- Series: HBR Guide Series
- Paperback: 320 pages
- Publisher: Harvard Business Review Press (February 7, 2017)
- Language: English
- ISBN-10: 9781633692503
- ISBN-13: 978-1633692503
- ASIN: 1633692507
- Product Dimensions: 5 x 0.8 x 8.8 inches
- Shipping Weight: 12.6 ounces (View shipping rates and policies)
- Average Customer Review: 52 customer reviews
- Amazon Best Sellers Rank: #23,337 in Books (See Top 100 in Books)
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HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company (HBR Guide Series) Paperback – February 7, 2017
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About the Author
Richard S. Ruback is the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School. He has taught a variety of corporate finance courses throughout his career. Over the last few years, he and Royce Yudkoff have been developing and teaching a new second-year case course, “The Financial Management of Smaller Firms,” and a field course, “Entrepreneurship through Acquisition,” both of which are focused on the entrepreneurial acquisition of smaller firms. Ruback earned his PhD in business administration at the University of Rochester in 1980 and taught at the MIT Sloan School of Management before joining the HBS faculty as a visiting professor in 1987. He was appointed associate professor in 1988 and full professor in 1989. Ruback has served as an editor for the Journal of Financial Economics and is the author of numerous articles on corporate finance and valuation. Ruback has served as a consultant to corporations on corporate finance issues and has acted as an independent advisor to outside directors. He also served as an expert witness on valuation and security issues.
Royce Yudkoff is a Professor of Management Practice at Harvard Business School. Yudkoff cofounded and served for over 20 years as Managing Partner of ABRY Partners, a leading private equity investment firm. During his tenure the firm completed hundreds of acquisitions across various industries. Yudkoff also served on numerous corporate boards. Yudkoff earned his MBA at Harvard Business School, graduating as a Baker Scholar, and his AB at Dartmouth College, graduating as a Rufus Choate Scholar.
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It's clear to me that the authors have a great combination of knowledge, experience and personal interest in entrepreneurship through acquisition that informed this book and their other articles, interviews and publicly available materials. While I have a professional background in finance and institutional investing, I am currently preparing to search for a business to acquire and am very grateful to have access to the information in this book, which was previously only available to HBS students through Ruback and Yudkoff's class.
Only negative is that I don't think they spend enough time on the downside of buying a business. They talk about the dangers of not finding one to buy, but they don't paint a thorough or realistic enough picture of how tough it can be once you're in it, especially if a crisis hits.
But overall - a great tool and highly recommended.
The one negative is a lot of repetition of similar ideas such as buying a business for 3-5 times EBITDA, the steps in due diligence, and fundraising. The book seems to cycle through these concepts 3 times. The repetition gets a little dull.
Nevertheless, still a great book to read and very informative!