Meticulously researched and crystal clear, a good investment for anyone in the business-buying business.
Gibson’s niche how-to guide makes the intricacies of acquiring an established company easy to understand and a little less daunting.
With 30 years of experience in business development and brokerage, Gibson has written a specialized book for prospective buyers who have a specific business in their sights. He discusses three reasons people buy businesses—the pursuits of autonomy, happiness and wealth—and gives plenty of advice for deciding when to buy based on business cycles, economic indicators and the buyer’s (and seller’s) motives. Primarily, though, he concentrates on the enigmatic minutia that might make the eyes of would-be entrepreneurs glaze over. Imagining a cabinet shop called Doozy Manufacturing Company (“Doozy”), Gibson provides helpful explanations of the role of business brokers, the lay definitions of “small business,” “fair market” and “ROI,” and how to decipher prospectuses and other financial statements. Gibson displays his knowledgeable, accessible style by illustrating how to determine the earnings capacity of a business—“What could Doozy earn in the future?” In discussing how to cautiously forecast Doozy’s annual and monthly expenses, he reminds entrepreneurs that “the owner gets paid last.” Mostly, Gibson serves as an excellent teacher, explaining that “not being had” means being able to understand “the elements of value” and “opinions of value,” particularly how both are calculated and interpreted. He provides case studies, a convenient glossary and a helpful appendix, complete with samples of promissory notes and a boilerplate for a purchase contract. For the nonfinancial aspects of determining the right business to buy, he asks potential buyers to consider such things as their complementary skills, desired work environment and location, which, even though these aspects may not be as critical as the financial characteristics, Gibson still advises that they “should be looked at in depth” before moving forward. Patience is key, he stresses; taking the time to study, negotiate and “perform more adequate due diligence” leads “to making a successful investment.”
Meticulously researched and crystal clear, a good investment for anyone in the business-buying business.Pub Date: July 10, 2010
ISBN: 978-1426936197
Page Count: 244
Publisher: Trafford
Review Posted Online: Oct. 16, 2012
Kirkus Reviews Issue: Dec. 15, 2012
Review Program: Kirkus Indie
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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