How To Buy a Business

Richard A. Joseph | Anna M. Nekoranec | Carl H. Steffens

1 Great Starting Point
I knew I wanted to buy a business, but "Where do I start?" This book is an outstanding starting point! It is well-organized, thorough, and yet easy to understand--but not overly basic. It helped answer my questions of: "What skills do I need to hone in order to succeed?" "How much cash do I need and what price range can I realistically pursue?" "What professional contacts will I need?"...and on that note, it helps you toward being able to talk the legal and financial talk and know where to "keep an eye on" your professional advisors going forward. Thanks to this book as my outline, I now have an actionable plan. I believe I can really do this!

2 Excellent Book For The Novice
I found Joseph's book to be highly readable and well organized. Clearly it is directed at the novice business buyer, and presents only the basic material to get the novice started. However, he touches on all the important points in a business acquisition and covers the material well. Although somewhat dated (Publ. 1994), especially regarding business legal forms, it still provides the foundation for more in-depth reading and research. For the first time business buyer, this is the first book to read.

3 A good book
I work as a business intermediary assisting clients in both selling and buying their business. I always recommend that first-time business buyers purchase and read this book.

4 Great reference for anyone looking to buy a business
The information in this book is worth reading by anyone searching for a business to buy. Though it could use an update (it was originally published in 1993), the insights of the authors are thought-provoking and well-reasoned. You will find lots of good food for thought, here.

It's got some weaknesses: tax info is outdated; a few topics seem irrelevant (like advice on buying a PC?!); and the templates for things like the Letter of Intent are bare-bones. But the strengths far outweigh the weaknesses. The commentary and wisdom of the authors (who have bought and sold companies) makes this book shine.

If you're pursuing an acquisition of less than $1 million, this book will be invaluable. For those pursuing larger acquisitions, you too will find the info helpful, but hiring professional help will be a must!