The Buying and Selling a Company course is designed for CPA CPE. General information about this course is listed below.
(1) Complete the reading assignments. We recommend you read and study all of the required materials prior to beginning the review or final exam.
(2) Complete the related review questions. Each review question offers interactive feedback for all questions. We recommend that you view all feedback, correct and incorrect, to each question. These responses focus on key areas related to the questions and will assist in preparing for the exam.
(3) Complete the exam. Review any incorrect answers
Lesson and Objectives |
Reading
Assignment |
| A Basic Guide for Buying and Selling a Company |
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1. The First Question |
Chapter 1 |
The learning objectives for this lesson are to gain an understanding of:
- The pros and cons of owning your own business
- The number 1 rule of effective negotiation
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| 2. Usable Lessons from Buying or Selling a Personal Residence |
Chapter 2 |
The learning objectives for this lesson are to gain an understanding of:
- Emotions with buying or selling
- Contractual obligations
- Working with brokers
- Risk and financing differences
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| 3. When the Deal Looks to Good to Pass |
Chapter 3 |
The learning objectives for this lesson are to gain an understanding of:
- Quality suspicion
- How most deals do not start as good deals
- How the deal must be good for both parties
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| 4. Business Brokerage as an Aid |
Chapter 4 |
The learning objectives for this lesson are to gain an understanding of:
- Business brokers
- Urgent actions
- Asking for help
- Laws of agency-principal relationships
- Selecting a business broker
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| 5. Conceptual Principles |
Chapter 5 |
The learning objectives for this lesson are to gain an understanding of:
- Product acceptance
- Win-win negotiating
- Why the seller is often in a stronger position
- Negotiating with people who don't want to sell
- Maintaining optimism
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| 6. The "Four Steeds" of Business Purchase and Sale |
Chapter 6 |
The learning objectives for this lesson are to gain an understanding of:
- Fear of the unknown
- Supply and demand
- Fear of the instrument
- Compliancy
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| 7. Confidentiality |
Chapter 7 |
The learning objectives for this lesson are to gain an understanding of:
- Privacy
- Confidential discovery
- Announcements to the "world"
- Middle brokers and helping with confidentiality
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| 8. Fishing Expeditions |
Chapter 8 |
The learning objectives for this lesson are to gain an understanding of:
- The enlightened buyer
- The enlightened seller
- Unrealistic expectations
- Litigation
- Market inversion
- Reducing contributions to fishing expeditions
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| 9. The Selling Prospectus |
Chapter 9 |
The learning objectives for this lesson are to gain an understanding of:
- What to include
- What not to include
- Offering documents
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| 10. Subordinate Cash |
Chapter 10 |
The learning objectives for this lesson are to gain an understanding of:
- Terms, collateral, and balloon payments
- The stripping dilemma
- Effect of subordinate financing
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| 11. Demonstration Benefits Both Buyers and Sellers |
Chapter 11 |
The learning objectives for this lesson are to gain an understanding of:
- The four Cs of demonstration
- Handling prospective buyers and/or sellers
- The bluff
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| 12. Lofty Thought |
Chapter 12 |
The learning objectives for this lesson are to gain an understanding of:
- Reviewing your opponent and yourself
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| 13. Perceptions About Prices and Values |
Chapter 13 |
The learning objectives for this lesson are to gain an understanding of:
- Price in the play - Sellers
- Price in the play - Buyers
- Con artists
- Pricing
- Reconstruction and weighted cash flows
- Typical items for reconstruction
- Weighting the cash streams
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14. Who Ultimately Determines Value and Price |
Chapter 14 |
The learning objectives for this lesson are to gain an understanding of:
- The street scene
- The conceptual fallacy of fair market value
- Fair market value as influenced by majority leaders
- Criteria subsidizing a bank's interest in lending
- Establishing an offering price
- Industry rule-of-thumb ranges
- Allocation of purchase price
- The advisors influence in price allocations
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| 15.Structure of the Deal |
Chapter 15 |
The learning objectives for this lesson are to gain an understanding of:
- Sale of a sole proprietorship
- Sale of a partnership
- Sale of a Limited Liability Company (LLC)
- Sale of a corporation
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| 16.Comparing the Deal Before Signing |
Chapter 16 |
The learning objectives for this lesson are to gain an understanding of:
- The deal with pricing
- The deal with profiles
- Variances
- Strengthening for the day after closing
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| 17.The Contract and Lawyers |
Chapter 17 |
The learning objectives for this lesson are to gain an understanding of:
- A typical purchase-and-sale agreement
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| 18.Supplemental Agreements |
Chapter 18 |
The learning objectives for this lesson are to gain an understanding of:
- Security arrangements for deferred payments
- Consulting and non-competition agreements
- Employment contracts
- Pension plans in the sale of business
- Self-funded health benefits
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| 19.Obstacles and Concessions After the Contract but Before Closing the Deal |
Chapter 19 |
The learning objectives for this lesson are to gain an understanding of:
- Third parties
- Cold feet
- Financial terms that can't be met
- Business brokers
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| 20. Small Business in America |
Appendix A |
The learning objectives for this lesson are to gain an understanding of:
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| 21. Men Negotiate Differently Than Women |
Appendix B |
The learning objectives for this lesson are to gain an understanding of:
- Masculine interpretations of negotiations
- Feminine interpretations of negotiations
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| 22. Salespersonship |
Appendix C |
The learning objectives for this lesson are to gain an understanding of:
- The art of using sign language
- Salespersonship as a science
- Selling
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