HBR Guide to Buying a Small Business

Quotes

“Your vision of the journey is more knowable—and ensuring that you enjoy the journey will mean that the reward becomes icing on the cake.”

“Entrepreneurship through acquisition offers both an exciting career and a significant investment opportunity.”

“Persistence is crucial. When you are seeking out a business to buy, you might face months when you work 12 hours a day and simply not find a desirable prospect.”

“While successful entrepreneurs are certainly not all alike, there are values, goals, and skills that we’ve seen repeatedly in people who find great fulfilment in owning their own businesses.”

“Tenacity is important because there can be some significant challenges along the way.”

“The search process is critical. If it works, you’ll be managing the business for a significant number of years—perhaps much of your remaining working life.”

Who should read this book

• MBA Graduates and Business Students: Those seeking practical insights and a structured approach to buying and managing a small business, especially recent graduates looking for immediate management opportunities.
• Aspiring Acquisition Entrepreneurs: Individuals considering entrepreneurship through acquisition as a less risky alternative to starting a new business from scratch.
• Corporate Professionals: Employees in large firms who are contemplating a career change and seeking greater independence and direct financial rewards by owning a small business.
• Investors and Business Advisors: People interested in understanding the dynamics of small business acquisitions to better advise or invest in such ventures.

Publisher’s Note

Are you looking for an alternative to a career path at a big firm? Does founding your own start-up seem too risky? There is a radical third path open to you: You can buy a small business and run it as CEO. Purchasing a small company offers significant financial rewards—as well as personal and professional fulfillment. Leading a firm means you can be your own boss, put your executive skills to work, fashion a company environment that meets your own needs, and profit directly from your success.

But finding the right business to buy and closing the deal isn’t always easy. In the HBR Guide to Buying a Small Business, Harvard Business School professors Richard Ruback and Royce Yudkoff help you:

• Determine if this path is right for you
• Raise capital for your acquisition
• Find and evaluate the right prospects
• Avoid the pitfalls that could derail your search
• Understand why a “dull” business might be the best investment
• Negotiate a potential deal with the seller
• Avoid deals that fall through at the last minute