Books on Distressed Management

Here's the rest of it, more distressed M&A focused.

1. The Art of Distressed M&A by: Peter Nesvold, Jeffrey Anapolsky, Alexandra Lajoux An excellent book and my first on the subject. It covers all the bases on pursuing, finding and acquiring distressed businesses.

2. How to Buy a Great Business with No Cash Down by Arnold Goldtstein.
   The single greatest business book ever written and increasingly hard to find. A Goldstein classic with practical real-life tactics and the much-needed mindset to build these deals.

3. Other People’s Money by Michael Lechter, Esq. Great intro book into the art of raising equity and debt.

4. How to Buy and Sell a Business by Garret Sutton, Esq. Great intro book.

5. Idiots and Dummies Guides to M&A. All solid places to start your understanding. Titles include; Selling Your Business for Dummies, Business Valuation for Dummies, Idiots Guide to Buying and Selling a Business.

6. Structuring and Negotiating Reorganization Plans. Part of Aspatore Book’s ‘Inside the Minds’ publication and sub-titled; Leading lawyers on representing debtors and creditors in bankruptcy and financial restructuring situations.

7. The Vulture Investors by Hilary Rosenberg. Reads like a series of magazine articles and was more interested in character development than deal tactics. Follows the big leveraged buyout kings of the 1980’s.

8. The Middle Market Leverage Financing Directory and Sourcebook by David Silver. A massive 750-page tome with only 100 pages of actual literature. The rest is directory which is certainly outdated.

9. Up Front Financing by David Silver. Written for entrepreneurs but contains many of the creative financing ideas used in mid-market LBO’s.

10. The Executive Guide to Corporate Bankruptcy by Salerno, Kroop & Hansen. More of a text book but the best summary of bankruptcy that I have found.

11. Distress to Success by Bobby Guy, attorney. A quick read, some clever legal advice not gotten elsewhere.

12. The Complete Guide to a Successful Leveraged Buyout by Allen Michel and Israel Shaked. A solid text which covers the basics very well. Worth the read.

13. Bankruptcy Investing – Ben Branch, Hugh Ray. A good review of bankruptcy process and how to track companies for investment through the process.

14. Leveraged Buyouts; a Practical Introductory Guide to LBO’s by David Pilger. That’s about what it is, a practical introductory guide.

15. Mergers and Acquisitions from A – Z by Andrew Sherman. The best foundational book on the subject.

16. The Mergers and Acquisitions Handbook by Milton Rock. A collection of academic articles and papers on the subject. A wealth of knowledge.

17. Distressed Investing by Martin Whitman & Fernando Diz. Follows a lot of F500 size companies through bankruptcy with attention to public equities, fulcrum securities, bond and interesting tranches of debt. Plus the pillaging of these cases by Professionals.

18. Private Equity at Work by Eileen Applebaum & Rosemary Raff. More of a expose than a how to guide.

19. Buying & Selling of Distressed Companies by Michael Tang. Good, basic, a fine primer.

20. Mergers and Acquisition Playbook by Mark Filippel. Solid primer similar to Sherman’s M&A A-Z but spiced up with more anecdotes and case studies. He also did a podcast on each chapter which is well done. Search the podcast under his name and Western Reserve Partners.

21. Buying & Selling Small Businesses, a Turnaround Manual by Dr. Ernie Stech. A great starter book.

22. The Messy Marketplace by Brent Beshore. Very basic M&A book, not turnarounds. Good first book to read on the subject. Brent is worth following as a podcast guest, sharp guy.