Enterprise Account bao
Buying Your Own Business
Book

Buying Your Own Business

Identify Opportunities, Analyze True Value, Negotiate the Best Terms, Close the Deal

Russell Robb
Adams Media, 2008
First Edition: 1995
Buy book or audiobook

Read offline

  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×

Editorial Rating

8

Qualities

  • Applicable

Recommendation

This book is an excellent primer for anyone who dreams of buying a company. Russell Robb is an experienced business broker and investment analyst who covers many of the pitfalls and opportunities a first-time business buyer will encounter. In short, punchy chapters, he presents the essential details of negotiating and closing deals, plus valuable sample letters and agreements. His case studies of business purchases offer important lessons for new buyers. Although the author devotes a chapter to acquiring small businesses, his true focus is buying middle-market companies with annual revenues up to $50 million. getAbstract recommends this worthy introduction to the art of buying businesses to professionals with entrepreneurial ambitions.

Summary

Who’s Buying, and Why?

As more companies urge employees aged 45 to 60 to leave their jobs, these older professionals are finding themselves in need of productive work. Many have the skills, confidence and financial backing to buy an existing middle-sized business and become self-employed. In fact, this group of buyers accounts for most purchases of middle-market firms, those with annual sales of $3 million to $50 million. Other types of buyers include laid-off executives, former business owners and the independently wealthy.

People buy businesses for a variety of reasons: to start second careers, to replace lost jobs or to adopt new lifestyles. But these motives alone are insufficient. Potential buyers should conduct a personal self-assessment to determine if they have what it takes to run a business, handle customers, manage staff and work long hours.

Are You Ready to Buy?

Buyers often seek guidance from a professional “intermediary” to navigate the pool of available businesses. Serious bidders will cover the cost of an outsourced business search for up to one year. They also are prepared to pay legal, auditing, appraisal and other expenses associated...

About the Author

Russell Robb is a 20-year veteran of the mergers and acquisitions business. He has sold three businesses of his own and has provided investment banking and corporate finance advice to a wide range of middle-market companies. He is the author of two books, Buying Your Own Business and, from the Streetwise series, Selling Your Business.

Comment on this summary