NBN Book of the Day Richard S. Ruback and Royce Yudkoff, "HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company" (HBR Press, 2017)
15 snips
Nov 24, 2025 
Royce Yudkoff, a Harvard business professor, and Richard S. Ruback, a corporate finance expert, delve into the world of entrepreneurship through acquisition. They argue that buying a small business can be less risky than starting a new venture. The duo shares essential traits for success, like grit and curiosity, and the emotional challenges of searching for the right business. They also highlight key strategies for evaluating businesses, understanding financing options, and the importance of a patient approach post-acquisition. Plus, they discuss the benefits of pursuing acquisitions in emerging markets.
AI Snips
Chapters
Books
Transcript
Episode notes
Prepare Emotionally Before You Search
- Talk to many people who've done ETA before you begin to normalize the emotional ups and downs of the search.
- Expect the process to feel slow and prepare mentally for repeated disappointments and persistence.
Decide, Learn Fast, Repeat
- Be willing to make decisions, accept mistakes, fix them, and move on without paralysis.
- Cultivate humility with people skills, curiosity, grit, and the stamina to work very hard.
Own Your Decisions And Work Hard
- Expect to work very hard and take personal responsibility for choices because you're your own boss.
- Build resilience to recover from visible mistakes and keep executing the next decision.
