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Amazon Customer (comprador verificado) –
"No question is too dumb" - Essential for aspiring sellers, potential buyers!The Messy Marketplace is a compact, step-by-step guide to selling a small- or medium-sized business that I believe is essential reading for any business owner beginning to contemplate selling their business, or aspiring small business owner-operators (or search fund operators) looking to buy a business.
As the title suggests, the world of small and medium-sized business is not subject to the “neat” standard operating procedures that govern the corporate world. As a result, a guide like the Messy Marketplace is invaluable in breaking down exactly what to except from all stages of the sale process – from deciding to sell to the deal’s closing – even touching on “seller’s remorse” and similar maladies, all drawing on his vast firsthand experience.
Brent is unflinchingly honest about the misalignments in communication, expectation, price, and seemingly every facet of the sale process that can take place between buyer and seller, and writes from a place of comprehension, empathy, and experience. As the book explains, while the process may not be altogether painless, the Messy Marketplace will ensure that you will go into the process fully aware of the experience to come.
One of the best parts of the book is its ‘egoless,’ straightforward approach to the process – have you ever held back on asking a question or clarification for fear of looking (gasp) stupid or uninformed? Of course, we all have. The book seeks to disambiguate the investment world’s seemingly secret world of concepts, terms, acronyms, and abbreviations. There’s even a handy glossary in the back, to quickly consult if needed!
Brent’s firm, adventur.es has long distinguished itself for its commitment to operating from a place of honesty, integrity, and a community-oriented mindset. The Messy Marketplace is no exception.
The Messy Marketplace is a book that I plan to consult often in my career, and believe will save me no shortage of money, time, and confusion down the road. Thank you to Brent & team!
Ethan Hirsch (comprador verificado) –
Great book for those interesting in lower market PEI've met Brent personally and he's a very humble, intelligent person. His capacity to share his knowledge and expertise is a gift to all of us. I highly recommend this book if you want to learn more about investing, especially the lower market in the private equity space!
Jason Kim (comprador verificado) –
Very basic / expansiveBrent Beshore is very strong in marketing his product (an investment fund to buy very small) companies and his book through podcasts etc.
This book is extremely basic – if you now what EBITDA is, that a business is valued often as a multiple of EBITDA then you learn very little. The writing is ok but the editing not great.
There are better and much cheaper ressources available online.
BeaconBoy (comprador verificado) –
Great bookGreat book
Amazon Customer (comprador verificado) –
Useful Info from Real-World ExperienceDisclosure: I've met Brent, listened to his interviews and talks he's given and greatly admire his approach to investing and business. He's looked at thousands of deals and is not coming at this from an academic point of view.
I think this book is a wake-up call as well as a playbook for small business owners that are nearing the end of their working careers and haven't a clue where to start the process of harvesting the fruits of the business they have built over the years. Many owners are too busy managing their business to worry about selling it. Even if a sale is on their radar, this will likely be their only sale while the buyer may have closed on dozens of businesses and seen hundreds if not thousands.
Beshore starts with asking the seller to examine their motivations and manage their expectations. From there, he looks at the various types of buyers, their goals, limitations, and expectations and how these affect the seller. Along the way he takes care to familiarize the reader/seller with the metrics and jargon of the transaction process, the players they'll encounter, and the pitfalls to expect. Though the mechanics of the deal are spelled out in great detail, Beshore never loses focus on the fact that owners, employees, customers, and suppliers are all people and need to handle themselves and be handled with professionalism and grace throughout the entire process.
For advisors and financial professionals, I found this to be a good companion to HBR Guide to Buying a Small Business by Richard S. Ruback and Royce Yudkoff. That book, of course, looks at the process from the buyer's point of view, but the overlap between the two books reinforces the expectations you'll encounter in a deal. Beshore also stresses the importance of having good, experienced advisors on your side. Those advisors who are not experts on the process (and sorry, reading this book doesn't qualify you – or me) should have the humility and professionalism to help their client-owners find someone who is.
Finally, a word on the book's design. I was delighted when I unpacked this book like I have been with no other in recent memory. With a hard, glossy cover sans dust jacket, it immediately reminded me of my elementary school textbooks. Appropriate, because Beshore, like most good teachers, loves his subject and has generously shared his knowledge with the rest of us.