Book Description
Whether youre a first-time real estate investor or a seasoned professional, The Complete Guide to Buying and Selling Apartment Buildings helps you map out your future, find apartment buildings at a fair price, finance purchases, and manage your properties. Now revised and expanded, this Second Edition includes tax planning advice, case studies of real acquisitions, and appendixes that add detail to the big picture. Plus, it includes a handy glossary of all the terms investors need to know, helpful sample forms that make paperwork quick and easy, and updated real estate forecasts. With this comprehensive guide at hand youll find profits easy to come by.
Download Description
Whether you¿re a first-time real estate investor or a seasoned professional, The Complete Guide to Buying and Selling Apartment Buildings helps you map out your future, find apartment buildings at a fair price, finance purchases, and manage your properties. Now revised and expanded, this Second Edition includes tax planning advice, case studies of real acquisitions, and appendixes that add detail to the big picture. Plus, it includes a handy glossary of all the terms investors need to know, helpful sample forms that make paperwork quick and easy, and updated real estate forecasts. With this comprehensive guide at hand you¿ll find profits easy to come by.
Customer Reviews:
A Great Introductory Investment Real Estate Overview.......2007-05-16
I've read several realestate investment books and this is the most comprehensive. It covers all aspects of finding, negotiating, financing and managing apartment building investments. Additional reading and investigation will still be required; however this is a great place to begin.
Great Read, Extremely Valuable........2007-04-22
With all the hype out there in the real estate investing space, it's refreshing to read a book that is honest, intellectual, and driven by a solid foundation in financial analysis.
Steve Berges does an outstanding job of walking the reader through general concepts, straight-forward examples, and detailed case studies. The financial analysis might be a little overwhelming to someone who is being introduced to so many financial concepts for the first time. If you don't have an understanding of finance, I'd recommend hitting Google or a Finance textbook to help get through the financial sections.
Overall I really enjoyed this book and thought it was packed full of valuable tips and information. I highly recommend this book to anyone interested in adding apartment buildings to their real estate repertoire.
If you don't yet know how you want to invest............2007-04-11
...this is an excellent read. I had never given apartments a thought until reading Steve Berges. Now they are in the mix. The charts in Chapter 8 are a bit tedious, especially to a beginner, but by the time you get to the end of the book, you will know if buying and selling (or keeping) apartments is for you. Pay attention to what Berges says about the value play (Chapter4).
Well written guide.......2006-08-20
This book is a concise well written guide to the core issues of buying, owning and selling multifamily buildings. It was extremely valuable in evaluating our first purchase of a multi-family structure.
4.5 stars for another good book by Steve Berges.......2006-08-17
As a real estate investor and author myself, I read a lot of real estate books. Many, if not most, are written by folks who do not invest in real estate themselves; they only write about it. Berges is not one of them. He knows his stuff and it's clear that he practices what he preaches. I have read three of his books and, I must say, he's one of my favorite real estate authors. You can trust what he says. Experienced investors may want a bit more detail from Steve, but what he does say is accurate and safe. This is a good book on buying apartments. In fact, in my own book, "Investing in Duplexes, Triplexes & Quads," I list the best books I've read on different areas of real estate. This book is the ONLY book I recommend on investing in commercial multifamily (ie, apartments of 5 units and up) properties.
Having given those accolades, here are a few of my constructive criticisms:
1. On pages 37 and 38, Steve gives nice charts illustrating the long-term financial benefits of investing in multifamily properties. On page 39, however, there is an error in referring to the big numbers shown. The reference is made to Investor A's "equity" of $2.1 million and Investor B's (the multifamily property investor) equity of $92 million. I just don't think Steve caught this, but those numbers don't refer to the investor's equity, but to the fair market value of his collective assets (his properties). The investor's equity might be in the range of 20% of that. I do like the charts, however, and I used a similar analysis in my recent book. One other note on the charts - they presume selling and buying exactly at the end of one year - a difficult task as Steve would surely admit. On average, I think 18 months to two years is a better time frame for flipping apartments.
2. Refinancing - Steve didn't give a chart showing the long-range effect of the "buy, hold and refy" strategy (using proceeds to buy again, but retaining the first property). In addition, Steve only mentioned the general banking guideline that you can only pull out cash up to 80% of the new appraised value (i.e., the bank has an LTV of 80%). However, you can get around this. I've done it. It requires a second lender giving a second mortgage, with a CLTV (combined loan to value) of up to 90%. As such, you can pull out much more cash.
3. GRM - gross rent multiplier. In his financial analysis section, Steve doesn't give much detail or provide real life examples on this crucial analysis factor. Granted, the cap rate is the analysis primarily used for commercial real estate, while the GRM is the one used for residential multifamily (2-4 units) real estate. Since many owners and selling brokers will "fudge" on expenses, a cap rate can be very hard to verify. The GRM, however, is fairly simple - just look at the lease agreements.
4. Lack of coverage on residential multifamily apartments. In fact, this is why I wrote my book on this topic. If Steve had covered it here, I would not have written mine. I like Steve's writing style and he knows his stuff. But for investing in small multifamily properties (certainly on residential, but probably up to about 10 units), we really have to cover valuation and selection of properties using the GRM. That and I felt like the "buy, hold, and refy" strategy needed much more coverage.
But for investing in commercial multifamily properties, I recommend this book as the only good one on the market.
Larry Loftis
Author: Investing in Duplexes, Triplexes and Quads: The Fastest and Safest Way to Real Estate Wealth
Book Description
Find the sound investments among the foreclosures. Covering both bank-owned and government-owned properties, this book focuses on helping buyers distinguish between good foreclosure investments and those plagued with liens and other pitfalls. Readers will learn about the benefits of buying foreclosures; foreclosure timeline and process; the different types of foreclosures; finding pre- foreclosed properties; important pre-purchase pitfalls; buying at an auction; and more.
• The national residential foreclosure rate rose to from 1 to 1.23% (of all mortgages) by the end of 2003—the biggest jump in 30 years
• Foreclosures are expected to increase as interest rates rise and monthly payments on short-term variable rate and interest-only loans begin to follow (Realty Times)
Customer Reviews:
CID Guide to Buying Foreclosures.......2007-05-06
Sunday, May 6, 2007
For a newbie, this is an excellent introduction. It shows you the way to proceed, if you're serious about trying. For the price, it is a bargin and should be kept as a reference. If you're like me, a yellow lighter can be quite helpfull. Well worth the price when you consider the large sums of money that can be involved.
Very Insightful.......2007-03-10
This is a very informative book. It doesn't mess around with a lot of fluff. I highly recomend it!
Provides solid information worthy of the Complete Idiot Guide series.......2007-01-22
I've always enjoyed the Complete Idiot Guide series. Why? Because it delivers the message down to earth. It takes highly complexed legal matters and shows you step by step on how to invest in foreclosures. If you want to make money in foreclosures or have wanted to invest in them, you need to read this book.
Matt
Illustrator for the Ultimate Foreclosure Kit (ISBN 0978834658)
READ ME FIRST - A comical and resourceful guide.......2006-11-13
This is a comical and resourceful guide to foreclosures, offering an easy to read handbook on how to invest in govt or bank foreclosed properties. Other titles that helped me about foreclosures -- Investing With out Losing: The Beginner's Guide to Real Estate Tax Lien and Tax Deed Auctions
Provides good information for getting started.......2006-11-07
Provides a large amount of information in a concise but easy-to-read format. Considering all of the nuances of buying foreclosures, from the legal considerations to the occupation stage, the author does a good job of capturing and conveying the essentials. The author also does a good job of communicating both public and private foreclosure opportunities, which is important in many states.
The author focuses primarily on 'investing in foreclosures' vs. 'buying a foreclosure for your primary residence.' Consider this when comparing to other books.
Could have used more specific information on where to look for foreclosure opportunities, but the book does mention that actively searching and networking is a key to the game.
Overall, a good, easy read with valuable information for anyone wishing to enhance their real estate expertise.
Book Description
The procedure of buying a home can be a scary experience. There are a lot of people to deal with, from realtors to attorneys to bankers. There's tons of paperwork with terms and vocabulary that read like a foreign language. In this new book you will find vital information and great strategies that will allow you to find your dream home faster and feel confident about the purchase. You will learn to avoid some of the most prevalent—and potentially dangerous and expensive—mistakes made by first-time home buyers.
According to Money Magazine, "Over the past five years, home values nationally have risen 65 percent while the stock market has fallen." Now is the time to get into the real estate marketplace. With the help of this comprehensive new guide, you will learn how to find the best opportunities, negotiating, financing, budgets, needs and wants, credit reports, home-buying timeline, the process of building a house, manufactured homes, real estate and mortgage glossaries, setting values, home warranties, homeowners insurance, creative financing, buying with little or no money down, closing, moving plans, walk-throughs, closing and settlement inspections, legal contracts, mortgages, what you can afford, deciding which neighborhood to choose, hiring a realtor, which government agencies can help, considerations for veterans, IRA use, hiring an attorney, the offer, calculating monthly payments, and escrow.
This comprehensive resource contains a wealth of modern tips and strategies for financing and closing on a property. The author shows readers how to find out how much they're really worth, how to uncover unknown assets, and how to enhance credit ratings within six months, provides information and suggestions on everything from no-down-payment mortgages to finding the right agent. It leads you down the path to home ownership, one step at a time. Though you may be relatively cash-poor or have a less-than-perfect credit rating, you can acquire a mortgage and find the house you've always wanted.
Customer Reviews:
Fantastic Information.......2007-08-27
I just recently finished it and I feel like having taken a course on Real Estate 101. It is helpful, practical, and easy to read. It has great tools like check-off lists and sample contracts all on a complimentary CD.
We are looking into buying a house and this has given me a great base of knowledge to start making smarter decision.
Worth the $$.
excellent advice for all homebuyers.......2007-01-11
Though this book's title specifies that it's for the first time buyer, my advice would be to pick it up and read it thoroughly regardless of how many times you've bought or built. It is a super compendium of all the steps a buyer needs to take, including information on motivation and emotions in home buying, taxes, paperwork, hiring a professional advocate such as a lawyer or real estate agent, and an in-depth discussion of how to find out your credit score. The section on credit also gives good advice about establishing and maintaining a good credit score that would be helpful for anyone trying to finance a large purchase. The information in this book should be available from the real estate agent you're working with, but it's good to know it yourself in case the agent isn't keeping your well-being in mind at all times.
I also appreciated the straightforward, matter-of-fact tone of this book. There were no embellishments, just the information in a logical, easy to understand format. It also includes a 15 page glossary, helpful for the novice. Five stars out of five.
Feel Confident Buying Your First Home.......2006-12-21
First off, let me say that my husband and I really appreciate the CD. It has all the forms and lists we needed to feel confident when we bought our first home. From building costs and budget worksheets, to banking support, these documents were a big help.
From why you want to own your own home, what to do when you find the one you're looking for, and what to expect at closing, this handbook walks you through the process. This step-by-step guide shows you how to fill out the attached forms and gives you confidence that is sure to eliminate any buyer's remorse you would have felt after your purchase.
Overall, the book was very helpful and will be a useful tool for anyone going through the process for the first time. Buying your first house doesn't have to be scary. This handbook makes the process an understandable and exciting experience.
Even building your own house is examined in this excellent, wide-ranging guide recommended for its easy explanations........2006-12-12
The First-Time Homeowner's Handbook: A Complete Guide and Workbook for the First-Time Home Buyer comes with 30 forms on a convenient cd-rom and covers the entire experience of buying a home, from understanding terminology and confusing points to avoiding common, expensive mistakes. Chapters cover the basics from how to look and assess to financing and closing. Even building your own house is examined in this excellent, wide-ranging guide recommended for its easy explanations.
Diane C. Donovan
California Bookwatch
Exceeded my hopes and expectations.......2006-11-09
I was a little nervous about buying yet another book on how to buy my first home. After all, if I had spent all the money I spent researching the concept on my down payment... Well, ok may that's a bit of an exaggeration. I was still skeptical I could learn anything new, but I was wrong. This book is different from other guides in that it provides accessible information for me, the everyday Joe Q. public person. I don't have a trust fund to take care of my bills, my credit isn't pristine for the past billion years, and my credit-to-debt ratio reflects 8 years of college from a working class environment. Yet, this book gave me answers, strategies, and lots of helpful information that was more than just hope. It made it seem possible. Nothing is just glossed over; rather there are comprehensive guides, tools, and strategies to make owning your own home a reality. The forms included on the CD are a bonus as well! And in PDF format for a win so it's simply filling it out on screen, printing and moving forward with no excuses left! I can't wait till I finally close!
Book Description
A PAPERBACK ORIGINAL
The first simple guide to understanding the real estate closing process
Closing and escrow are among the most importantand least understoodcomponents of a real estate transaction. The Complete Guide to Your Real Estate Closing takes the mystery out of the confusing, expensive process by giving real estate professionals, investors, and consumers a step-by-step explanation. In simple, everyday language, the book explains closing documents and paperwork, what to do when something goes wrong, mortgage options, how to save money on title insurance, problems that can occur on a title report,
and much more. With sample forms, work sheets, and more, this sophisticated but accessible book covers:
- Insider tips on how to save moneyfrom a closing professional
- Who does what: the real estate agent, lender, title company, closing officer, attorney
- State-specific information for all 50 states
Customer Reviews:
Could be better.......2006-03-22
Very good book; could have gone a little deeper into the mechanics of the closing process.
Practical, Real-World, Current Information.......2005-10-10
This book is an easy to read, step-by-step guide through that 'magical' period called 'Escrow.' Explanations are easy to understand yet thorough. I highly recommend this book.
Complete and Easy to Read........2005-01-11
Sandy Gadow's real estate closing book explained the part of the buying process which confuses most people, and where most of the costly mistakes can occur. I was able to understand the concepts and explanations which are provided, and felt confident enough to ask questions which I am sure saved me several hundreds of dollars. Before reading Sandy's book, I was intimidated by the professionals involved in a closing: for example, the attorney and closing agent, even the inspector involved. Knowing what questions to ask, I felt comfortable making lists of questions to ask, and which answers I needed. Although real estate laws vary state to state, this book does an excellent job of being all-inclusive for each state. Whether called "escrow", "closing" or "settlement", this book covers the essentials of a real estate deal.
In each chapter are "Tips" and "A Typical Misunderstanding" which lighten the reading and make the subject matter easy to follow along. The chapter on handling Tax-Deferred Exchanges was a welcome addition to the book. I was prompted to buy Sandy's book after watching her on CNN's show, "Open House."
I would recommend this book to anyone buying property, considering entering the escrow profession, or anyone interested in the investment aspect of real estate. I am now a real estate professional and am grateful for Sandy's book. I know the book helped me and I have recommended it to many of my friends and colleagues.
Good book, but...........2005-01-04
...it's the same book as her previous books - only the title has changed. If there were any minor editing done to the book, I didn't notice. If you've read or purchased one of her previous books don't waste your time or money.
Truth in Advertising.......2004-11-08
Gadow does an excellent job of providing a comprehensive view of a California Real Estate Closing. The subject matter is appropriate and well written. The illustrations, tables, charts and forms all useful. The only real problem with a volume like this is that all real estate is essentially LOCAL in nature.
Thus, many of Gadow's points and concepts are inapposite to other parts of the country. I found myself annotating my copy with local exceptions to Gadow's statements (I am a Real Estate Attorney in the Washington, DC metropolitan area). As with any volume with this much information there are certain errors that may have not been caught by the editors. For example, Gadow talks about obtaining multiple termite inspections. "Shopping for a clean termite inspection" and failing to disclose the known existence of termites is a patent violation of the Seller's duty to disclose known defects and could subject the homeseller to serious liability for any resulting damages incurred by the buyer.
Nevertheless, for the layman this book is an essential resource and I wish everyone of my clients would read it before coming to our office for their settlements.
Customer Reviews:
More of an introduction than a handbook.......2006-01-10
OK as a starter, for someone who knows zero about media, but falls short of the mark for anyone who is a practitioner in a media-related industry. The first 100 pages are spent on "context" which might be helpful for readers who know nothing about marketing either (Ms. Katz feels it necessary to tell us what the 4Ps are...), but this leaves very little for anyone who actually needs to DO media buying, planning or research.
The Media Handbook a Handy Reference to Media Planning.......2003-06-19
Helen Katz' The Media Handbook is an easy to follow guide which will help a wide range of marketing/advertising students and practicioners gain a basic understanding of the media planning process. I feel comfortable making this observation as a former media planning executive at DDB Chicago advertising agency and now as instructor teaching two media planning courses at Loyola University Chicago.
This book begins with chapters on "What is Media" and "Media in the Marketing Context" then moves through the steps of the media planning process before it concludes with chapters on media buying and media plan evaluation/accountability. It provides a good overview of media planning yet spares the reader exhaustive explanations of media terminology and media math calculations found in may college media textbooks.
Author Katz has authored this 3rd Edition to stay current with the rapidly changing media environment. To a reasonable extent, she has succeeded although today's digital media technology changes are occuring at such a breakneck pace that any media textbook is somewhat out of date a week after it has been written.
A broad cross section of the marketing/advertising community will find The Media Handbook to be a useful reference source in understanding the role of media planning in the marketing communications process.
Book Description
Expert money-making advice from the nation's leading fixer-upper guru
"Excellent book on the fixer strategy."--John T. Reed, bestselling real estate author
"Filled with practical examples of how to profit from rundown fixer-upper properties."--Robert J. Bruss, syndicated real estate columnist
Nobody wants to buy an ugly, decrepit, rundown house--which is exactly why they provide real estate investors with the best bargains! In Investing in Fixer-Uppers, nationally known real estate guru Jay DeCima reveals how investors can add thousands of dollars to the value of an "ugly" house. He discusses how to substitute personal skills for traditional down payments, strategies to profit without waiting for appreciation, and dozens of other value-adding tips.
Customer Reviews:
I can't agree.......2007-08-02
I can't agree with those who criticize this book for being like all other real estate investment books. This book is a breath of fresh air from many other real estate books! The author actually offers practical advice from his experience, and its written in a readable and humorous manner.
In particular, the author's description of the Haywood Houses purchase on pagers 16 to 25 is a good example that addresses many of the issues that new (and experienced) investors face, such as:
1.) Where do you find your investment houses? Jay found his in the newspaper. I found my first investment property in the newspaper also. It was a great fix-up bargain at $85,000 in 2002, and is a great rental property now, bringing in over $200/month;
2.) What do you do when you find a good property? Jay says "act quickly" when you find a property in neglect. Jay says houses in neglect are worth big bucks for us do-it-yourself fix-up investors. Jay's list of what constitutes an ugly property, including "unsightly yards, no painting done for years, broken down fences, unsupervised dogs & cats." This list should be taped on our walls to constantly remind investors what we are looking for;
3.) Fixing people problems. The property was overrun by scary looking people with tattoos who drank beer and worked on junk cars. The owner wanted out. Jay fixed the sort-term people problem in exchange for receiving valuable long-term benefits.
This is a useful book that I keep handy.
Terry Sprouse - author of the forthcoming book, "Fix 'em Up, Rent 'em Out: How to Start Your Own House Fix-up and Rental Business in Your Spare Time."
This book is worth $46,000.00. Here's what it did for me:.......2007-03-29
I have read this book 5 times now, and am putting his strategies to good use. Using Jay's strategies, I just fixed up an older house in my neighborhood. With 3 month's part time work, (I also teach 3rd grade) I now have 28k in equity, and 209.00 per month positive cashflow. The house was even owner financed, 2% down, and deferred payments too! (Jay's strategies). Next week, I will close on a second rental property for $46,500, and it appraises for $65,000. Some folks say Jay is too folksy, but he can be as folksy as he wants to be if his strategies get me $46,000 in equity in less than 6 months.
Good basic primer for beginners.......2006-11-22
I found this book to be a good primer for new real estate investors. Seasoned pros could find a nugget or two as well. More than anything else, DeCima's writing style, folksy as it is, is just fun to read. A good addition to your real estate library.
How much would you pay for a good tip?.......2006-01-16
For the most part I find book reveiws helpful. But I wonder about those by who expect to get the whole nine and a half yards for $12.98. If I can get one tip that may help me make thounsands $$ (and it has) for the price of a Subway lunch, then I'm ordering up. A guide to Investing in Fixer-Uppers, $12.98; Investing in yourself, priceless.
better than the rest........2006-01-12
Best RE book I've read. Read over 30 so far. This guy doesn't blow smoke up your butt like the other RE gurus.
Book Description
The Ultimate Guide to Buying, Selling, Merging, or Valuing a Business for Maximum Return
The next merger wave has already started. You may be looking to grow your company through acquistions, or you may be planning for the perfect exit strategy. In today's highly competitive M&A marketplace, when billion-dollar deals can succeed or fail at the drop of a hat, you and your company—whether large or small—need a dynamic strategy to succeed. Where can you find the most reliable, expertly written information to understanding and executing the essential steps to M&A?
The Complete M&A Handbook has everything you need. With the professional guidance in this one-stop resource, you can limit the length, risk, and complexity of merging, selling, or acquiring a business. Author and attorney Tom Taulli addresses in detail the common—and not so common—questions and concerns buyers and sellers have at every stage. He identifies new trends and swiftly guides you through all the legal, operational, and logistical steps to doing the deal right while helping you understand the myriad options, pitfalls, and opportunities at every turn. Inside, you'll discover how to:
·Attract compatible companies to the deal
·Integrate different corporate cultures smoothly
·Comply with U.S. and foreign antitrust regulations
·Negotiate a fair—but competitive—purchase agreement
·Spot key aspects of due diligence that most companies ignore
·And much, much more
Whether you're a buyer or a seller, you'll find tips and tactics to help you complete your deal, saving you time and company value. Of course, nothing can replace an excellent team of advisers for M&A, but, with this book by your side, you can strike deals with the right terms to ensure maximum return.
"Companies need reliable guidance through M&A. The Compete M&A Handbook will help any company through the painstaking process. Tom Taulli offers invaluable advice in the critical steps to buying or selling a business of any size."
—
Robin Richards, CEO, Vivendi Universal Net USA
"Tom Taulli is masterful in making the M&A game understandable. Whether you're on the sell or buy side, this book is a must read."
—
Alan M. Meckler, chairman and CEO, INT Media Group
"Taulli describes the M&A process clearly and succinctly. This book will help any business owner be better prepared for the big change."
—
Walter Cruttenden, Cruttenden Partners
"M&A is the seemingly easy process of bringing buyer and seller together. The reality is that selling a business is quite complex, time consuming, and risky. Tom Taulli does an admirable job distilling a complex subject into an easily understood road map for enterprises of all sizes."
—
John McCracken, managing director, M&A, WR Hambrecht and Co.
"Tom Taulli has done it again. His examination of M&A gets an A+ for getting to the meat of the matter. If the business world had more of this no-nonsense kind of accounting analysis, perhaps it wouldn't be such a shark-eat-shark world out there."
—
Thom Calandra, editor in chief, CBS MarketWatch
"An excellent overview of the M&A process. Very readable."
—
Robert Machiz, CEO, MoneySoft Inc.
Customer Reviews:
Good Book unless you are "in" M&A.......2007-08-23
This book is fine for business owners looking to understand the M&A process. I was recently hired as an associte at a M&A firm. I have my MBA and found most information in the book to be elementary.
Wonderful Introduction to the M&A Process.......2004-03-02
Tom Taulli, media savant and expert dealwatcher, has penned a volume that is useful, comphrensive, and readable. Bravo!
A Great Acquisition !.......2004-01-22
This book is a terrific read for any business person who has been, will be, or wants to be in Mergers and Acquisitions. Tom Taulli does a great job educating and advising the reader. This is a must have book for investment bankers, business brokers and dealmakers, but especially for executives of companies who are considering selling or acquiring other businesses.
A Must read for any M&A Professional.......2004-01-11
The Complete M&A Handbook is a great read. I plan on buying several copies to hand out to clients. The explanations are very clear and concise. Yet detailed enough for a professional to put in the tool box for reference.
M & A for Dummies (and Experts, too).......2004-01-01
Tom Taulli is the expert that has taken a complex, multi-layered technical subject and put it in a form that all M&A participants can easily read, easily understand and easily put to immediate and extensive use. I am an educated, experienced Venture Capitalist and M&A intermediary professional that has learned lots of new techniques and tips from Tom, while having a thoroughly enjoyable time reading about a subject that is not new to me. I'm sending all my clients and business associates a copy of Tom's book, as it will enhance their knowledge about how to do business in M&A and encourage a higher degree of professionalism, effectiveness and efficiency in an otherwise complex and confusing process. Tom makes understanding M&A easy, or at least much less mysterious. Book is a great reference source for those that have questions about the process while engaged in M&A, regardless of their role in the process. BUY IT! You will use it for years.
Book Description
The clear-cut information and forms you need to buy a business!
If you're ready to acquire a business, make sure you protect your interests and get the best deal possible with The Complete Guide to Buying a Business. It shows you how to:
*find the right business
*analyze the seller's numbers
*make sense of the tax issues
*negotiate a payment plan
*prepare and sign a sales agreement
*close the deal
*protect yourself from existing liabilities
*prevent the seller from competing against you
*work with lawyers, accountants and brokers
The Complete Guide to Buying a Business provides a CD-ROM that helps you create more than two dozen crucial legal documents, including:
*the sales agreement
*confidentiality letter
*promissory notes and security agreements
*noncompete and consulting agreements
*closing checklists
Every document is accompanied by thorough, plain-English instructions.
Customer Reviews:
Not so "Complete" guide to buying a business.......2007-04-16
Overall not a bad book. Several good ideas and reminders. The forms on CD are very helpful. However, a book that touts itself as complete, shouldn't short-cut critical issues such as valuing or financing a business simply by referring the reader to another book, often by the same publisher. The chapter on valuing a business was an overview without specifics. The chapter on financing, again just an overview, didn't mention the process of using a self-directed IRA to finance a business purchase (you need a special asset custodian for your IRA, but it is legal).
Great Resource.......2007-03-19
Buying or selling a business is a significant transaction that should not be taken lightly. When you buy or sell a home, most likely you hire a professional. Buying or selling a business is much more complex, and the opportunities for something going wrong are much greater. This book is a very small investment to make to ensure that you don't miss important details. I would recommend it to anybody.
A good road map..........2006-03-23
I found the book to be a nice reference to buying a business. Several key chapters provide some good thought provoking questions to consider in any endeavor to start a business. I had checked this out in the library and found myself wanting to write in the margins. A really good first step in identifying the hows and whats of buying a business.
Book Description
This new definitive guide provides clear, concise explanations for finding, buying, operating, and growing a successful franchised business from top experts from the ASBDC and the American Association of Franchisees and Dealers (AAFD).
Checklists, forms, worksheets, and easy to follow strategies along with a sample franchise business plan and contract allow readers to discover how to: evaluate a franchise opportunity, develop forecasts and budgets, estimate start up costs, and get financing.
Customer Reviews:
A Must Read If You Are Seriously Considering Franchising.......2005-06-02
As the President of FranchiseInterviews.com, I am constantly reading books and articles on franchising. I consider Franchising 101 one of the best sources on franchising.
Simply the BEST.......2004-02-15
I have read 4 different books on franchising and would definately consider this one the best!
Opened my eyes.......2001-12-14
My husband and I are considering opening a franchise. Although we have business experience, neither of us have ever actually managed a retail store or food service establishment. We certainly had never negotiated a lease or franchise agreement. This book points out a lot of details that will help you protect yourself when negotiating with a landlord or franchisor. It also gets you to think about whether you are a good fit for this type of lifestyle and are you reviewing an appropriate territory for your business. I checked this book out at the library and now I am buying a copy so I can highlight it, make notes and such.
The Franchising Bible.......2001-08-26
Upon embarking on an endeavor to purchase a franchise business with my wife, we realized we knew nothing about where to start. We decided to start at the bookstore and purchase a book on franchising. We chose Franchising 101 because it appeared to be laid out in a format that was easy to read and follow -- we were right! This book has become our bible every step of the way. From analyzing the opportunity to digesting the UFOC, every question we have stumbled across has been answered by this book. In addition to the valuable information provided, we actually found our franchise attorney by contacting one of the contributing authors. Franchising 101 leaves no stone unturned in looking at this very important life decision. It is a MUST READ for anyone considering the purchase of a franchise business.
Practical Pragmatic Preparation.......2001-07-16
Practical, Pragmatic Preparation
Cooked up by CPA's, Attorneys and Insurance Brokers, with a dash of disgruntled franchisees and a pinch of fatherly advice from a Franchiser, this utilitarian dish is nothing if not healthy.
With a steady diet of this recipe, potential franchisees will leave the table full and satisfied and yearning for a VERY rich desert to make up for all the pragmatic, reasonable and intelligent ingredients used to prepare this three course meal.
Section 1: "Choosing Your Franchise" opens with a franchising history explaining how Singer Sewing Centers were the first franchiser in 1858. There are tales of early automobile dealerships, oil company and service station franchises, and motel chain successes that led to the explosion of the franchise phenomenon in the 1950's and 60's.
The most interesting portions describe the rise of Ray Croc's ëFranchise of the Centuryí, McDonald's. There's a promise of a "Good News Future" discussing the establishment in 1992 of the American Association of Franchisees and Dealers or AAFD, (the equivalent of a Franchisees union).
There are multiple warnings that you must be very clear of the large difference between an entrepreneur and a franchisee. It is simply stated that if you spend more time thinking about how things "could or should be" then it is likely you are an entrepreneur and franchising is definitely not for you.
Predefined trade dress, business practices, required equipment, signage, etc., are each carefully chosen and non-negotiable by the franchisee. Once again, the AAFD proudly defines newly negotiable items of contracts and leases while clearly stating that the Franchiser maintains the upper hand in all cases.
From the initial colorful history right into the bland body of "how-to" information through helping the potential franchisee to determine the selection, research, pricing, purchasing a franchise and choosing location and leasing details.
Finally there is a tale by a none too happy franchisee who thought long and hard but ignored danger signs in acquiring a business she had decided on before her research told her that this was a sour deal.
Section 2: "Acquiring your Franchise" is the main course and while definitely healthy and well prepared, it is something you read because it is good for you, not because you like it. This course is made up of a discussion of another acronym, the UFOC or Uniform Franchise Offering Circular. This is a federally mandated document outlining 23 tightly defined items which are illuminated to simplify them for the reader.
If you are purchasing a franchise, then this will always be the first and most important step in determining core issues about a particular Franchisor. Two attorneys walk you through the preparation of the franchise agreement, lease negotiation, incorporation, then come the CPA's with cash flow, banking, loans and business plans. It's all critical to those considering the purchase and highly informative as a checklist of important issues.
Section 3: "Managing your Franchise" is a discusses the managing, motivating, hiring and firing of employees. The bulk of this chapter is made up of more essential pragmatic requirements of market research, taxes, insurance, accounting, marketing and business management practices. This section chafes a bit with the fatherly advice of a franchiser who basically suggests that franchisees should respect their elders and be good kids and they will be rewarded with favoritism. Business should not be run on favoritism, but realistically, it's good advice as people skills often determine business success.
Altogether, what it all comes down to is that operating a franchise is serious business, that it takes money to make money, and that it will clearly be very hard work.
There are the benefits such as managing your own time, doing what you enjoy, scheduling your own vacations, and making major decisions without a boss hovering over you. It will leave those with a taste for perks and bonuses wanting. This is definitely your minimum must-have businesslike presentation without discussing even a few of the benefits of self-employment.
This step-by-step guide will no doubt be good for you if you've already firmly decided that franchising is the career path you wish to follow. Nothing is left out and there will be plenty of good information to answer your financial questions and set a course for smooth franchisee sailing.
After you make your decisions you'll definitely want to go elsewhere for convincing reasons to become a franchisee because Franchising 101 offers up only pragmatic, practical fare. This is the hard work without discussing any of the rewards to tantalize you and only a sad tale of one unhappy franchisee answer your questions regarding possible self-fulfilling careers.
Product Description
This book is a great resource for both prospective franchises and franchisors as it explains in detail what the franchise system entails and the precise benefits it offers to both parties
Customer Reviews:
Mr. Franchise Weighs In - . . . A Very Good Book.......2007-01-24
I was asked by the publisher to review-edit the chapters of this book. They liked my input so much, I was then asked to write the forward. Most, but not all, of my editorial comments-revisions were included in the published version. Unfortunately, they elected not to include my comments about the misleading nature of franchise 'success' statistics and some other critical information. For additional details about buying a franchise not included in this book, feel free to visit the Franchise Foundations website at www.franchisefoundations.com Peruse the "Buying A Franchise" and "Articles II' pages. These will provide additiional information and resources to use in making an informed evaluation-investment decision. That being said, this book stands head and shoulders above anything else that's currently published for the general public. Kevin B. Murphy, B.S., M.B.A., J.D.
Read This Book First, Buy Franchise Second.......2006-10-27
This book is a must for anyone even remotely considering the purchase of a franchise or, for that matter, considering the franchising of their own business. The title says it all, The Franchise Handbook, and it is indeed a comprehensive and thorough handbook treating all factors that must be considered before and after buying a franchise business.
The Handbook discusses approaches to the selection of a franchise; pre- and post-purchase financial issues; marketing, operating, and expanding the franchise; legal issues; and all of the factors that should be considered when contemplating the franchising of one's own business.
The Handbook is a remarkable resource, and provides pretty much all that the prospective buyer of a franchise should consider before and after making the decision.
Great Franchising Information.......2006-10-17
If you've ever considered owning a franchise, this book is for you. The book contains valuable information for researching and choosing the best franchise for you. The information in the book will help you consider all the important factors in a franchising business. An alphabetical listing of companies offering franchising is included in the back of the book. Each listing contains the address, contact person, phone numbers, email addresses and websites for every company listed.
The legal issues surrounding franchises are covered in depth in this book. Federal laws regarding franchises are discussed in the book. State laws and the difference between registration and relationship states are also covered. A list of franchise attorneys grouped by state is located in the back of the book as a handy reference. There is also a glossary of terms related to franchising to help you learn the terminology.
The financial aspects of franchises are discussed in the book as well. Each type of business entity is discussed and an easy comparison chart is included to help you easily see the differences between each type of business entity. The information on creating a business plan and getting financing is very helpful if you are new to the concept of franchise ownership. You will learn how to create a business plan, conduct a market analysis and create financial statements.
The Franchise Handbook covers all the bases........2006-10-11
The Franchise Handbook contains a LOT, and I do mean a LOT, of information about franchise systems. Included are step-by-step guidelines regarding how to research possible franchise options including how to estimate start up costs and how to finance the franchise purchase. Of course, the information doesn't stop there; the book goes on to outline how to prepare financial statements, how to conduct a market analysis, and how to successfully choose a franchise location. All pivotal to franchise success or failure.
Then, the book goes beyond that. It offers additional strategies on how to hire and manage employees, purchase and manage supplies, protect your franchise territory, and then, when everything is going just the way it should, how to expand your operations. The book is proactive toward developing successful franchise and business practices. It has an unbiased view of the facts and even lists the pros and cons of selecting a franchise model business. Chapter 18 looks briefly at legal issues that affect franchise models and Chapter 19 offers a list of companies that offer franchises and franchising resources.
This book is a great starting point for building a level of independence by living the American dream and becoming your own boss at your own business. A definite must read!
The must-read book for aspiring franchisees and franchisors.......2006-10-10
I've always dreamed of having a franchise of my favorite old-fashioned diner, and The Franchise Handbook has given me valuable insight into what to expect as a franchisee: from finding the initial startup costs and hiring employees to managing employees and purchasing supplies. The Franchise Handbook offers valuable, in-depth advice, even going so far as to offer tips on how to conduct your market analysis, so you don't need to hire an expensive market research firm. One of the unique, and most interesting, parts of the book is the section devoted to franchising your own business, which includes a detailed list of questions to ask oneself before making the decision to franchise.
This book also includes a list of franchises (with website, email address, and other pertinent information), an exhaustive glossary, and a plethora of links to helpful sites for the aspiring franchisee or franchisor. If you're considering becoming a franchisee or want to franchise your business, make sure you buy this book first! It's an easy, educational, and enjoyable read, definitely worthy of five stars!
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