Comprehensive, all-inclusive guidebook to the ins and outs of navigating small-business negotiations.
Exasperated by the lack of available resources, educator and business broker Honigmann assumed the daunting task of penning his own entrepreneurship guide on the purchase and sale of a small business. Fifteen years later, his research has produced a dense, wholly indispensable, step-by-step volume brimming with everyday, case-in-point scenarios, graphs, charts and illustrations, much â€œlike an engineer’s blueprint for shop workers.” Honigmann cautions that the marketplace for buying and selling is a dysfunctional one and, unlike the real-estate market, is rampant with unregulated and unlicensed brokers and dogged by human condition,” i.e., emotions, hubris, life changes, secrecy, etc.). He explains why and how certain industry conditions exist–both good and bad–and presuming the climate is right with both sellers and buyers, the author goes on to provide constructive, step-by-step instructions on the actual purchase or sale of a business, including a lengthy chapter on the important role business brokers play in these delicate transactions. Honigmann stresses the importance of researching and financially appraising companies fully before expressing interest. He delves into the intricate negotiations of approaching a business for sale, banking standards (loans) and how to complete the deal. He also offers unique advice on acceptable behaviors one should exhibit throughout the entire process. In converting the often-complex business concepts (amortization, illiquidity, equity) of his subject matter into layman’s terminology, Honigmann provides a readily accessible environment for his reading audience (most importantly in the plentiful, real-life examples), be they amateur entrepreneurs or seasoned professionals. No concept or idea is left unexplored in this exhaustive work, and while the book may be overly meticulous for those just in the consideration phase of their deal, the author’s sage wisdom and smart strategies will prove invaluable for those ready for action.
A worthy investment for the serious businessperson.