you do not want to leave money on the table or consign the employees you leave behind to greedy or incompetent managers. Mr. Roberts book will give you the valuable "hind site" you need to avoid many of the risks. In my view reading Dennis Roberts book on middle market M&A could be worth millions of dollars to you as you negotiate a selling price for your business across the table from experienced investment bankers and PEG owners who do multiple M&A deals every day before they eat breakfast !

The bottom line is that anyone contemplating selling their middle market business should read this book.

Dennis Roberts has created a masterpiece. I can honestly say that this is one of the best books I have ever purchased. It gives M&A novices like myself insight into the "how to" of M&A. It would have taken me at least two to five years of M&A advisory work to have gained the insight that is offered in this book. Thanks Dennis!

Roberts has been generous and skillful enough to share all his years in the trade with his book. I felt I had shared personally some of his experiences through his vivid account of various situations. I highly recommend this book, even for non-American M&A activity as it is my case. Worth every penny I spent.

I recently received this book in the mail and it has been very hard to put down. It has been a great resource for me since I do not have direct industry experience. However, I do have an extensive finance background working in larger public companies. It's obvious that the author has a vast background advising mid-market business owners and has insight into deal transactions beyond textbook theory.

If you are looking for volumes of finance theory, then this book may not be for you. However, if you want some insight into how real world midmarket transactions, then I believe the book is a great choice. I would recommend for anyone interested in learning more about the industry and/or details about what to expect if you are exploring mid-market M&A as a new career.

When considering whether or not to purchase M&A, I was concerned it would be too technical for my purposes. I am the chief operating officer of a company that is in the very early stages of being positioned for eventual sale. What I needed was a book that would give me a basic framework to understand the world of middle market mergers and acquisitions. I took a chance based on the recommendation of a fellow board member, and I was pleasantly surprised by the books readability. Although it certainly can be used as a reference, it should be read cover to cover to truly benefit from Mr Roberts insight and experience. If you have any thought of becoming involved in the mergers and acquisitions process, you should read this book.

This is my first review and have never felt compelled to take my time and write a review but, I just finished reading this book on Middle Market M & A, and I must tell you that it was a great experience. For me, a CPA, CVA with over 20 years of experience, it is a great guide to start an M&A firm with the right professionals. It is now one the primary reference books in my library.

I have already recommended this book to my future partners and associates. Thank you, Dennis.

I found this to be an EXCELLENT book. Here's why: (1) it comprehensively addresses the fundamentals of Mid Market M&A - all success is built on the mastery of fundamentals, (2) Mr. Roberts writes his book in a conversational style (not academic, not folksy) that makes this complicated subject matter an easy read, and (3) Mr. Roberts uses very specific personal examples to illustrate all of his key points. The book is applicable to Buyers, Sellers, and M&A advisers including lawyers, accountants and current and prospective mid market investment bankers.