New Books Network 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
In this engaging discussion, Harvard professors Richard S. Ruback and Royce Yudkoff delve into the enticing world of buying small businesses as a viable alternative to starting up or joining big firms. They unveil essential traits for successful entrepreneurs, such as humility and grit, and provide practical tips on raising capital and finding the right business. The duo also shares compelling examples, like the Main Street Auto roll-up, illustrating the rewarding potential of small acquisitions. Their insights make a powerful case for thinking big by buying small.
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A Third Path To Entrepreneurship
- Buying an existing small business is a third path between corporate jobs and risky startups.
- It offers lower failure risk because you acquire customers, systems, and revenue history instead of starting from zero.
Decide, Learn, And Move On
- Be willing to make decisions and accept occasional mistakes while fixing them quickly.
- Cultivate curiosity, humility, grit, and the ability to work hard and self-direct your time.
Prepare For An Emotional Search
- Prepare emotionally for a long, often discouraging search and get support to handle ups and downs.
- Talk to active searchers beforehand and get an unconditional source of support (Royce suggests a pet).
