This guide provides a practical approach to buying and selling unquoted businesses. It gives a formal framework, and is built around six key phases: develop strategy, identify targets, assess target and price mandates, negotiate price and structure, legal completion and post-completion. Buying and selling businesses are difficult, complex affairs, frequently fraught with risk for both buyer and seller. With industry research over the last five years consistently indicating that over 50 per cent of acquisitions are seen as failures by the acquirers, Ian Smith explains why acquisitions fail and how to improve the odds for acquirers. The book also looks at why many vendors are not achieving the desired sales proceeds because of poor tactics, and features the eight-step Covert Controlled Auction Model: preparation for selling a business; finding buyers; buyer contact offer; negotiation; due diligence; contracts; and legal completion. A quick guide to the saleability of a business is provided in the Vendor Saleability Checklist.