Coming later this month …
CORRECTION: This is Chris’s THIRD book on buy-sell agreements.
#1 – Buy-Sell Agreements: Ticking Time Bombs or Reasonable Resolutions? (2007)
#2 – Buy-Sell Agreements for Closely Held and Family Business Owners (2010)
#3 – As yet, untitle (Q1, 2019)
Chris Mercer is at it again. He’s written another book – his
second third about buy-sell agreements – and I got to review an advance copy. There are two reasons I am doing this video about Chris’s new book, and I am not sure which one will be more important to you. You be the judge.
Hey, what’s up everyone! I’m Rod Burkert. And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want.
Chris’s first BSA book, Buy-Sell Agreements for Closely Held and Family Business Owners, was published in 2010. As the title suggests, it is written from the perspective of business owners who already have BSAs and wonder if they will work as intended.
The sequel (and, as yet, untitled) book will be published in Q1 2019. It is written from the perspective OF business appraisers FOR attorneys who draft BSAs. And by that, I mean this: If you were an attorney looking for an authoritative guide to the ins and outs and all-abouts of drafting “will-work-as-intended” BSAs for your clients, this book is the resource you want. That’s because Chris leverages his years of experience dealing with dysfunctional BSAs from the viewpoint of the appraiser and tells attorneys what went wrong, why, and how to fix it.
So why am I doing this video? Reason #1: Chris created a weaponized marketing asset for us appraisers. Conceptually, I thought the book captured all aspects of BSAs. And if Chris left a stone unturned, I did not find it. So you will want to get multiple copies of Chris’s book and share them with your attorney colleagues so you can be the transferor-of-knowledge, even though Chris wrote the book.
But it gets better. Because you can suggest that the attorney follow the book’s recommended “Single Appraiser – Select Now and Value Now (and Annually Thereafter)” valuation process example, and get yourself written into the BSA as the named single appraiser. The book not only plants the idea, but also provides the language that attorneys need to write you into the BSAs they create. Thank you, Chris!
And then there’s reason #2: Chris demonstrates, once again, what it takes to create authority in our profession. His book is definitely THE most authoritative source of BSA “stuff” I have ever seen. An incredible amount of thought went into this … including all of the charts/tables/graphs that vividly illustrate the unintended consequences of dysfunctional BSAs.
And the book is compelling because Chris is an expert in this area. Just by reading the book you know that Chris knows this stuff. Wouldn’t you love for someone to think that way about you? Not necessarily about BSAs, but the industry niche or practice area you want to be known for?
Chris’s career (along with other titans in our profession) has been a roadmap for how you create authority and be known for what you know. No one is stopping you from being the next titan. Pick a subject you want to be known for and become the expert.
That’s it for this episode. Which reason do you think will be more valuable to your practice? Let me know by taking just a few seconds to like, comment on, or share this video. Thanks for tuning in! And watch for Chris’s new book!
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