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Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game Kindle Edition
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|Length: 312 pages||Word Wise: Enabled||Enhanced Typesetting: Enabled|
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About the Author
- File Size : 1231 KB
- Publication Date : October 30, 2018
- Word Wise : Enabled
- Print Length : 312 pages
- Publisher : Lioncrest Publishing (October 30, 2018)
- Language: : English
- ASIN : B07JKM2F5Q
- Lending : Enabled
- Text-to-Speech : Enabled
- X-Ray : Enabled
- Enhanced Typesetting : Enabled
- Simultaneous Device Usage : Unlimited
- Best Sellers Rank: #6,742 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
Top reviews from the United States
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After spending almost two decades working for other people, I took a leap of faith and purchased a company in the months leading up to the fall of Lehman Brothers and the beginning of a pretty major recession. This was the beginning of an entrepreneurial journey that has included growing that original business by opening another location, starting up my own consulting business from scratch, joining another entrepreneur in launching a startup with several partners, and acquiring a manufacturing business.
Why do I tell you this as part of my review? Because Buy Then Build tells the story of the most efficient way to become an entrepreneur and a business owner/leader - buy the business from someone else. In his book, Walker takes you through all of the steps necessary to become an Acquisition Entrepreneur - The Opportunity (of business ownership and the demographic change in America), The Evaluation (of yourself and the market itself), The Analysis (of the target business), and The Execution (of the deal and running your new business).
Walker does an amazing job of documenting all the steps, but also helping you navigate the landmines that litter the landscape as you consider becoming a business owner. His details cover self-assessments, working with business brokers and "deal flow," building projections and forecasts, drafting a Letter of Intent, conducting Due Diligence, closing the deal, and running your new business in the first 90 days. I've done all of these things, but I never called it Acquisition Entrepreneurship. And I never documented the process.
I am not a fast reader, but I couldn't put this book down. If you are interested in becoming a business owner or growing your current business through acquisition, I strongly encourage you to read Walker's well-written book!
What about my headline? Read the book to learn about the $10 Trillion opportunity, but let's keep it a secret so we can take advantage of these conditions!
SOME of what he teaches includes:
- How to find businesses that would willingly sell out (including their team, clients, assets, systems & processes, associated real estate, etc.)
- How to find the business valuation
- Why buying a profitable, working, well-tested business is better than starting from scratch
- Why buying a business is SIMILAR TO AND AS AFFORDABLE as buying REAL ESTATE (down payment + monthly financing for x years -- 10 years is his style)
- How to raise the appropriate funding if you can't afford it with straight cash (SBA loan, venture capital, private lenders, etc.)
- The process of buying a business, using your skills to fix it, and making it more profitable than before PLUS making massive ROI when or if you decide to RESELL!
- Who and what to look for when looking to get connected with business brokers, CPAs, attorneys, etc. when you want to discover business listings OR make offers to specific businesses.
After reading it, I've realized the game of buying businesses (acquisition entrepreneurship) is WAY BETTER than starting from scratch or buying real estate. The quickest way to a massive empire is using these tactics in the book. I'm BLOWN AWAY by the amount of detail in the book. It's just pure numbers game, and the book is full of amazing content.
In short, it's an easy read that clearly outlines the timely opportunity that is available to all of us in terms of acquiring value-add businesses and growing them without the typical risks associated with starting from scratch.
The calculations, methodology, and unique approach to wealth building through business acquisition are easy to understand and give you everything you need to get started.
I hesitated to even write this review as I want to personally capitalize on this opportunity but based on Walker's analysis, there are plenty of fish in the sea.
Don't hesitate - buy this book.
Top reviews from other countries
As a business advisor and coach, I have no doubt that management skills are transferrable across businesses and different trades and industries. However I usually work with business owners who have plenty of detailed knowledge of their own industry and I think this is vital. There is a balance to bringing in fresh eyes and new business ideas and combining them with deep knowledge of the customers and capabilities involved.
If I had my time again, I like to think I'd buy businesses, improve them and either sell them again or keep them if I found the trade interesting .
Indeed, for many years I described myself as a "frustrated entrepreneur" who was on the lookout for an opportunity but I wanted something where I had a deep passion. I never found anything and an assessment (Kolbe) showed me I was more a business architect than builder. I got my kicks from thinking about a business conceptually. The advisor role suits me because I don't feel a need to take control and make the decisions.
Is buying a business with the intention of building it into something bigger and better right for you?
To quote from the book...
"You need to commit your time to taking action. You need to commit to investing your own money and betting on yourself. You need to be willing to create a business plan and pitch it to banks or other potential investors. Finally, you need to be comfortable and willing to take calculated risks."
The book provides the roadmap to guide you.
I was pleased by this quote
"For the acquisition entrepreneur to find the right company and have success running it, they too need to have all three attributes working in harmony: Attitude, Aptitude, and Action."
This is the essential foundation. It is not simple and it is not for everyone. One of the big surprises in store for a new start-up entrepreneur is how much he or she has to learn about so many different topics. It can feel overwhelming. But the start-up has the advantage of starting slowly. The acquisition entrepreneur is thrown in at the deep-end.
The book goes into detail about having the right attitude and aptitude and action refers to finding an opportunity where the actions needed suit your preferences. It's obvious but who wants to do work they hate?
There is a guidance about how to put together the deal and due diligence but professional advice is essential.
After that, the book looks at what you do in your first few months as the new owner. This is sensible but priorities will depend on the situation. A turnaround requires earlier fundamental changes than a business where you expect to make incremental growth.
Criticism and Concerns
1) I felt the author was selling the idea hard. The claimed 98% success rate is spurious and especially when compared against the abysmal failure rates of start-ups. Big companies have a dreadful record with acquisitions.
2) The book indicates that if you invest 10, you can borrow 90, meaning you can buy a business for 100. This seems very optimistic to me for the UK and is based on what the SBA will do in the USA.
3) I feel the importance of experience is underplayed. Switching to new customer markets and operating capabilities together is risky and is why diversification often fails.
4) I'd like to see more emphasis on risk management.
Buying a business isn't new. It's long been a way for people to step into business ownership.
Instead of starting with a blank sheet and inventing, you take a business and adapt it.
I like this book and was torn between 4 and 5 stars. I may be back to upgrade it.
Paul Simister helps frustrated business owners who are stuck get unstuck.
One of the best books I've read this year, I fully recommend it!