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Acquiring Minds
The 2 Professors Who Helped Start the ETA Movement
Nov 11, 2024
Rick Ruback and Royce Yudkoff, Harvard Business School professors and co-authors of "HBR Guide to Buying a Small Business," discuss their impact on entrepreneurship through acquisition. They share how their class grew from 17 to nearly 300 students and the emotional challenges faced by students balancing family expectations with entrepreneurial dreams. Insights into the profitability of unconventional businesses and learning from failures are key topics, as well as their passion for educating future entrepreneurs through their podcast and innovative teaching methods.
01:32:04
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Quick takeaways
- Entrepreneurship through acquisition is gaining traction as a viable path for aspiring business owners, presenting unique opportunities for independence and success.
- The 'magical multiples' concept reveals that small businesses are often sold at significantly lower multiples, highlighting an attractive entry point for potential buyers.
Deep dives
The Importance of Entrepreneurship Through Acquisition
Entrepreneurship through acquisition (ETA) is recognized as a viable path for aspiring entrepreneurs, allowing them to buy existing businesses rather than starting from scratch. Professors Rick Ruback and Royce Yudkoff highlight that this approach presents a unique opportunity for individuals seeking independence and the chance to run a business. The professors discovered that many individuals were unaware of the potential for acquiring small businesses, despite the low multiples associated with them, which often yield significant returns on investment. This realization spurred them to advocate for ETA as a mainstream career option at Harvard Business School, where interest in their course has skyrocketed over the years.
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