Think Big, Buy Small
Harvard Business School
Are you looking for an alternative to a career path at a big firm? Does founding your own startup seem too risky? There's another compelling path open to you: acquiring a small business and running it as CEO. Co-hosted by Harvard Business School Professors Richard Ruback and Royce Yudkoff, the show is an extension of their courses on small firms, including Entrepreneurship Through Acquisition, which has been taken by thousands of MBA students, and their highly-regarded book, HBR Guide To Buying A Small Business, which has sold more than 65,000 copies. In this series, Rick and Royce guide listeners through the different milestones of the journey to acquiring an enduringly profitable small business, sharing insights on how to evaluate prospects, raise capital, and ultimately determine if this path is right for you.
Episodes
Mentioned books
4 snips
Aug 19, 2024 • 1h 1min
A Seller and Business Broker’s Perspectives
Greg Edwards, Founder & CEO of Onsight Healthcare, shares his entrepreneurial journey from sales to building a healthcare business. Joined by Jim Cumbee, an experienced M&A advisor, they discuss the crucial roles of sellers and brokers in the business sale process. Topics include the importance of adaptability in small business, navigating post-pandemic challenges, and how personal engagement can enhance business relationships. They also explore strategies for maximizing business value and the nuances of evaluating potential buyers.
23 snips
Aug 12, 2024 • 1h 1min
An Acquisition Entrepreneur’s First Months As CEO
Nick Wheeler, an acquisition entrepreneur and the new CEO of NSCA & Tra-Cal, shares his journey through the whirlwind of his first months in leadership. He discusses the challenges of managing broken deals during his search, what drew him to this profitable small business, and the importance of building strong relationships with sellers. Nick reflects on his strategic approach to Day One, navigating the complexities of working capital, and the steep learning curve of leading a niche industry. His story highlights the excitement and fulfillment of entrepreneurship.
5 snips
Aug 5, 2024 • 52min
Searching Where Few Have Searched Before
In this engaging discussion, Alexander Wallace, a New Zealand native who recently returned home after years in the U.S., shares his quest to find a profitable small business to acquire. He reveals his motivations for leaving a stable job, the unique opportunities in New Zealand's market, and his strategic focus on geographic searches in less competitive areas. Alexander also dives into self-funding advantages and the potential of roll-up strategies while contemplating the challenges and excitement of entrepreneurship.
43 snips
Jul 29, 2024 • 47min
The Fantastic Economics of SBA Loans
Heather Endresen, an expert in SBA lending and owner of Viso Business Capital, shares her decades of experience. She highlights the extraordinary benefits of SBA loans for first-time business buyers, including favorable terms and flexibility compared to conventional loans. The discussion dives into personal guarantees, the importance of structuring loans wisely, and the process of navigating defaults, especially in challenging times like the COVID-19 pandemic. Ideal for anyone considering entrepreneurship through acquisition!
37 snips
Jul 22, 2024 • 57min
Explaining The Success Of First-Time CEOs
Michael Orzetti, a former Marine Corps signals intelligence officer and current CEO of Eastern Communications, discusses his remarkable journey into entrepreneurship. He shares how personal traits and company attributes contribute to the success of first-time CEOs. Michael emphasizes the importance of sticky customers for new leaders to learn. He reflects on financial strategies during his self-funded business search and the significant growth of Eastern Communications. His insights shed light on the balance between leadership, family commitments, and navigating the complexities of acquisitions.
17 snips
Jul 15, 2024 • 50min
Why A Long Island Swimming Pool Company Was An Ideal Acquisition Target
Jackie Kopcho, CEO of Tortorella Swimming Pools, shares her inspiring journey from working in her family’s pizzeria to becoming a savvy entrepreneur in the pool maintenance industry. She dives into her strategic criteria for choosing an acquisition, prioritizing recurring revenue and customer loyalty. Jackie sheds light on the unique challenges of managing a seasonal business, from workforce dynamics to maintaining high service standards. She also emphasizes the value of women in entrepreneurship and how effective leadership can empower teams and drive growth.
37 snips
Jul 8, 2024 • 56min
Acquisition Versus Working For Someone Else
Business school graduates Ari and Allan discuss the choice between buying a business or working for someone else post-MBA. They compare leadership, risk, and career aspirations, as well as funding options and geographic preferences. Insights into self-funding challenges, autonomy in entrepreneurship, and the CEO role are shared, highlighting the benefits of owning a business and navigating the decision-making process.
8 snips
Jul 1, 2024 • 57min
Acquisition Versus Startup: Weighing The Risks And Rewards
In this engaging discussion, recent Harvard Business School graduates Steve Goulas and Daniella Bertolotti explore the dichotomy between startups and acquisitions in entrepreneurship. They share personal anecdotes about their motivations, revealing how those drawn to startups often have deep passions for specific industries. In contrast, acquisition entrepreneurs focus on the mechanics of running a business. They discuss the advantages of acquiring established businesses, including existing systems and customer bases, while weighing the risks and emotional rewards of each path.
Jun 24, 2024 • 35min
Buying A Seasonal Gift Basket Business In Canada
In this engaging discussion, Robin Kovitz, President & CEO of Baskits, shares her inspiring journey of acquiring a seasonal gift basket business in Canada. She dives into the challenges and rewards of running a seasonal brand, emphasizing the importance of work-life balance and adaptability. Robin reveals her approach to risk in entrepreneurship, highlighting how calculated risks can lead to exciting opportunities. She also discusses funding strategies for aspiring business acquirers, making entrepreneurship accessible through creativity and determination.
34 snips
Jun 24, 2024 • 51min
The Self-Funded Journey From Searcher To Seller
Geoff Duckworth shares his self-funded journey from searcher to seller, discussing why he chose entrepreneurship, how he acquired and financed a business, and the challenges and insights of business ownership. Topics include equipment maintenance, product quality, transitioning to seller, and navigating the complexities of entrepreneurship.
