Here's the Deal
By Joel Ankney
Everything You Wish a Lawyer Would Tell You About Buying a Small Business. CreateSpace Independent Publishing Platform, 2017.
Summary of Here's the Deal book by Joel Ankney
Practical advice on buying a small business so that you know what to expect every step of the way, resulting in a smooth and seamless transition between owners.
Chapters in Here's the Deal book summary
What do you get from this book? A layperson’s hassle-free guide to buying a small business
When buying a company, make sure you know the industry well, and assemble a team of advisors to guide you
After you’ve found your target you need to determine its value, don’t just take the seller’s word for it
Make sure you understand the costs associated with buying a business before you close the deal
You need to understand the key differences between investors if you want to obtain their financial support
Buyers should opt for an asset deal when possible, though sellers may prefer equity deals
Before you sign the Purchase Agreement, ask questions and negotiate terms
Fulfilling your due diligence is a vital step toward completing the Purchase Agreement and should not be undertaken lightly
Drafting the Purchase Agreement should be taken seriously, reviewed by a business attorney, and clearly define terms
It’s important to read every section of your purchase agreement whether you sign everything at once or on different days
After detailing assets and going through boilerplate provisions, ensure no adjustments are needed before signing
There are a few final steps that both sellers and buyers must complete before closing
Expect to have an informal closing, but be careful about disbursing your money and obtaining passwords
After you’ve closed, get any necessary training and switch everything over to your name
Summary of the key insights
Selected critiques in brief
Final word
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Here's the Deal — Book Summary Snapshot
Who should read Here's the Deal book
- New business owners
- current business owners looking to expand
- business students
- entrepreneurs
About the author of Here's the Deal
Joel Ankney
Joel Ankney is an American business attorney with over twenty-five years of national and international experience. He graduated first in his class from the William & Mary Law School, and works on purchase deals ranging from thousands of dollars to multi-millions. Since opening his practice in 2003, he has been named a Legal Elite attorney and Top Attorney in Coastal Virginia.
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