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Product Description
Product Description
"Successful management buyouts (MBOs) are the pinnacle of business success today and a great way to earn an ever-increasing stake in the American dream.
<i>Buyout</i> provides managers and executives with the necessary tools and strategies for leading a company or division buyout. It explores the details of the entire buyout process and empowers managers to seize their destiny and take charge. Managers learn how to:
* Find a company to purchase
* Develop a business plan
* Negotiate with the seller
* Win the ""ground war"" of due diligence
* Find equity partners and negotiate the management deal with investors
* Run the company after the MBO.
Buyout offers real-life stories of people who actually pulled off out-of-this-world deals and became rich beyond their wildest expectations."
About the Author
"Rick Rickertsen (McLean, VA) is the COO of Thayer Capital and the founding partner of Thayer's two corporate buyout funds totaling over $1.2 billion. In his fifteen-year career in the management buyout world he has led more than 50 buyouts, including the Ritz-Carlton Hotel Company, SAGA Software, ePlus, Iconixx, Immedient, and IESI. Robert E. Gunther is founder of Gunther Communications and is the coauthor of numerous books.
On April 1, 1997, a smiling Dan Gillis, president of the American division of Software AG, stood on the front stage of a large ballroom at the Hyatt Dulles in Reston, Virginia. Read the first page
Concordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
As a result of this division, the author is free to be loose and informal in the first part of his book. Most of it is prose-like, as he tells tales of successful and unsuccessful deals. A lot of it is like a mentor giving advice to his young apprentice: "Be wary of managers with pinky rings"; "Don't be the first party to put a number on the table during negotiations," et cetera. This makes the book a "Buyouts for dummies", and it explains in an uncomplicated way the dynamics of the buyout process.
However, I found that the most interesting aspect of the book was the fact that is has been written not by a manager (managers being the target readers), but by a private equity investor. As a manager, you can learn a lot from reading between the lines - how does Mr. Rickertsen think, what kind of a personality does he have, are PE investors "details" persons or do they look for the bigger picture? How are they going to analyze your business plan and YOU when you meet them?
All in all, an interesting book that is also an easy and entertaining read. It could be the first book you read if you are considering an MBO, but you're in no way ready for an MBO after reading this. You won't get that rich that easily.
Rick also demonstrates the risks of the MBO world, as well as the upside that makes the process so famous and widely practiced. Readers should listen to his advice on the negatives, and what can happen when things go dramatically wrong, either in the analysis or the operational steps of the process.
Rick has done a fabulous job of assembling many issues into a single tool, which I not only have read, but am giving as a gift to prospective clients. I could have used this several years and several hundred thousand dollars ago!
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