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Garrett Sutton. Buying and Selling a Business
Acknowledgments
Contents
Foreword
Introduction
Before You Begin. Being Your Own Boss
Why Buy (vs. Start Up)
Why Sell (vs. Hang On)
Timing
Risk of No Sale
Case No. 1 – Walter, Peter and Anian
How to Handle a Failed Sale
Rich Dad’s Tips
Buyers and Sellers. Buyer Strategy/Seller Strategy
Case No. 2 – Paris and Richard
The Seller
The Buyer
Win/Win
Case No. 3 – John and Jeff
Listening
Trust/Intuition
Rich Dad’s Tips
Your Team of Experts. Assembling Your Team
Case No. 4 – Kent and Hank
Attorney
Accountant
Business Broker
Other Professionals
Rich Dad’s Tips
Confidentiality. Importance
Prevent Fishing Expeditions
Case No. 5 – Marie and Veronica
Preparing (And Dissecting) A Confidentiality Agreement
Section 1. Confidential Information
Section 2. “You” Defined
Section 3. Ownership and Covenant of Non-Competition
Section 4. Covenant of NonDisclosure; Safeguard of Confidential Information
Section 5. Irreparable Harm and Remedies
Section 6. Exclusions
Section 7. Duration
Section 8. Termination and Return
Section 9. Assignment
Section 10. Law Governing
Section 11. Entire Agreement; Modifications Must Be in Writing
Section 12. Agreement Binding
Section 13. Severability
Section 14. Time
Signatures
Rich Dad’s Tips
Franchises. The Franchise Phenomena
Case No. 6 – Vivian and Tomas
Rich Dad’s Tips
Selling Prospectus. Importance
Elements
Preliminary Questions for Buyers
Analyzing Operations
Rich Dad’s Tips
Financials
Case No. 7 – Paul, Victoria and Danny
Balance Sheet
Income Statement
Pro-Forma Report
Cash Flow Statement
Reliability: Audit vs. Unaudited Financials
Analyzing Ratios
Rich Dad’s Tips
Liabilities. Case No. 8 – Morgan and Gordon
Rich Dad’s Tips
Valuation. Case No. 9 – Tommy and Vinny
Seller’s Side
Buyer’s Side
Goodwill
Operational Investigation
Rich Dad’s Tips
Negotiations. Case No. 10 – Pam, John and Brendan
Representations and Warranties
Letter of Intent
Rich Dad’s Tips
Structure
Asset Purchase
Stock Purchase
Case No. 11 – Don and Beth
Merger
Covenants Not to Compete/Goodwill
Rich Dad’s Tips
Financial Strategies. Case No. 12 – Jim and Lisa
Loans
Seller Takes Note or Stock
Personal Guarantees
Rich Dad’s Tips
Taxation. Case No. 13: – Fritz and Mona
Two Ways to Sell
Selling the Assets
Tax Consequences for the Seller
Tax Consequences for the Buyer
Stock Sale
How You Are Selling
Business Structure
Length of Ownership
When and How You Will Be Paid
Selling Smart
Rich Dad’s Tips
The Purchase and Sale Agreement
Analyzing the Provisions
Supplemental Agreements
Rich Dad’s Tips
The Closing
Case No. 13 – Gorman, Larry and Ivan
Steps Prior to Closing
Adjustments
Checklists
Steps After Closing
Rich Dad’s Tips
Moving Forward
Now that You’re the Boss
Choosing a Business Entity
Business Redeployment Plan
Business Credit
Making It Yours
Rich Dad’s Tips
Checklist of Information Needed in Acquiring a Business
Checklist for Environmental Document Review
Letter of Intent for Sale of Corporate Assets
Useful Websites
About the Author
Garrett Sutton, Esq
Best-Selling Books. in the Rich Dad Advisors Series
