About The Book

Buying a Business and Making it Work
Mark Blayney 

This book offers information on business acqusition, valuation techniques and conducting due diligence...

Articles & Resources

About the Author

Mark Blayney  - Mark Blayney trained as an accountant with PricewaterhouseCoopers, and has specialised in the area of restoring the value of companies in difficulty for the last ten years. He runs Creative Strategy, a business strategy turnaround consultancy; Creative Finance, an asset-based finance brokerage raising cash for businesses; and Creative Bridging Finance, a specialist property lender.

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Buying a Business and Making it Work

Below is the chapter list for "Buying a Business and Making it Work". Click any of the chapter headings to read the full text of that chapter online

 
  1. Acknowledgements
  2. Deciding You Want To Buy Undertaking Research; You As A Business Buyer; Who Are You And Why Do You Want To Buy?; What Buying A Business Will Not Do; The Qualities You Need (Or Why You Shouldn’t Buy A Business); And What Happens If It All Goes Wrong?; Alternatives To Buying For Exp
  3. Deciding What To Buy The Importance Of Focus; What Type Of Business Do You Want To Buy?; What Types Of Business Are There?; Other Characteristics To Consider; Researching The Business; Where Should You Buy A Business?; When Is The Best Time To Buy A Business?;
  4. Beginning Your Planning And Appointing Advisers Having A Plan; Doing It As A Group; Purchasing Vehicle; Acquisition Plan; Who You Will Need; Appointing Advisers; Managing Your Advisers; The Need For Due Diligence;
  5. Starting Your Search What Are You Looking For?; Who Are Sellers?; Why Do Sellers Sell?; Why Sellers Don’t Sell; Family Businesses; Who Are You Competing With?;
  6. Finding A Business To Buy Search Tactics; Businesses For Sale And Not For Sale; Finding Businesses That Are Formally For Sale; Financial Promotion; Finding Businesses That Are Not For Sale; Mbo Specific Issues; Franchising;
  7. Before You Approach Desktop Reviews And Screening; Sources Of Non-Financial Information; Financial Information; Having Faith In Numbers; Understanding Accounts; How Are Accounts Prepared?; What Is In Each Part Of The Accounts?; What Should You Look For In The Accounts?; Under
  8. Approaching The Business The Importance Of First Contact; Approaching The Business; Approaching A Business That Is Not For Sale; The First Meeting; Understanding The Business Beyond The Numbers; Review Checklist; Confidentiality;
  9. What Is It Worth? The Importance Of Realistic Valuations At The Outset; How Does Price Relate To Risk For Either Side?; Valuations Are Valueless; The Value Of Valuations; What If The Seller Has Set A High Asking Price?; It’s Rude To Talk About Money; Bases Of Valuations; Wh
  10. Valuation Techniques Do You Need To Know About Valuations?; Restatement Of Earnings; In The Black; Asset Valuation; Market Valuation; Discounted Cashflow; Return On Investment; Sector Specific; Earnings Multiples; What You Should Not Pay For; Summary;
  11. Financing The Deal What Does The Money Need To Cover?; Where Do You Get The Money?; What Form Of External Finance Is Right?; Campari Checklist; Equity; Borrowing Against Personal Property; Grants; Debt; Management Buy-Out Financing Information Checklist; How Much Can You Bor
  12. Negotiating The Price The Negotiation Process; What If Negotiations Run Into Difficulties?; Structuring The Deal; How Certain Is Payment Going To Be?; How Much Is The Seller Financing?; How Certain Is The Price?; Other Key Terms; Heads Of Terms;
  13. Due Diligence What Is Due Diligence?; Legal Due Diligence;
  14. Financial Due Diligence Why Financial Due Diligence Is Important; More Than Just Ticks In Boxes; Contents Of Due Diligence Report;
  15. Commercial Due Diligence Why Commercial Due Diligence Is Important; Assessment Of The Management Team; What About The Old Owner?; Problem Due Diligence;
  16. The Sales Contract And Completion The Twin Track Process; The Sales Contract; So What Are Representations, Warranties And Indemnities?; Covenants; Closure; Typical Share Purchase Agreement;
  17. Trouble With The Taxman The Importance Of Tax; Value Added Tax; Stamp Duty; Capital Gains Tax; Income Tax; Interaction Of Income And Capital Gains Taxes;
  18. Taking Control The Timescale And Need For Speed; Fast Or Slow Integration?; Your Plan; Communications; Change Management; Managing People And The Process Of Change; How Can You Make Change Happen?; Managing And Motivating Staff To Change; Redundancies;
  19. Financial Management Managing By The Numbers; Group Structure; Cleaning Up The Group Structure; Management Information; Profit Improvement; Cashflow Management; Cash Flow Improvement;
  20. Buying A Business To Turn Around Why Buy A Business In Difficulties?; So How And Why Do Businesses Start To Fail?; Finding A Business To Turn Around; Buying A Business Before Insolvency; Buying From A Receiver Or Administrator; Making A Turnaround Work;