{"product_id":"selling-your-business-isbn-9780471486237","title":"Selling Your Business","description":"Twenty-three top advisors from leading firms show entrepreneurs how to transition their business\u003cbr\u003e The Entrepreneur's Transition provides an all-in-one handbook for entrepreneurs and corporate insiders seeking advice on their personal financial planning prior to selling or taking a business public. It provides a concise, easy-to-read blueprint that can help business leaders navigate before and after a transaction-so they are well positioned and can avoid costly mistakes. The Entrepreneur's Transition is organized chronologically beginning with the issues a business owner should be concerned with prior to a transaction. It then moves, step by step, through the transaction process and into post transaction diversification, reinvestment, and philanthropy.\u003cbr\u003e Louis Crosier (Boston, MA) is a principal at Windward Investment Management and serves as a member of Windward's Investment Committee. His responsibilities include managing client portfolios and overseeing the firm's investment consulting practice.  Foreword (Edward I. Rudman, Co-Founder and Chairman, Pell Rudman, now Atlantic Trust Pell Rudman).  \u003cp\u003eIntroduction (Louis P. Crosier).\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I:\u003c\/b\u003e \u003cb\u003eBefore Selling Your Business.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1:\u003c\/b\u003e \u003cb\u003ePre-IPO\/Presale Planning\u003c\/b\u003e (William R. Fleming, Director; and Daniel Carbonneau, Senior Manager; with Richard L. Kohan, Partner, PricewaterhouseCoopers).\u003c\/p\u003e \u003cp\u003eSetting the Stage.\u003c\/p\u003e \u003cp\u003eChoosing a Business Structure.\u003c\/p\u003e \u003cp\u003eBuilding a Professional Service Team.\u003c\/p\u003e \u003cp\u003eObtaining Financing.\u003c\/p\u003e \u003cp\u003eSharing Ownership with Employees.\u003c\/p\u003e \u003cp\u003eCompany Benefits and Policies.\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2:\u003c\/b\u003e \u003cb\u003eTrust and Estate Basics\u003c\/b\u003e (A. Silvana Giner, Senior Partner; and Kimberly Cohen, Junior Partner, Hale \u0026amp; Dorr).\u003c\/p\u003e \u003cp\u003eBasic Wealth Transfer Tools.\u003c\/p\u003e \u003cp\u003ePresale and Pre-IPO Planning.\u003c\/p\u003e \u003cp\u003eComplex Wealth Transfer and Estate Planning Issues.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3:\u003c\/b\u003e \u003cb\u003eLife Insurance: From the Basics to the Advanced\u003c\/b\u003e (Herbert K. Daroff, J.D., CFP®, Baystate Financial Services).\u003c\/p\u003e \u003cp\u003ePermanent Insurance.\u003c\/p\u003e \u003cp\u003eTerm Insurance.\u003c\/p\u003e \u003cp\u003eWhat Product Is Best?\u003c\/p\u003e \u003cp\u003eBuying Term and Investing the Difference, but in a Tax-Advantaged Manner.\u003c\/p\u003e \u003cp\u003eHow Your Money Gets Invested.\u003c\/p\u003e \u003cp\u003eExpenses.\u003c\/p\u003e \u003cp\u003eAssessing Cash Value During Lifetime.\u003c\/p\u003e \u003cp\u003eSelecting the Right Premium Amount.\u003c\/p\u003e \u003cp\u003eSelecting the Right Premium Payer.\u003c\/p\u003e \u003cp\u003eWho Should Own the Insurance?\u003c\/p\u003e \u003cp\u003eWho Should Be Insured?\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4:\u003c\/b\u003e \u003cb\u003eNegotiating the Deal\u003c\/b\u003e (F. George Davitt, Partner, Testa, Hurwitz \u0026amp; Thibeault; and Barry Nalebuff, Ph.D., Milton Steinbach Professor of Management, Yale University School of Management).\u003c\/p\u003e \u003cp\u003eSell Your Company Right.\u003c\/p\u003e \u003cp\u003eAn Open Selling Process.\u003c\/p\u003e \u003cp\u003eA Closed Selling Process.\u003c\/p\u003e \u003cp\u003ePaying Bidders to Play.\u003c\/p\u003e \u003cp\u003eRight of First Refusal.\u003c\/p\u003e \u003cp\u003eRight of First Offer.\u003c\/p\u003e \u003cp\u003eAn Offer You Can’t Refuse.\u003c\/p\u003e \u003cp\u003eProfessional Help.\u003c\/p\u003e \u003cp\u003eEarn-Outs.\u003c\/p\u003e \u003cp\u003eEarn-Ins.\u003c\/p\u003e \u003cp\u003eCommonly Mistaken Assumptions.\u003c\/p\u003e \u003cp\u003eSale or IPO?\u003c\/p\u003e \u003cp\u003eThe IPO Route.\u003c\/p\u003e \u003cp\u003eSelling Rather Than Going Public.\u003c\/p\u003e \u003cp\u003eSale for Cash or Stock.\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II:\u003c\/b\u003e \u003cb\u003eAfter Selling Your Business.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5:\u003c\/b\u003e \u003cb\u003eHow Your Life Changes: Psychology of a Windfall\u003c\/b\u003e (Marty Carter, Family Wealth Counselor, Charles D. Haines LLC; and Charles W. Collier, Senior Philanthropic Advisor, Harvard University).\u003c\/p\u003e \u003cp\u003eImpact of the Sale on the Entrepreneur.\u003c\/p\u003e \u003cp\u003eImpact of Wealth on the Entire Family.\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6:\u003c\/b\u003e \u003cb\u003eOverview of the Wealth Management Industry\u003c\/b\u003e (David M. Spungen, Managing Partner, Hillview Capital Advisors).\u003c\/p\u003e \u003cp\u003eInvestment Office.\u003c\/p\u003e \u003cp\u003eOne-Stop Shop.\u003c\/p\u003e \u003cp\u003eHybrid.\u003c\/p\u003e \u003cp\u003eHow to Evaluate Wealth Management Firms.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7:\u003c\/b\u003e \u003cb\u003eManaging Concentrated and Restricted Stock Positions\u003c\/b\u003e (David N. Elan, CFA).\u003c\/p\u003e \u003cp\u003eRestricted Stock and Equity Risk Management.\u003c\/p\u003e \u003cp\u003eDefinitions and Examples.\u003c\/p\u003e \u003cp\u003ePublic Policy and Rule 144 of the Securities Act of 1933.\u003c\/p\u003e \u003cp\u003eRegistration Rights.\u003c\/p\u003e \u003cp\u003eHedging and Taxation.\u003c\/p\u003e \u003cp\u003eDerivative Strategies.\u003c\/p\u003e \u003cp\u003eNonderivative Strategies.\u003c\/p\u003e \u003cp\u003eNegotiating with Broker-Dealers and Finding the Best Counterparty.\u003c\/p\u003e \u003cp\u003ePhilanthropic Strategies.\u003c\/p\u003e \u003cp\u003eProfessional Advice.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8:\u003c\/b\u003e \u003cb\u003eAsset Allocation\u003c\/b\u003e (Stephen J. Cucchiaro, President and Chief Investment Officer, Windward Investment Management).\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9:\u003c\/b\u003e \u003cb\u003eDeveloping an Investment Policy Statement\u003c\/b\u003e (Ramelle M. Hieronymus, Principal, Prime, Buchholz \u0026amp; Associates).\u003c\/p\u003e \u003cp\u003eInvestment Objectives.\u003c\/p\u003e \u003cp\u003eSpending Guidelines.\u003c\/p\u003e \u003cp\u003eAsset Allocation.\u003c\/p\u003e \u003cp\u003eRebalancing.\u003c\/p\u003e \u003cp\u003eManager Selection and Evaluation.\u003c\/p\u003e \u003cp\u003eLimitations and Restrictions.\u003c\/p\u003e \u003cp\u003eCommunication and Reporting.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eSample Statement of Investment Objectives, Goals, and Policy Guidelines.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III:\u003c\/b\u003e \u003cb\u003eInvesting for the Long Term.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10:\u003c\/b\u003e \u003cb\u003eSelecting Investment Managers\u003c\/b\u003e (Paul Greenwood, Director of US Equity Investment Management \u0026amp; Research, Russell Investment Group).\u003c\/p\u003e \u003cp\u003eActive or Passive?\u003c\/p\u003e \u003cp\u003eFour Ps.\u003c\/p\u003e \u003cp\u003ePeople and Organization.\u003c\/p\u003e \u003cp\u003ePortfolios.\u003c\/p\u003e \u003cp\u003ePerformance 163\u003c\/p\u003e \u003cp\u003eSummary 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11:\u003c\/b\u003e \u003cb\u003eRisk: How Much Should You Take?\u003c\/b\u003e (Paula Boyer Kennedy, CPA, CFP®).\u003c\/p\u003e \u003cp\u003eRisks of Specific Asset Classes.\u003c\/p\u003e \u003cp\u003eMarket Timing.\u003c\/p\u003e \u003cp\u003eMeasuring Risk.\u003c\/p\u003e \u003cp\u003eRisk-Adjusted Returns.\u003c\/p\u003e \u003cp\u003eTax Risk.\u003c\/p\u003e \u003cp\u003eHow Do You Minimize Risk?\u003c\/p\u003e \u003cp\u003eHow Do You Maximize Return While Minimizing Risk?\u003c\/p\u003e \u003cp\u003eTime and Risk.\u003c\/p\u003e \u003cp\u003eThe Psychology of Risk.\u003c\/p\u003e \u003cp\u003eHow Much Risk Should You Take?\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12:\u003c\/b\u003e \u003cb\u003eFixed Income\u003c\/b\u003e (Peter B. Coffin, President, Breckinridge Capital Advisors).\u003c\/p\u003e \u003cp\u003eMunicipal Market Inefficiencies.\u003c\/p\u003e \u003cp\u003ePortfolio Construction.\u003c\/p\u003e \u003cp\u003eDuration—A Portfolio’s Sensitivity to Changes in Interest Rates.\u003c\/p\u003e \u003cp\u003eLadders versus Barbells.\u003c\/p\u003e \u003cp\u003eCredit Quality and Default Risk.\u003c\/p\u003e \u003cp\u003eRatings and Bond Insurance.\u003c\/p\u003e \u003cp\u003ePre-Refunded\/Escrowed Municipal Bonds.\u003c\/p\u003e \u003cp\u003eHigh-Yield Municipal Bonds.\u003c\/p\u003e \u003cp\u003ePremium versus Discount Bonds.\u003c\/p\u003e \u003cp\u003eCall (Early Redemption).\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13:\u003c\/b\u003e \u003cb\u003eGlobal Investing\u003c\/b\u003e (Lindsey A. Richardson, Principal, State Street Global Advisors).\u003c\/p\u003e \u003cp\u003eTheoretical Benefits of Non-U.S. Investing.\u003c\/p\u003e \u003cp\u003eForces of Globalization.\u003c\/p\u003e \u003cp\u003eAmerican Depository Receipts versus Local Stocks.\u003c\/p\u003e \u003cp\u003eDiversification and Returns.\u003c\/p\u003e \u003cp\u003eOpportunity Set.\u003c\/p\u003e \u003cp\u003eGlobal Mandates.\u003c\/p\u003e \u003cp\u003eCurrency.\u003c\/p\u003e \u003cp\u003eSelecting Managers.\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14:\u003c\/b\u003e \u003cb\u003eReal Estate\u003c\/b\u003e (Nicholas Bienstock, Managing Partner, Savanna Partners; with Laura Corwin Burkhart, Founder, Slate Capital).\u003c\/p\u003e \u003cp\u003eWhy Invest in Real Estate?\u003c\/p\u003e \u003cp\u003eReal Estate Asset Classes.\u003c\/p\u003e \u003cp\u003eReal Estate Investment Options.\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15:\u003c\/b\u003e \u003cb\u003ePrivate Equity\u003c\/b\u003e (Sallie Shuping Russell, General Partner, Intersouth Partners).\u003c\/p\u003e \u003cp\u003eTypes of Private Equity Investments.\u003c\/p\u003e \u003cp\u003eWho Will Invest My Money?\u003c\/p\u003e \u003cp\u003eCommon Terms and Conditions.\u003c\/p\u003e \u003cp\u003ePortfolio Example.\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16:\u003c\/b\u003e \u003cb\u003eHedge Funds\u003c\/b\u003e (DeFred G. Folts III, President, Mettowee Capital Advisors).\u003c\/p\u003e \u003cp\u003eIndustry Characteristics and Background.\u003c\/p\u003e \u003cp\u003eDifferent Types of Hedge Fund Strategies.\u003c\/p\u003e \u003cp\u003eRisk-Adjusted Rates of Return Among Hedge Fund Strategies.\u003c\/p\u003e \u003cp\u003eVariability of Returns Among Hedge Fund Strategies.\u003c\/p\u003e \u003cp\u003eWhy Invest in Hedge Funds?\u003c\/p\u003e \u003cp\u003eHow to Think About Incorporating Hedge Funds into a Portfolio.\u003c\/p\u003e \u003cp\u003eHow to Invest in Hedge Funds: Funds of Funds versus Individual Managers.\u003c\/p\u003e \u003cp\u003eWhat to Look for in a Hedge Fund Manager.\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17:\u003c\/b\u003e \u003cb\u003ePerformance\u003c\/b\u003e (Robert E. Phillips, Ph.D., President, R.E. Phillips Systems).\u003c\/p\u003e \u003cp\u003eSingle-Period Return Calculations.\u003c\/p\u003e \u003cp\u003eMultiperiod Return Calculations.\u003c\/p\u003e \u003cp\u003eComparing Portfolio Returns.\u003c\/p\u003e \u003cp\u003eComposite Performance.\u003c\/p\u003e \u003cp\u003eAdjusting Returns for Risk.\u003c\/p\u003e \u003cp\u003eEstimating Risk-Adjusted Return.\u003c\/p\u003e \u003cp\u003eComparative Evaluation of Investment Performance.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18:\u003c\/b\u003e \u003cb\u003eOngoing Management and Accountability\u003c\/b\u003e (Douglas Ederle, Managing Director, SCS Financial and; Todd Millay, Partner, CCC Alliance).\u003c\/p\u003e \u003cp\u003eRange of Structures for Ongoing Management.\u003c\/p\u003e \u003cp\u003eBasic Monitoring Criteria for External Providers.\u003c\/p\u003e \u003cp\u003eReviewing Your Provider’s Peformance over Time.\u003c\/p\u003e \u003cp\u003eProvider-Specific Issues to Watch.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV:\u003c\/b\u003e \u003cb\u003ePhilanthropy.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19:\u003c\/b\u003e \u003cb\u003ePhilanthropy and the Venturesome Donor\u003c\/b\u003e (Stephen P. Johnson, Vice President, The Philanthropic Initiative).\u003c\/p\u003e \u003cp\u003eWhy Give?\u003c\/p\u003e \u003cp\u003eGetting Started—Some Definitions.\u003c\/p\u003e \u003cp\u003eGetting Started—The Advisor’s Role.\u003c\/p\u003e \u003cp\u003eGetting Started—Some Questions.\u003c\/p\u003e \u003cp\u003eGiving Well—Qualities of Effective Philanthropy.\u003c\/p\u003e \u003cp\u003eVehicles for Giving.\u003c\/p\u003e \u003cp\u003eDirect Gifts.\u003c\/p\u003e \u003cp\u003eConclusion.\u003c\/p\u003e \u003cp\u003eConclusion—Getting It Right: The Key Decisions You Will Make (Louis P. Crosier).\u003c\/p\u003e \u003cp\u003eIndex.\u003c\/p\u003e \u003cb\u003eLOUIS P. CROSIER\u003c\/b\u003e is a Principal at Windward Investment Management and serves as a member of Windward’s Investment Committee. His responsibilities include managing client portfolios and overseeing the firm’s investment consulting practice. Prior to joining Windward, Crosier worked in the investment management and consulting industries, most recently as a vice president in the Private Client Group at Goldman Sachs. His experience includes advising clients with regard to single stock risk management, asset allocation, portfolio construction, and manager selection. Prior to Goldman Sachs, Crosier worked as a manager of business development and product manager at Cambridge Energy Research Associates, an international energy research and consulting firm. Crosier earned a BA in French literature and psychology at Dartmouth College, a master’s in education from Harvard University, and an MBA from the Amos Tuck School.  \u003ci\u003eSelling Your Business: The Transition from Entrepreneur to Investor\u003c\/i\u003e is a handbook for entrepreneurs and corporate insiders seeking advice on personal financial planning prior to selling a business or taking it public. The book provides an easy-to-read blueprint to help leaders of public and private businesses navigate before and after an IPO or sale, so they are financially well positioned personally and can avoid costly mistakes.  \u003cp\u003eBeginning with the issues a business owner should be concerned with prior to an IPO or sale, the book flows chronologically, moving step by step through these transactions and into post-transaction diversification, reinvestment, and philanthropy. To address the issue of conflict of interest and distill \"pure,\" practical advice, investment expert Louis Crosier has combined the deep research resources of brand-name companies with the specialized advice of boutique firms. He has assembled a team of senior professionals from well-known national organizations, including PricewaterhouseCoopers, State Street Global Advisors, and Harvard University, among others, and combined them with partners of smaller firms whose independent viewpoint gives them additional latitude to write candidly about issues such as fees, performance, and hiring and firing advisors.\u003c\/p\u003e \u003cp\u003eFilled with in-depth insight and practical advice, \u003ci\u003eSelling Your Business\u003c\/i\u003e answers complex questions that are of great importance to entrepreneurs interested in growing and preserving their \u003ci\u003epersonal\u003c\/i\u003e fortunes. Topics discussed include:\u003c\/p\u003e \u003cul\u003e \u003cli\u003ePre-IPO\/pre-sale planning\u003c\/li\u003e \u003cli\u003eThe psychology of wealth\u003c\/li\u003e \u003cli\u003eManaging concentrated and restricted stock\u003c\/li\u003e \u003cli\u003eSelecting investment managers\u003c\/li\u003e \u003cli\u003eEstate and wealth transfer planning\u003c\/li\u003e \u003cli\u003eAsset allocation\u003c\/li\u003e \u003cli\u003eGlobal investing\u003c\/li\u003e \u003cli\u003eRisk management\u003c\/li\u003e \u003cli\u003eTraditional fixed income and equity investing\u003c\/li\u003e \u003cli\u003eAlternative investments––private equity, hedge funds, and real estate\u003c\/li\u003e \u003cli\u003ePhilanthropy\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eBy definition, an entrepreneur is \"someone who organizes a business venture and assumes the risk for it.\" However, when it comes to the money made from these ventures–money used to support your family and your lifestyle–you shouldn’t risk anything. Selling Your Business will help you preserve and grow your newfound wealth, by becoming better acquainted with the investment industry and surrounding yourself with a great team of advisors.\u003c\/p\u003e  \u003cb\u003ePraise for Selling Your Business\u003c\/b\u003e  \u003cp\u003e\"After selling the business, an entrepreneur suddenly becomes the newly appointed CEO of ‘My Wealth Inc.’ To avoid being a sitting duck for the skilled sales pitch, this book should prove invaluable. The experts assembled by Louis Crosier address all the key challenges, and importantly, avoid pat answers–instead they provide the entrepreneur with the right questions to ask.\"\u003cbr\u003e ––Charlotte B. Beyer, Founder and CEO\u003cbr\u003e The Institute for Private Investors\u003c\/p\u003e \u003cp\u003e\"An outstanding personal-wealth-management handbook for entrepreneurs. I will give it to founders and early employees of my portfolio companies.\"\u003cbr\u003e ––A. Dana Callow Jr., Managing General Partner\u003cbr\u003e Boston Millennia Partners\u003c\/p\u003e \u003cp\u003e\"Successful entrepreneurship does not imply expertise in personal financial planning. Twenty-five years of experience as a planner has convinced me that even the best and brightest will be well served by an education in personal planning. Selling Your Business delivers a terrific educational guide for anyone transitioning from entrepreneur to investor. In business terms, Selling Your Business’s return on investment is first-class.\"\u003cbr\u003e ––Harold R. Evensky, Chairman\u003cbr\u003e Evensky, Brown \u0026amp; Katz\u003c\/p\u003e \u003cp\u003e\"This is a terrific, no-holds-barred manual on how to sell your business and manage financial success. Many have written about how to put money into a company. Selling Your Business describes the nuts and bolts of something more important–how to get your money back out and what to do once you’ve gotten it.\"\u003cbr\u003e ––David Roux, Managing Director\u003cbr\u003e Silver Lake Partners\u003c\/p\u003e \u003cp\u003e\"This book should be required reading for entrepreneurs and family business owners. As Louis Crosier points out so well, preparing for wealth is a complex process and should begin early. If you are a senior level manager or a founder of a venture-backed company, you will benefit from the collective wisdom of this book. It is an excellent resource–one you will refer to time and again.\"\u003cbr\u003e ––Alan Spoon, Managing General Partner\u003cbr\u003e Polaris Venture Partners\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990005170405,"sku":"NP9780471486237","price":47.5,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471486237.jpg?v=1761786186","url":"https:\/\/k12savings.com\/es\/products\/selling-your-business-isbn-9780471486237","provider":"K12savings","version":"1.0","type":"link"}