How to Buy And/Or Sell a Small Business for

This book provides a road map of suggestions, insights and techniques for both buyers and sellers. It covers the entire selling process step-by-step

PREFACE

11

(1)

FOREWORD

12

(2)

DEDICATION

14

(1)

INTRODUCTION

15

(6)

PART I: The Dream

CHAPTER 1: THE NOVICE ENTREPRENEUR: UNDERSTANDING YOURSELF

21

(12)

Personal Characteristics

22

(2)

Individual Goals and Objectives

24

(3)

Your Personal Resources

27

(6)

CHAPTER 2: THE BUSINESS

33

(38)

Motives, Expectations, and Risks

33

(2)

Personal Preparation

35

(1)

Establishing Purchasing/Selling Criteria

36

(2)

Locating a Potential Business

38

(11)

Putting Together a Search Plan

49

(3)

Hiring an Intermediary

52

(10)

Knowing When to Buy or Sell

62

(9)

CHAPTER 3: THE STRATEGIES

71

(26)

Marketing Strategies for Buying or Selling

71

(26)

PART II: The Journey

CHAPTER 4: THE EVALUATION

97

(36)

Due Diligence

97

(23)

Financial Analysis

120

(6)

Ratios

126

(2)

Sensitivity and Break-Even Analysis

128

(5)

CHAPTER 5: THE VALUE OF A BUSINESS

133

(26)

Valuation Techniques

134

(15)

Business Appraisers and the Valuation Process

149

(5)

Valuation Worksheet

154

(5)

CHAPTER 6: THE PROFIT

159

(12)

Maximizing the Profit

159

(2)

Key Issues of Profitability for Buyers or Sellers

161

(10)

CHAPTER 7: THE CAPITAL AND FINANCING OPTIONS

171

(24)

Financing Options

171

(2)

Creditors and Lenders

173

(6)

Owner/Seller Financing

179

(3)

Capital Investment

182

(3)

Venture Capitalists and Angel Investors

185

(3)

The Business Plan

188

(7)

PART III: THE Realization

CHAPTER 8: THE NEW BEGINNING: BUSINESS ORGANIZATION, LEGAL DOCUMENTS, AND TAX ISSUES

195

(12)

Legal Issues

195

(2)

Forms of Business Organization

197

(3)

Business Licenses

200

(1)

Federal and State Employer Requirements

200

(1)

Tax Issues

201

(3)

Perform Tax Planning

204

(3)

CHAPTER 9: THE DEAL

207

(26)

The Letter of Intent

208

(5)

Negotiations

213

(2)

Due Diligence

215

(6)

Troubled Companies and Special Considerations

221

(2)

Negotiating from the Buyer's Seat

223

(3)

The Closing Process

226

(7)

CHAPTER 10: THE TRANSITION

233

(10)

You as the Buyer or Seller

233

(1)

Post-Closing Evaluations

234

(1)

Learning to Manage from a Different Perspective

235

(3)

Maintaining Key Relationships

238

(2)

Above All, Keep Learning

240

(3)

CHAPTER 11: THE REALITY

243

(10)

Houston, We Have a Problem

243

(10)

CONCLUSION

253

(2)

APPENDIX A: GLOSSARY

255

(8)

APPENDIX B: CONFIDENTIALITY AGREEMENT

263

(2)

APPENDIX C: LETTER OF INTENT

265

(4)

APPENDIX D: PROPOSAL LETTER

269

(2)

APPENDIX E: SELLING MEMORANDUM

271

(4)

APPENDIX F: PURCHASE AND SELL AGREEMENT

275

(2)

APPENDIX G: REFERENCES

277

(2)

INDEX

279

(5)

AUTHOR BIOGRAPHY

284

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How to Buy And/Or Sell a Small Business for Maximum Profit

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Table of Contents

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