New Books in Economics Richard S. Ruback and Royce Yudkoff, "HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company" (HBR Press, 2017)
Nov 24, 2025
Royce Yudkoff, a Harvard management expert and former private equity co-founder, joins Richard S. Ruback, a corporate finance specialist. They explore the appeal of buying small businesses as a safer alternative to startups, emphasizing practical steps for success. Learn about the traits needed for entrepreneurial success, how to find businesses for sale, and the importance of thorough due diligence. They share insights on valuation norms and managing a newly acquired business, offering listeners a well-rounded guide to taking charge of their entrepreneurial journey.
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Buy Rather Than Build For Lower Risk
- Do consider buying an existing small business as a lower-risk entrepreneurship path compared with startups.
- Run the company yourself to capture financial upside, autonomy, and professional fulfillment.
Confidence With Humility Wins
- Successful searchers combine confidence with humility and accept they'll make mistakes and fix them quickly.
- ETA entrepreneurs focus on mitigating risk rather than courting it.
Prepare Emotionally Before Searching
- Prepare emotionally for a long, uncertain search and secure a source of steady support during the process.
- Talk to current searchers to normalize the ups and downs before you start searching.
