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# BUY THEN BUILD

Master Acquisition Entrepreneurship

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## Posts

- [How I Think About Pricing a Minority Stake](https://buythenbuild.com/how-i-think-about-pricing-a-minority-stake/) - A member of the Acquisition Lab called me a few weeks ago who had investors interested in his deal, and he had no idea what to charge them for it. Good problem to have. I've been on both sides of this conversation, as the operator raising capital and as the guy writing a check into
- [5 Traits That Push a Business to the Top of Its Fair Value Range](https://buythenbuild.com/5-traits-top-of-fair-market-value/) - A seller told me once that his business brought in 108 percent of its annual earnings in December. The other 11 months lost 8%. Not a typo. The year ended in the black – technically. But the actual mechanics of that business, month to month, were: burn cash, burn cash, burn cash, hold your breath
- [Missed Payroll: What the First Year of Owning a Hard Business Actually Costs](https://buythenbuild.com/cost-of-owning-hard-business/) - By the time I stopped paying myself, I'd already been running the company for six years. That detail matters, because it means the year I'm about to describe wasn't the uncertain first year of ownership, when a founder still half-expects to fail. It was year six of a business I understood completely, that I'd already
- [What Survives When the Seller Walks Out the Door](https://buythenbuild.com/what-survives-when-the-seller-walks-out-the-door/) - A guy came to me a few years ago with a business that was throwing off $150,000 a year that didn't exist anywhere. Not offshore, not hidden in some clever structure. Just cash. Customers paid in cash, the seller pocketed it, and it never touched a bank statement or a tax return. He was adamant
- [You're Buying Someone Else's Judgment](https://buythenbuild.com/someone-elses-judgment/) - Gary poured concrete for chrome tanks that go thirty feet into the ground back in 1976. At the time, he didn't own the acquisitions that would eventually fill that capacity. He was still running the business his family had started in 1971. He built ahead of a plan he hadn't finished making, on a bet
- [Your Legacy Isn't What You Built. It's Who You Sell It To.](https://buythenbuild.com/legacy-who-you-sell-it-to/) - Decision fatigue. That’s what the seller felt after 15 hours of conversations in a single week. She ended up canceling the last six calls. Research on decision fatigue shows that the quality of our decisions deteriorates the more choices we make – cognitive resources deplete, the brain starts looking for shortcuts, and judgment slips. It
- [What Your W-2 Paycheck Is Actually Costing You](https://buythenbuild.com/what-w2-costs-you/) - It was winter in St. Louis, when it gets dark by 5:00 pm. I had just finished a long day making calls at the hospital and I was sitting in my car, ready to go home, when I looked up and noticed a light still on in a medical building across the parking lot. My
- [Why Sellers Don’t Care If You Buy Their Business](https://buythenbuild.com/why-sellers-dont-care-if-you-buy/) - Months of preparation can work against you in a seller meeting. You've read the books, built the models, reviewed the CIMs. By the time you sit down with a seller, you feel ready. But that readiness shows up as detachment and skepticism. As "pitch me your business." It's the wrong posture for the room you're
- [The Highest ROI Investment Isn’t Equipment. It’s Employees.](https://buythenbuild.com/employees-highest-roi/) - One of the biggest mistakes first-time buyers make is assuming the value of a business sits in its inventory, equipment, or products. It usually doesn’t. I was recently talking with Acquisition Lab member Shane Ehrsam about the trailer dealership he acquired in North Texas. At first glance, the business looked straightforward enough. Trailers. Inventory. Service
- [The Business You Buy Is Rarely the Business You End Up Owning](https://buythenbuild.com/the-business-you-buy-is-rarely-the-business-you-end-up-owning/) - One of the biggest mistakes buyers make is believing they need to see the entire path before they buy a business. They want certainty. They want to know exactly how they'll grow the company, exactly where the risks are hiding, and exactly what the business will look like five years from now. The problem is
- [The Most Valuable Part of the Business Isn't on the Shelf](https://buythenbuild.com/infrastructure-over-products/) - Walk into Garden Works in Ocala, FL, and you'll find gardening tools everywhere. Pruning shears, garden benches, gloves, and shelves full of inventory. But if that's all you see, you're missing the most valuable assets in this 33-year-old business: thousands of retailer relationships, supplier partnerships, distribution channels, operational systems, and customer trust. Those assets are
- [Most Roll-Up Strategies Fail Before the First Acquisition](https://buythenbuild.com/roll-ups-fail-before-first-acquisition/) - If buying one business works, why stop at one? The logic feels obvious. Buy a company, stabilize it, buy another, repeat until you've built something with real scale. Eventually the thinking becomes: "I'll build a holdco," or "I'll consolidate this industry," or some variation of "I'll be the Berkshire Hathaway of small business." I get
- [The First 90 Days Are Where Good Acquisitions Go Wrong](https://buythenbuild.com/post-close-gone-wrong/) - Seventy to ninety percent of acquisitions fail to deliver their expected value. A lot of people assume that happens because the buyer overpaid, missed something in diligence, or bought a weak business. Sometimes that’s true. But I’ve also seen buyers acquire healthy, cash-flowing companies and start damaging them within weeks of taking over. Employees become
- [The Next Evolution of Buy Then Build: Intangible Assets](https://buythenbuild.com/buy-then-build-intangible-assets/) - In 1975, roughly 80% of the value in the S&P 500 came from tangible assets like factories, equipment, inventory, and physical infrastructure. Today, that number has flipped. The majority of enterprise value now comes from intangible assets instead: software, brands, intellectual property, networks, distribution, and audience. I’ve been thinking a lot about that shift lately
- [The Missing Link Between Income and Wealth](https://buythenbuild.com/income-v-wealth/) - The gap between earning and building wealth is wider than most people realize. Income can grow steadily for years without creating anything that actually compounds. You can do everything right. Build a strong career, increase your compensation, take on more responsibility, and operate at a high level. But if you zoom out and look at
- [Why Buyers Get Cold Feet Right Before Closing](https://buythenbuild.com/buyers-get-cold-feet/) - “I don’t know… something just feels off.” This is what many buyers find themselves saying after they’ve spent months searching. They’ve reviewed dozens of opportunities, gone through diligence, negotiated terms, and are staring at a deal that, on paper, works. And then something shifts. Hesitation sets in. If you’ve been around this long enough, you’ve
- [When W-2 Success Starts to Be a Ceiling](https://buythenbuild.com/w2-success-ceiling/) - “Nothing’s wrong… it just feels like I’ve hit a ceiling.” I hear some version of that all the time. It usually comes from someone who’s doing really well on paper. They’ve built a solid career, they’re well compensated, people trust them, and they’ve taken on more responsibility over time. From the outside, it looks like
- [Everybody Wants to Be a Mountain Man – Until It’s Time to Live on the Mountain](https://buythenbuild.com/everybody-wants-to-be-a-mountain-man/) - Everybody wants to be a mountain man until it’s time to do mountain man things. Everyone loves the idea of entrepreneurship. Deal making. Independence. Being “in control.” But very few people actually want the environment that comes with it. Living on the mountain means there’s no paycheck coming on Friday. No one to escalate decisions
- [The Absentee Owner Trap Most Buyers Fall Into](https://buythenbuild.com/absentee-owner-trap/) - One of the most common questions I get from buyers is some version of this: “How quickly can I hire someone to run the business for me?” Or more directly: “How do I become an absentee owner?” It’s an understandable instinct. You’re looking at a leveraged acquisition, you see the potential for cash flow, and
- [How Much SDE Do You Actually Need?](https://buythenbuild.com/how-much-sde/) - There’s a moment in almost every search where the numbers start to feel encouraging. You find a business with a few hundred thousand in SDE. The multiple seems reasonable. The cash flow looks “strong.” On paper, it feels like you’re finally getting close to something real. That’s usually the point where people stop asking the
- [The 7 Red Flags Hidden in Every CIM (If You Know Where to Look)](https://buythenbuild.com/cim-red-flags/) - Great buyers look at CIMs like detectives at a crime scene. Tad dramatic, but stay with me. Every acquisition starts with a CIM, and if you’re early in your search, it’s easy to take it at face value. The numbers look clean. The charts are polished. The narrative is compelling. It almost feels like the
- [Transferability: What Survives When the Owner Leaves?](https://buythenbuild.com/transferability/) - When people talk about buying a business, they usually talk about opportunity. Growth. Upside. Strategy. I don’t start there. Buying a business isn’t buying potential. It’s buying transferability. Transferability is the ability of the company to perform through a change in ownership. It’s the extent to which revenue, decision-making, relationships, and operations survive when the
- [Is It Normal to Feel Underqualified Looking at Deals?](https://buythenbuild.com/is-it-normal-to-feel-underqualified-looking-at-deals/) - A guy once told me about his first morning after buying a company with a seven-figure personal guarantee. Every morning, the management team met in the conference room for a huddle. On day one, he walked in, said, “Hold on, I’ll be right back,” went into his office bathroom, and had the loudest stress-induced diarrhea
- [Debt Works When the Math Works](https://buythenbuild.com/debt-works-when-the-math-works/) - Most buyers fixate on interest rates. They assume leverage becomes dangerous when capital feels expensive. They wait for cheaper money. They convince themselves that better conditions are just around the corner. But interest rates are not the real variable. The math is. If you are acquiring a cash-flowing business, the question is not whether the
- [6 Common Mistakes Buyers Make That Kill Deals](https://buythenbuild.com/6-common-buyer-mistakes/) - After nearly two decades in this market, buying companies, brokering transactions, and watching hundreds of searchers move through the process… I can usually tell within five minutes whether a buyer will ever close. It doesn’t have anything to do with their resume (or buyer profile as we help you create in the Lab), how many
- [6 Mindset Challenges That Stop Acquisition Entrepreneurs From Closing](https://buythenbuild.com/6-mindset-challenges/) - A few years ago, I had a performance coach on the podcast who could step into a cold plunge like it was a board meeting. No theatrics. No psyching himself up. No half-in, half-out hesitation. He just lowered himself into the water, slow and methodical, and went still. I was watching from the sauna thinking,
- [What Brokers Never Tell First-Time Buyers (And How to Spot the Good Ones)](https://buythenbuild.com/what-brokers-never-tell-buyers/) - First-time buyers typically assume business brokers operate the same way real estate agents do – that they’re there to help them make good decisions. Unfortunately, that assumption is where a lot of the frustration starts. As the founder of Acquisition Lab, a business broker, and an acquisition entrepreneur, I’ve been inside well over a hundred
- [Why Your First Deal Should Feel Uncomfortable](https://buythenbuild.com/uncomfortable-first-deal/) - It’s normal to hedge your bets when undertaking something as consequential as buying a business. Most first-time buyers are focused on managing downside and avoiding catastrophic mistakes. But in doing so, many buyers end up using a subjective sense of comfort as their primary decision filter. Here’s the problem: comfort is a poor proxy for
- [Stress-Test Your Deal: How One Calculation Saved Me From a $250,000 Mistake](https://buythenbuild.com/stress-test-your-deal/) - I’m going to show you how to break your company on purpose, on paper. Why? Because the only thing worse than your deal falling apart before closing is when your business falls apart after it. This is the third part of our series on how to evaluate cash flow in small business acquisitions. We’ve already
- [The Two Kinds of Buyers Who Succeed (and the One Who Never Does)](https://buythenbuild.com/two-buyers-who-succeed/) - When I look back across the buyers who actually close and then survive ownership, they almost always fall into one of two camps. Both camps are different in temperament and skill set, but they share one critical trait: they move toward real decisions under real consequence. There is a third type that shows up just
- [The Ultimate Moat in Any Business is the Owner](https://buythenbuild.com/ultimate-moat-owner/) - When I talk to first-time buyers about why they want to acquire a business, they invariably say they want freedom, control, and income. I get this sentiment, but I can tell you from decades of buying and running businesses: The real return is identity, or who you become in the process. The personal value lies
- [What Operational Diligence Reveals That Financials Never Will](https://buythenbuild.com/operational-diligence/) - When people get into acquisition entrepreneurship, they obsess over the deal… but over the wrong things. You’re chasing cash flow, negotiating with brokers, trying to get your SBA lender on the phone, and digging through tax returns like you’re Indiana Jones. The financials and legal docs get all the attention – because they’re tangible, right?
- [Why Confidence Is a Lagging Indicator in Ownership](https://buythenbuild.com/confidence-lagging-indicator/) - “I just want to feel more confident before I pull the trigger.” It’s one of the most common things I hear from first-time buyers. It sounds reasonable. Responsible, even. But it’s also backward. In ownership, confidence is not the entry requirement. It’s the receipt you get afterward. Most people assume confidence is needed to take
- [6 Reasons Burned-Out Sellers Often Have the Best Deals](https://buythenbuild.com/burned-out-sellers-best-deals/) - What if the least impressive seller is actually sitting on the best deal you’ll see all year? Most first-time buyers walk into deals with a mental model of what a “good seller” looks like. You think they’ll be sharp. Responsive. Confident. They speak fluently about growth and have clean answers ready. So when, instead, a
- [How I Evaluate Deals (and Why This One Stopped Me in My Tracks)](https://buythenbuild.com/how-i-evaluate-deals/) - I get asked all the time how I evaluate deals in the private capital markets. Not just businesses I plan to operate, but LP investments in real estate, private credit, and private equity. How do you actually know if something is a good opportunity? After nearly two decades of buying companies and investing alongside operators,
- [Underwrite the Float or Bleed Six Figures in Year One](https://buythenbuild.com/underwrite-the-float/) - Most first-time buyers underwrite profit, while the smart ones underwrite cash flow. But almost nobody underwrites the float, which is where good deals quietly explode. In the first part of my recent cash flow series, I talked about the clash of two clocks, where your debt and overhead are fixed, but your cash inflows are
- [The Lie of “No Money Down”: How Creative Financing Can Sink Your Deal](https://buythenbuild.com/lie-of-no-money-down/) - Is “no money down” the fastest way to buy a business, or the fastest way to kill one? If you’ve spent any time on social media, you’ve probably seen people promoting seller financing as the easy button for acquisitions. Just find a motivated seller, get them to carry the note, and you’re in business with
- [Why Smart People Pick Terrible Industries](https://buythenbuild.com/smart-people-terrible-industries/) - One of the first big decisions buyers obsess over is which industry they should buy a business in. And I get it. Picking an industry feels like choosing a future identity. It feels like the part that determines whether this whole path works. But after two decades in this space, buying companies, brokering deals, and
- [Cash Flow Will Make You (or Break You)](https://buythenbuild.com/cash-flow-make-or-break-you/) - There are businesses that look great on paper… and still can’t make payroll. Why? Because the P&L only tells half the story. You can analyze earnings all day, but if you miss the timing of cash, you miss the business. AR stretches out. Inventory needs to be rebuilt. Quarterly taxes hit. And suddenly your weakest
- [The 5 Stages of Freedom You Won’t Learn from Rich Dad Poor Dad](https://buythenbuild.com/the-5-stages-of-freedom/) - Every week someone asks me a version of this question: “I work a 9 to 5… how can I buy 10 cash-flowing businesses with no money down, hire operators for all of them, and then book a one-way ticket to Tahiti in the next 90 days?” It’s a ridiculous question, but it’s also not that
- [6 Reasons Why Post-Close Reality Breaks So Many Buyers](https://buythenbuild.com/post-close-reality/) - You know the "turnkey" businesses when you're competing with 25+ other buyers on the same deal. Most businesses that look “turnkey”... aren’t. They’re often held together by the seller’s personal involvement – and once they leave, the whole thing can unravel. You’re not just buying cash flow – you’re buying a culture, a power structure,
- [Predatory Investors: How to Spot & Avoid Them in Business Acquisitions](https://buythenbuild.com/how-to-avoid-predatory-investors/) - I’ve operated in the world of acquisitions for the past 17 years, and along the way, I’ve noticed a disturbing trend: predatory investors. Predatory investors are just what they sound like – people who are out to tilt the deal in their favor, often at your expense. I'm not here to discourage you from working
- [The Great Business Handoff: Modernizing Boomer Companies for the Next Economy](https://buythenbuild.com/the-great-business-handoff/) - Part of being a successful acquisition entrepreneur is learning to look into a crystal ball. We’re not psychic, but we do want to know if the business we’re buying will still be thriving ten years from now. That answer usually lies at the intersection of two forces: what’s proven to work, and what’s changing around
- [Why Hedge Funds Fail (But Their Strategies Don’t)](https://buythenbuild.com/why-hedge-funds-fail/) - Hedge funds. They’ve got this aura of mystery: the elite, secretive vehicles reserved for the ultra-wealthy. But if I asked you right now, “What exactly does a hedge fund do​?” could you answer? Don’t feel bad if the answer’s no. Most people can’t. Here’s the crazy part: despite their reputation for brilliance, over the last
- [The Top 7 Concerns That Stall Business Buyers](https://buythenbuild.com/top-7-buyer-concerns/) - When it comes to buying businesses, there’s the textbook version of how it’s supposed to go… And then there’s reality. One of the things I love about my co-founder at Acquisition Lab, Chelsea Wood, is that she never shies away from the truth. She doesn’t sugarcoat it. She doesn’t hype it. She just tells it
- [What a $55B Gaming Buyout Teaches First-Time Buyers About Risk](https://buythenbuild.com/ea-buyout-lessons/) - Electronic Arts recently agreed to be acquired in a $55 billion leveraged buyout. That’s not a typo. One of the largest gaming companies in the world, publisher of FIFA, Madden, and Battlefield, is going private in a deal that includes about $20 billion in debt. I find this deal fascinating not just because it’s happening
- [Buy Big or Buy Small? Real Stories From Buyers Who’ve Been in the Arena](https://buythenbuild.com/real-stories-from-buyers/) - When people start thinking about buying a business, they go looking for information everywhere. Some of it’s solid. A lot of it isn’t. The truth is, the best lessons don’t come from gurus or Twitter threads. They come from people who’ve actually been in the arena – buyers who’ve searched, negotiated, closed, and lived through
- [Why Every Business I Buy Loses Money (At First) – And Still Makes Me Wealthy](https://buythenbuild.com/every-business-loses-money-at-first/) - Every time I buy a business, revenue goes down the next year. Every. Single. Time. Sounds like I’m bad at this, right? That’s what people usually think when I tell them. But here’s the kicker: that dip – that “oh no, I ruined everything” moment – is exactly how I’ve built millions in personal wealth.
- [From Buyer to Allocator: How to Build Wealth Beyond the First Business](https://buythenbuild.com/buyer-to-allocator/) - I know, I know… I’m the "Buy Then Build" guy. I even wrote the book on it. After buying a string of companies, I decided to publish Buy Then Build to show others a smarter, faster way into entrepreneurship. Since then, I’ve helped thousands of entrepreneurs – from self-funded searchers to ex-PE guys – skip
- [Most People Work for Money, but the Wealthy Master These 3 Skills Instead](https://buythenbuild.com/3-skills-wealthy/) - Have you ever noticed that some people seem to be playing a totally different game when it comes to building wealth? I’m not talking about the ones chasing the next hot trend on Twitter. I’m talking about the quiet operators who build $100 million empires in a single lifetime – or even a billion –
- [The 5 Businesses I’d Never Buy (and the One “Never” That’s Actually a Goldmine)](https://buythenbuild.com/5-businesses-to-never-buy/) - Not every business is a good business to buy. I know… that’s not what you hear on the internet. Online, every business is a money-printing machine just waiting for you to swoop in, slap on some “systems,” and start sipping cocktails on a beach somewhere. Reality check: some of these things will chain you to
- [Your First 100 Days as an Owner: What to Do (and What Not to Screw Up)](https://buythenbuild.com/your-first-100-days/) - When people think about buying a business, they tend to fixate on the deal. Finding one. Financing it. Getting through diligence without losing your mind. Closing. But then what? After the adrenaline wears off – and it will – you’re no longer the buyer. You’re the owner. And that shift is disorienting for a lot
- [Beyond Buy Then Build: My Fractional Path to Financial Freedom](https://buythenbuild.com/beyond-btb/) - What if I told you that you don’t have to buy another business to build more wealth? I’ve bought ten companies outright – eight of them over the first decade. And I’ve made good money doing it – life-changing money. But here’s the thing most people don’t realize: There’s a point where buying another business
- [5 Daily Habits That Help You Buy a Business (Without Losing Your Mind)](https://buythenbuild.com/5-daily-habits/) - If you’re searching for a business to buy and finding it’s harder than expected: Welcome to the club. After 20 years in the game – including buying eight companies and founding the Acquisition Lab – I’ve seen firsthand what separates the successful from the stuck. At one point, I bought six businesses in three years.
- [Stuck in Your Search? Why Most Buyers Struggle With Deal Flow (And How to Overcome It)](https://buythenbuild.com/stuck-in-your-search/) - When you're in the thick of a business search, it can feel like you're endlessly stuck – no good deals, no momentum, no progress. How do I know? Well, besides having been there myself, I know because I spend over six hours a week on live advisory calls inside Acquisition Lab, talking to buyers who
- [7 Hard Truths Most Acquisition Courses Won’t Tell You](https://buythenbuild.com/7-hard-truths-acquisition-courses/) - There’s an old saying: When everyone’s talking, no one is listening. And right now, acquisition entrepreneurship is louder than ever – everywhere you look, there’s a new course, a new community, or a new accelerator promising to help first-time buyers get in the game. And sure, the opportunity is real – $10 trillion in business
- [Why I Blocked 100 Buyers From This Deal ](https://buythenbuild.com/why-i-blocked-100-buyers/) - As a buyer, seller, broker, and minority investor, I’ve been inside a hundred deals. But this one deal I recently worked on as a broker was hands down the most competitive listing I’ve ever been involved in. One week in, I had already turned away over a hundred buyers. The demand was so intense that
- [How to Find the Right-Sized Business – Without Getting Wrecked by Debt](https://buythenbuild.com/find-the-right-sized-business/) - Let’s start with the question everyone asks – but no one answers well: “What size business should I buy?” Seems like a simple question. But it’s loaded with complexity, especially once you introduce leverage. The moment you bring debt into the equation (which, let’s be honest, you will), the stakes go up fast. Now you’re
- [SBA Defaults Are Surging — Here’s Why That’s Good News for Buyers](https://buythenbuild.com/sba-defaults-are-surging/) - SBA loan defaults have exploded over the last few years. In 2021, total defaults were around $570 million. In 2024, they topped $1.6 billion. Early defaults – within the first 18 months after acquisition – have nearly tripled. So, what’s going on here? And what does that mean for the rest of us? Well, on
- [Why Chasing Passive Income First Could Stall Your Wealth-Building Journey](https://buythenbuild.com/passive-income-later/) - Ahh, the elusive passive income… Who doesn’t want money flowing into their bank account without lifting a finger? It’s the dream of financial independence – where your investments generate enough income to cover your lifestyle expenses. But here’s the truth: for most people, passive income shouldn’t be the goal until later in your financial journey.
- [Which Business Should You Buy? How to Find the Right Fit (Not Just the Best Deal)](https://buythenbuild.com/which-business-should-you-buy/) - What’s the number one thing I look for when buying a business? Most people assume it’s financial – strong SDE, recurring revenue, healthy margins, low customer concentration. All the numbers you'd expect from a solid deal. But it’s not. The most important factor in any acquisition isn’t the business – it’s the buyer. More specifically,
- [10 Mistakes Nobody Warns First-Time Buyers About](https://buythenbuild.com/10-mistakes-first-time-buyers/) - Buying a small business can be one of the best moves you ever make – but it can also be one of the riskiest if you don’t know what you’re doing. After five years running the Acquisition Lab and having thousands of conversations with serious buyers, one thing is clear: most first-time buyers don’t fail because they lack intelligence or drive.
- [What 5 Years of Helping Buyers Taught Me About Becoming a Successful Business Owner](https://buythenbuild.com/what-5-years-taught-me/) - Perhaps the most ironic moment of my life is that I started a business to help would-be entrepreneurs not start businesses. Instead, I encouraged them to buy existing businesses. Five years later, I'm proud to say that Acquisition Lab has become the most successful acquisition entrepreneurship accelerator in the world. We’ve built the largest, vetted,
- [Low Risk, High Return? Here’s How I Actually Think About It](https://buythenbuild.com/low-risk-high-return/) - Everybody wants to know: “Walker, how do I reduce risk and still get a solid return when I buy a business?” It’s the age-old question of investing. High risk, high return. Low risk, low return. So where does buying a business fit in? Let’s break it down. A Real-World Example: When I Walked Away
- [Earn Like a Bank: Why I’m Lending Instead of Buying](https://buythenbuild.com/why-private-credit/) - What if you could earn like a bank – by lending money, collecting interest, and sitting in the preferred part of the capital stack? Turns out, you can. In partnership with Aspen Funds, I recently launched Build Flow One, a private credit fund designed to give investors like you access to consistent income, downside protection,
- [From Buyer to Owner: What It Really Takes to Lead a Business After Acquisition](https://buythenbuild.com/from-buyer-to-owner/) - What would you say if I asked you what the hardest part is in buying a business? You might say it’s finding the deal, raising capital, or getting through due diligence. Believe it or not, it’s none of these. The hardest part of the acquisition process is what happens on day one as the CEO:
- [4 Rookie Buyer Mistakes (and How to Avoid Them)](https://buythenbuild.com/4-rookie-buyer-mistakes/) - You just bought a business. The deal closed. You’re officially a business owner! It’s exciting, until that little voice creeps in: What did I just do? I’ve been there. And after working with hundreds of first-time buyers, I’ve seen the same pattern over and over again. – The high of the acquisition. The crash of
- [10 Must-Ask Questions Before Buying a Business (or Risk Losing Everything)](https://buythenbuild.com/10-questions-before-buying-business/) - Customer concentration issues, declining revenue, all the red flags… What if I told you I once bought a business that had these things and still turned it into one of my most profitable exits? It wasn’t luck. The key was knowing the right questions to ask before making the deal. By asking the right questions,
- [How I Acquired 6% of a $100 Million Company – and How We’re Just Getting Started](https://buythenbuild.com/fractional-acquisitions-coming-up/) - The past 12 months have been a big year for us at the Acquisition Lab and Build Wealth. It was the year I started publicly inviting our community to invest alongside me in fractional acquisitions, which are projected to earn over 400% in returns over the next three to six years. We bought an entire real estate portfolio. Acquired 6% of
- [Laundromats, ATMs, Car Washes: The Dangerous Myth of "Passive" Business Ownership](https://buythenbuild.com/myth-passive-business-ownership/) - "You’re either growing or you’re dying." It’s the mantra you hear in every MBA program, startup incubator, and entrepreneur circle. But is it actually true for acquisition entrepreneurs? What if you could just buy a laundromat, a car wash, or some boring, cash-flowing business… and coast? No aggressive expansion, no scaling – just steady income
- [Master Due Diligence Like a Pro: The Strategy That Sets You Apart](https://buythenbuild.com/due-diligence/) - Buying a business is a high-stakes game. There’s a lot of risk, complexity, and requirement to evaluate all of the above. Buyers rightfully fear not being able to navigate this process successfully, worried they’ll end up with a lemon. But here’s the thing: due diligence is your safety net. Due diligence is how you confirm
- [How I Spot High-Value Investment Opportunities Before Everyone Else](https://buythenbuild.com/spotting-high-value-investments/) - How do you evaluate an investment opportunity in the private capital markets? Whether it’s buying an existing company that’s already operating or making an LP investment in real estate, the approach is the same – you need a framework. Today, we’re going to walk through a real-world case study using my Growth Predictor
- [How to Generate $50,000 Monthly Cash Flow in 90 Days Through Business Acquisition](https://buythenbuild.com/generate-50k-cash-flow-90-days/) - Generating $50,000 a month in cash flow from an acquisition in 90 days… Sounds like a wild pipe dream, right? I thought so, too. But when a Lab member approached me with this goal, I couldn’t resist the challenge to see if it could actually work. Now, this member wasn’t like most of my Lab
- [Advanced Acquisition Strategy: How to Turn $100K into $50M](https://buythenbuild.com/how-to-turn-100k-into-50m/) - Today, I’m going to explain to you how to turn $100,000 into $50,000,000 through business acquisitions. It involves my normal buy then build approach, but it’s a bit more than that. This approach is a more advanced method rooted in capital allocation and deal-making, involving multiple acquisitions. As you’ll see, by rolling up multiple businesses
- [The 3 Reasons Why Most Deals Fail (And How You Can Close Them)](https://buythenbuild.com/why-deals-fail/) - If you’ve been searching for a business to acquire for any length of time, you've probably realized by now: deals fall apart all the time. The question on top of every buyer’s mind is: why do deals fail, and more importantly, how can I avoid the common pitfalls? To fully answer that, I want to
- [Get to the Finish Line: How to Make Smart Offers on Risky Deals](https://buythenbuild.com/smart-offers-risky-deals/) - Contrary to popular belief, when you find the right business for you, it may not be a “perfect” one on the surface. It’s actually pretty common to find a business you really like – or even love – that has one big risk that could throw the whole deal off balance. It could be something
- [Why 70% of Businesses Never Sell (And How to Avoid Being a Statistic)](https://buythenbuild.com/why-70-of-businesses-never-sell/) - Here’s a statistic that might surprise you: between 70 to 80% of businesses listed for sale will never sell. This may be shocking, considering how many businesses are listed and how many times as a buyer you have likely experienced being outbid by a number of other buyers. That said, as a broker who has
- [Who Pays What? A Buyer’s Guide to Small Business Acquisition Fees](https://buythenbuild.com/who-pays-what/) - When buying a small business, it’s not always clear what fees the buyer is responsible for and who’s even involved. When I first got started in this space, I remember being unclear about how brokers were paid: Were they compensated like real estate agents? If there was a buy-side advisor and a sell-side advisor, did
- [Hidden Gold: How to Find Profits in 'Dying' Industries](https://buythenbuild.com/how-to-find-profits-in-dying-industries/) - One of the most common questions I get from buyers is whether they should even consider a business in a declining industry. With limited growth potential, shrinking customer demand, and outdated infrastructure found within a declining industry, you’d think I’d give an immediate “no” to this question, but that’s actually not the case. In an
- [Cash Cows or Turnarounds? Choose the Right Business for You](https://buythenbuild.com/cash-cows-or-turnarounds-choose-the-right-business-for-you/) - Analysis paralysis is one of the biggest challenges I see new buyers face and is likely a big reason why 90% of buyers never close on a business. However, I don’t blame them. When it comes to buying a business, the possibilities can seem endless – and overwhelming. How do you know what type of
- [The Ultimate Guide to SBA Loans (2024 Update)](https://buythenbuild.com/ultimate-sba-loan-guide-2024/) - Loans from the Small Business Administration (SBA) have been instrumental for me in acquiring the majority of my acquisitions, and 2023 had the biggest updates since 2016. It’s a foundational–and critical–instrument for entrepreneurs. In today’s article, we’re tackling the hard and fast rules for this number one way to finance up to 90% of your
- [The Business Evaluation Trinity: A Proven Framework for Smart Acquisitions](https://buythenbuild.com/business-evaluation-trinity/) - I’ve had former MBA classmates say to me, “You don’t actually use Porter’s Five Forces, do you?” My response: “Yes, I do. Every single day.” It surprises people that the same frameworks they left behind after business school are ones I regularly use to evaluate businesses. Porter’s Five Forces, for example, helps me identify risks
- [7 Different Types of Investors](https://buythenbuild.com/7-different-types-of-investors/) - At the end of the day, investors care about two things: income and appreciation. Depending on how the deal is structured, an investor’s returns may come from selling an appreciating asset or dividends paid out by the company plus the eventual sale. That said, who are the types of people that qualify as investors? There
- [The Wealth Flywheel: Unlocking the 3 Keys to Building Success and Freedom](https://buythenbuild.com/wealth-flywheel/) - When it comes to buying businesses or building wealth, it often seems like people are chasing the dream of getting something for nothing. "I want to buy a business with no money down." "I want to hire an operator so I don’t have to be involved." This type of pursuit, while tempting, misses the bigger
- [How to Balance Active Returns and Passive Growth with Fractional Acquisitions](https://buythenbuild.com/fractional-acquisitions/) - Wealth creation has long been tied to owning and operating businesses, but for many entrepreneurs, the path to financial independence has come with a catch: overextension. Buying, managing, and growing businesses is time-intensive and resource-draining, especially when trying to scale through multiple acquisitions, but I’ve figured out a way to capitalize on the returns of
- [What Sets Acquisition Lab Apart From Other Business Buyer Programs](https://buythenbuild.com/acquisition-lab-differentiators/) - After I published Buy Then Build in 2018, I got inundated with phone calls. I was probably getting a dozen calls a week from people asking me if I could help them find and buy a business. Just from a scalability standpoint, there was no way I could personally help each single person I talked
- [The 3 Asset Classes: How I Build Wealth & Financial Freedom](https://buythenbuild.com/three-asset-classes/) - People often ask me how I manage to juggle buying businesses, investing in real estate, producing films, and everything else I do. They’ll say, “Walker, you’re the Buy Then Build guy – how does film production or real estate fit into that?” My answer is simple: I don’t think in terms of strictly business. I
- [The 4 Key Factors Driving Value in $1-25M Deals](https://buythenbuild.com/the-4-key-factors-driving-value/) - On the surface, business acquisitions can feel like a battle: sellers want top dollar for their businesses, and buyers want a steal of a deal. Believe it or not, when a deal is done right, it doesn’t need to be a fight at all. Both sides can win, walking away with exactly what they want.
- [6 Simple Ways You Know It’s Time to Grow Through Acquisitions ](https://buythenbuild.com/6-ways-grow-through-acquisitions/) - As a business owner, you’re looking at two main strategies to grow your business: innovate or acquire. You could dive into innovation – creating a new revenue stream within your existing business or tweaking, improving, and scaling what you already do. Or, you could acquire other businesses in your industry, whether it’s a vertical leap
- [Don’t “Buy Low” – Buy Well Instead: 7 Traits Good Deals Have in Common](https://buythenbuild.com/buy-well/) - The tale is as old as time: you want to buy at a lower price, and the seller wants to sell at a higher price. And you really like this business. So how do you bridge the gap? In acquisitions, this conflict has been around for as long as deals have. But there are effective
- [7 Steps I Took to Structure a $200 Million Business Acquisition](https://buythenbuild.com/7-steps-i-took-to-structure-a-200-million-business-acquisition/) - How do you raise $200 million for a business acquisition? Just get the deal, and the money will come. 🙂 I say that tongue-in-cheek, but that is the moral of this story. Although there’s a lot more to “just getting the deal,” which I’ll explain in depth in this article, I mean it when I
- [Is an Acquisition Roll-Up Strategy for You? 3 Steps to Make It Work ](https://buythenbuild.com/acquisition-roll-up/) - The benefits of a roll-up are numerous. Additional revenue streams, geographic expansion, economies of scale, greater name recognition, higher company valuation, and better market reach. These are just a few of the advantages of rolling up competitors in your industry over sticking to just organic growth and innovation within your business. That said, even though
- [The Art of Achievement: 3 Steps to Accelerating Success in Business & Life](https://buythenbuild.com/the-art-of-achievement-3-steps-to-accelerating-success-in-business-life/) - I have three daughters, and over the years, they’ve passed down a t-shirt from the oldest to the middle and now to the youngest. When the youngest outgrows it, I’ll probably frame it and put it up in my office. Not because it’s been in the family for years, but because the message on it
- [Bankruptcy Isn’t the Enemy: What You Really Risk in Buying a Business](https://buythenbuild.com/real-risk-buying-businesses/) - Imagine this: You’re getting ready to buy one of the largest companies in the U.S. using a highly leveraged bank loan that will cover up to 90% of the acquisition cost. “I must be insane,” you think. All the advice about how to keep your debt at a minimum starts to swarm in your head.
- [No Money Down: Why Getting Something For Nothing Will Cost You Everything in the End](https://buythenbuild.com/no-money-down/) - A while back, I was having cocktails with an entrepreneur on a visit to North Carolina. 25 to 30 years ago, he made around $200 million in real estate development and is now involved in the steel industry, among other ventures. Needless to say, he’s created immense value in the private capital markets over the
- [What Is an Indication of Interest (IOI), and When Should I Use One?](https://buythenbuild.com/what-is-an-indication-of-interest-ioi-and-when-should-i-use-one/) - As you move forward on your journey as an acquisition entrepreneur, you might come across the term Indication of Interest (IOI). What does it mean, and how is it used? Although it sounds very similar to Letter of Intent (LOI), which is what people most commonly hear about, an LOI and IOI are not the
- [Making Lemonade Out of Lemons: How to Focus on Solutions to Increase Your Success (In Business & Life) ](https://buythenbuild.com/making-lemonade-out-of-lemons-how-to-focus-on-solutions-to-increase-your-success-in-business-life/) - Ever have those mornings where you run into back-to-back problems, where it feels like it’s one thing after another? Your kid needs something, your car breaks down on the way to work, then when you finally get to work, your employees already have a list of issues that need to be fixed. That’s how it
- [Betting Big: How to Master Risk & Opportunity in Acquisitions](https://buythenbuild.com/betting-big-how-to-master-risk-opportunity-in-acquisitions/) - Make no doubt about it: buying a business is risky. Even though common advice says that diversification is the safest route to financial success, great wealth often comes not from diversification but from concentration. As Warren Buffett famously said, "Put all your eggs in one basket and watch that basket like a hawk." Billionaires typically
- [5 Steps to Structure an SBA Loan For Investors](https://buythenbuild.com/5-steps-to-structure-an-sba-loan-for-investors/) - I talk with hundreds of potential business buyers every month, and one of the most frequent questions that has come up over the years – and especially recently – is how to structure a deal that leverages the benefits of an SBA loan while also raising money from investors. By combining both, you’re able to
- [Innovation or Acquisition? The Right Path to Grow Existing Businesses](https://buythenbuild.com/innovation-or-acquisition/) - Although most buyers we work with in the Acquisition Lab are first-time buyers looking to become an entrepreneur by following the buy then build model, I also work with buyers who already have existing businesses. Unlike first-time buyers, these buyers are looking for the next step they should take. Often, they’re asking the question: should
- [5 Myths of Entrepreneurship](https://buythenbuild.com/5-myths-of-entrepreneurship/) - Usually when I talk with entrepreneurs about acquisition entrepreneurship, I get a lot of blank stares and raised eyebrows. Why? Because acquisition entrepreneurship doesn’t follow the traditional way of thinking about business ownership. For one, most entrepreneurs believe that entrepreneurship is solely in startups, but that’s completely untrue and I’ll explain why soon. Today, I’m
- [Redefine Retirement through Acquisition Entrepreneurship](https://buythenbuild.com/redefine-retirement-through-acquisition-entrepreneurship/) - The textbook definition of retirement is “no longer being part of the workforce and living off of savings and investments.” When you retire, instead of working, now you can finally focus on leisure and enjoying life the way you want. Isn’t that what we think of when we envision retirement? We know, in theory, that
- [“Is It a Fair Multiple?” Defining a Good Deal](https://buythenbuild.com/is-it-a-fair-multiple-defining-a-good-deal/) - “Is it a fair multiple?” This is one of the biggest questions we get with first-time business buyers in the Acquisition Lab, and it’s a great question. We all know that the return and value we’ll get from a deal largely depends on the numbers we agree to up front. Regardless of the inherent value
- [Full-Time or Part-Time Search: What’s Right for You? ](https://buythenbuild.com/full-time-or-part-time-search/) - One of the biggest questions we get in the Acquisition Lab is whether you should dedicate part-time or full-time effort to searching for a business to buy. Is it like a side gig, where you can dedicate a couple hours in the evening to find your perfect business? Or do you need to go full
- [Is a Personal Guarantee Required to Buy a Business?](https://buythenbuild.com/is-a-personal-guarantee-required-to-buy-a-business/) - In an ideal world, we would be able to finance our business acquisitions purely through cash. We wouldn’t have to obtain financing, complete all the paperwork, maintain good credit, and delay the acquisition process even further. That said, in most cases, people use financing of some sort to afford a business purchase. Whether it's the
- [Understanding the Seller (And Why It’s Important) ](https://buythenbuild.com/understanding-the-seller-and-why-its-important/) - “A business owner is only going to sell if they’re at a point of distress.” A student in a class I taught recently said that. Do you agree? This is actually a common misconception people have – that business owners would only sell if they’re in dire straits. This could certainly be the case, but
- [The Most Important Question: What’s the Best Way to Fund an Acquisition?](https://buythenbuild.com/the-most-important-question-whats-the-best-way-to-fund-an-acquisition/) - There’s no better way to build personal wealth than to buy a business. Baby Boomers are retiring in droves, many of them ready to exit profitable businesses they’ve built over the last few decades. And now, since 2018, you can now use SBA-backed loans (with up to 90% financing) to acquire a business. That said,
- [3 Ways to Succeed as a Buyer](https://buythenbuild.com/3-ways-to-succeed-as-a-buyer/) - 90% of people who look at buying businesses never do. Why? To put it simply, they haven’t gone into the search process with the right mindset. Although people are attracted to the prospect of buying businesses for the opportunity it provides in building wealth, often they know so little about the landscape of acquisition entrepreneurship,
- [SBA Loan Requirements: 5 Things You’ll Need to Buy a Business](https://buythenbuild.com/sba-loan-requirements-5-things-youll-need-to-buy-a-business/) - Having access to SBA loans to help fund your business acquisition and build your wealth is one of the best financing opportunities available to you. Prior to 2018, there wasn’t a financing option available to most buyers that allowed them to get access to profitable businesses at a fraction of the cost, with affordable rates
- [Acquisition Entrepreneurship as a Hedge for Inflation](https://buythenbuild.com/acquisition-entrepreneurship-as-a-hedge-for-inflation/) - Inflation is on everyone’s mind and rightfully so. Inflation has risen to the highest level it’s been in decades, and it doesn’t look like it’s lessening anytime soon. Everyone is talking about inflation because the higher inflation is, the less your money is worth. So your dollar won’t be worth a dollar. It’ll be worth
- [Using Porter's Five Forces to Evaluate Business Listings](https://buythenbuild.com/using-porters-five-forces-to-evaluate-business-listings/) - “What do I need to evaluate in a business to determine if it will make a good acquisition or not?” This is the question that weighs heaviest on the hearts and minds of buyers in the Acquisition Lab. And rightfully so. As a new buyer, you want to make sure the business you decide to
- [Rising Interest Rates: How Much Do They Matter?](https://buythenbuild.com/rising-interest-rates-how-much-do-they-matter/) - “Walker, it’s easy for you to support acquisition entrepreneurship. You’ve been doing this only during decreased interest rate environments.” That’s only partially true. I currently own businesses with outstanding loans to their name, so I’m still operating with the same increased interest rates everyone else is. But there’s no denying the number one thing on everyone’s
- [When is the Right Time to Buy or Sell a Business?](https://buythenbuild.com/when-is-the-right-time-to-buy-or-sell-a-business/) - “When should I buy? When should I sell?” These are some of the most common questions I get from buyers and sellers alike. They’re up there with: how can I finance a business acquisition, what about the interest rates, is it a fair price, and more. Everyone wants to make sure that they get the
- [Closing the Wealth Gap with Acquisition Entrepreneurship](https://buythenbuild.com/closing-the-wealth-gap-with-acquisition-entrepreneurship/) - Stocks, bonds, ETFs, index funds, real estate, crypto, retirement accounts, collectibles, precious metals… What do all these things have in common? These are the most commonly advertised vehicles for wealth generation. However, with 89.9% of the ultra-affluent ($25MM+ of investable assets) owning at least one business, it amazes me that business ownership is never advocated.
- [Investors 101: The Basics](https://buythenbuild.com/basics-on-investing/) - Investors: a hot topic in the acquisitions world. There’s so much to gain from working with the right ones, but if you choose the wrong ones, your business can end in disaster. Because of the potential upside and downsides to working with investors, it’s not a simple “yes” or “no” proposition. There’s a lot to
- [Different Types of Business Buyers](https://buythenbuild.com/different-types-of-business-buyers/) - If you’re reading this article, there’s a good chance you’re a first-time individual buyer who’s looking to purchase a business for yourself. That said, it’s essential to understand the acquisitions landscape as a whole to see where you fit. When it comes to the mergers and acquisitions (M&A) playing field, it doesn’t consist of only
- [5 Ways to Find Investors to Help You Buy a Business](https://buythenbuild.com/5-ways-to-find-investors-to-help-you-buy-a-business/) - If you’re like most of our buyers in the Acquisition Lab, you may be calculating how large of a business you can afford based on how much you have saved up for a down payment. Depending on how much you can pool together, you may not currently be able to afford the size of business
- [5 Things to Look For and Avoid When Searching for Investors to Help You Buy a Business](https://buythenbuild.com/5-things-to-look-for-and-avoid-when-searching-for-investors/) - Having investors on your team is like marriage – it can be a great thing if done with the right person. But with the wrong person? It can destroy a business. More important than finding people who are willing to invest in your company is finding the right ones. Investors are not just walking ATMs,
- [What Do Investors Want? How to Get Investors to Invest in a Business Acquisition](https://buythenbuild.com/how-to-get-investors-to-invest-in-a-business-acquisition/) - What separates Shark Tank contestants who successfully convince investors to invest in their businesses versus those who don’t? It comes down to knowing your business thoroughly and giving the investors confidence that you’re the person for the job. Preparation is key when approaching prospective investors in helping you purchase a business. “What do investors want?
- [How to Start a Fund](https://buythenbuild.com/how-to-start-a-fund/) - Many investors and entrepreneurs are drawn to the idea of starting a fund. Why? Because being part of a fund can provide an unbeatable return on your money. Today we discuss everything you want to know about starting a fund, including why it could be a good idea for you, types of funds, most common
- [Buying a Business: Who Should Be On Your Team?](https://buythenbuild.com/buying-a-business-who-should-be-on-your-team/) - When buying a business, there are many things that can get in the way of closing the deal. The seller can back out or due diligence uncovers an issue with the company you didn’t anticipate, just to name a few. In the precarious minefield that is the acquisitions process, your goal as the buyer is
- [How to Determine a Business’s Biggest Areas of Opportunities](https://buythenbuild.com/how-to-determine-a-businesss-biggest-areas-of-opportunities/) - When it comes to buying a business, what makes a good deal is a combination of two factors: you and the business. What I mean by that is that unlike the stock market, there’s much more that goes into the return on investment (ROI) than simply the appreciating value of the asset or the equity
- [Why I Started Buying Businesses & Never Looked Back](https://buythenbuild.com/why-i-started-buying-businesses-never-looked-back/) - It’s a little late in the month, but we are still in the hype of the new year and what lies ahead. Everyone’s back to work after the holidays, which brings up an interesting issue: employee engagement. 85% of employees aren’t engaged in the workplace. This means the majority of employees don’t love their work
- [Taking the Leap in Acquisition Entrepreneurship](https://buythenbuild.com/taking-the-leap-in-acquisition-entrepreneurship/) - "Although entrepreneurs have a wonderful vehicle for engineering long-term wealth in their companies, they are almost never driven by wealth creation. Entrepreneurs have non-financial benefits that drive them. We relish in the autonomy, problem-solving, growth, and passion we have for our companies. These aspects are not lacking in the acquisition model. For a true entrepreneur,
- [Exit Planning: How to Prepare From Day One](https://buythenbuild.com/exit-planning-how-to-prepare-from-day-one/) - As a buyer, there's a good chance you're not even considering what your exit will look like, but you absolutely should be. Why? Your exit is a major way you get a return on your investment (the other being the equity buildup and value creation that occurs while you own it). Your exit is also
- [Exit Planning: 5 Things to Do One Year Before You Sell Your Business](https://buythenbuild.com/exit-planning-5-things-to-do-one-year-before-you-sell-your-business/) - When should you start thinking about selling your business? Before you’re even considering it. Here’s what I mean. Along your path as a business owner, you may start to get bored, tired, or burned out with what you’re doing. It doesn’t necessarily happen to everyone, but it may happen to you. Just understand that it’s
- [First 90 Days: How to Retain Employees After Buying a Business](https://buythenbuild.com/first-90-days-how-to-retain-employees/) - One of the major things buyers worry about most when purchasing a business is transferability. I’ve said this before, but when you’re evaluating listings, you’ll find yourself wondering, “That’s great that this seller has seen this type of performance with the business. But what’s going to happen when I take over?” Employee retention is a
- [Should You Walk Away? How to Handle Performance Changes Right Before Closing](https://buythenbuild.com/performance-changes-before-closing/) - So you're in the midst of finalizing a business acquisition deal, and suddenly, the business's performance takes a turn. You start wondering, should I proceed with the deal, renegotiate terms, or back out altogether? In today’s article I’m going to answer that question. Before I share how to best navigate this scenario, there are a
- [Asset Sale vs. Stock Sale: What’s the Difference?](https://buythenbuild.com/asset-sale-vs-stock-sale/) - “If the seller has $250,000 in cash on the balance sheet, does that transfer over?” “If the seller has outstanding business loans, what happens to those on closing day?” These are some of the common questions I get from buyers once they’ve started to dig into a company’s financials. Although these are useful questions, most
- [How to Buy a Business Without the Required Skillset](https://buythenbuild.com/how-to-buy-a-business-without-the-required-skillset/) - A common question I get in the Acquisition Lab is, “Walker, I’ve found a business I like, but it needs skills I don’t have. Should I go for it?” If this is your first time buying a business, you might look at a business and wonder if you have the skills to run or grow
- [Turning Risk into Reward: How to Manage Risk in Business Acquisition ](https://buythenbuild.com/turning-risk-into-reward-how-to-manage-risk-in-business-acquisition/) - There’s a reason why I wrote Buy Then Build and built an educational platform and community around acquisition entrepreneurship. It's because I believe and know from decades of experience that acquiring businesses is one of the most reliable ways to generate significant wealth. That said, acquisition entrepreneurship is still fraught with risk. If it wasn’t, everyone
- [The Capital Stack: Ways to Finance Your Acquisition](https://buythenbuild.com/the-capital-stack-ways-to-finance-your-acquisition/) - When most first time buyers think about financing an acquisition, their only frame of reference is using a bank loan (mortgage) to buy a house. However, when it comes to buying a business, it doesn’t work the same way. You won’t find a bank that will finance 100% of the deal, which can make financing
- [Buyer Beware: 6 Drawbacks to Seller Financing (And When to Use It)](https://buythenbuild.com/6-drawbacks-to-seller-financing/) - "Hey Walker, isn't part of the appeal of buying small companies that I can use seller financing? Doesn't this mean the seller basically becomes the lender for the business I'm buying?" Yes… and no. Although seller financing looks like a great deal on the surface, it has a number of nuances that you might be
- [First-Time Buyers: Should You Buy One Business or Multiple?](https://buythenbuild.com/first-time-buyers-should-you-buy-one-business-or-multiple/) - "Walker, how do I do what you're doing? How do I own a portfolio of businesses like you?" I’ll never forget when I was asked this by one of the students after guest lecturing at the Olin Business School years ago. Before I could respond, the professor, who ran the entire entrepreneurship department and was
- [Buy, Build, & Prosper: Business Ownership as the Main Driver of Wealth Generation](https://buythenbuild.com/buy-build-prosper-business-ownership-as-the-main-driver-of-wealth-generation/) - Building and having wealth is more than buying nice cars – it can allow you to do a lot of incredible things. It's no secret that having wealth gives us the financial freedom to decide how we spend our time. For me, financial freedom means being able to work on exciting and constructive projects with
- [Quality-Price Matrix: How to Get High-Quality Deals for Low Prices](https://buythenbuild.com/quality-price-matrix-how-to-get-high-quality-deals-for-low-prices/) - “Is it a fair multiple?” This is one of the most common questions I get from first-time business buyers in the Acquisition Lab. New buyers unfamiliar with the acquisitions landscape struggle to evaluate the quality of a business and determine if the price matches the quality. To address this, I created the Quality-Price Matrix. Today,
- [5 Reasons Why Your Business Search is Failing (and How to Fix It)](https://buythenbuild.com/5-reasons-why-your-business-search-is-failing-and-how-to-fix-it/) - So you've decided that you're going to acquire a business rather than start from scratch. Great idea! However, if you’ve been in the business search process for any length of time, you know it takes time to find that perfect business for you. In a very aggressive timeline, it might take you six months, and,
- [Bulletproof Acquisitions: The 9 Safest Businesses to Buy](https://buythenbuild.com/bulletproof-acquisitions-the-9-safest-businesses-to-buy/) - The number one reason people join the Acquisition Lab is because they want to decrease their risk in buying a business. The questions come in various forms: What are the safest businesses to buy? When’s the right time to buy? What industry should I focus on? But ultimately, they’re all asking the same thing: how
- [5 Ways to Win as a Business Buyer and Beat the Competition](https://buythenbuild.com/5-ways-to-win-as-a-business-buyer-and-beat-the-competition/) - About a year ago, I was helping a client sell their business, and, at the same time, I put my house on the market for sale by owner. In both deals we found the perfect buyer, but additionally, It was interesting to see the correlations between selling a business and selling a house — specifically,
- [How to Replace Yourself With an Operator Post-Acquisition](https://buythenbuild.com/how-to-replace-yourself-with-an-operator-post-acquisition/) - In five years of running the Acquisition Lab, I’ve discovered the more ambitious a buyer is, the quicker they usually want to hire an operator to run the business. They’ll say to me, “Walker, I don't want you to help me just find and buy a business – I want you to then help me
- [The Acquisition Advantage](https://buythenbuild.com/the-acquisition-advantage/) - “A pessimist sees difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” -Winston Churchill “It’s dead.” John Gillardi was the former director of product management for Microsoft Services and the CEO of our startup, ViewPoint. He was referring to our company. “We’re out of cash, the product isn’t functional, and we don’t
- [Navigating Growth: A Buyer's Guide to the Five Stages of Small Business Growth](https://buythenbuild.com/navigating-growth-a-buyers-guide-to-the-five-stages-of-small-business-growth/) - As a buyer, knowing how to analyze a business is crucial to the search process. I’ve talked about how to evaluate a business’s opportunities in the past, and the reason why is that you need to have a clear idea of where point A is (where your business is today) and where point B will
- [3 Steps to Accelerating Success (In Business AND In Life!)](https://buythenbuild.com/3-steps-to-accelerating-success-in-business-and-in-life/) - In the journey of life, we often encounter glass ceilings that demand a change in perspective and strategy to break through. Walker Deibel, the Wall Street Journal bestselling author of Buy Then Build and the visionary behind Acquisition Lab, shares a powerful three-step success accelerator that has propelled him and others to new heights. Step
- [How to Create a Target Statement that Guides Your Progress in Acquisition Entrepreneurship](https://buythenbuild.com/target-statement-acquisition-entrepreneurship/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game The majority of people who set out to buy a company never complete their purchase. In fact, as many as 90 percent of people give up along the way. Why does this happen? A lot of the time, it’s because
- [How to Leverage Your Career Capital](https://buythenbuild.com/leverage-career-capital/) - In the last decade, computer science professor Cal Newport wrote a book about building career capital and why this is such an important endeavor. Newport’s thesis essentially states that a person will not find a satisfying and meaningful career until they master practical skills translatable to that career. The idea is also that instead of
- [How to navigate customer concentration in an acquisition](https://buythenbuild.com/how-to-navigate-customer-concentration-in-an-acquisition/) - When evaluating small and medium-sized businesses, your primary goal is to identify areas of risk. You’re analyzing every aspect of business from the financial performance to supplier relationships to employee turnover. Your goal is to identify potential red flags that could threaten the success of your acquisition.According to Forbes, one of the very first areas
- [The Art of Preparing Your First Offer](https://buythenbuild.com/the-art-of-preparing-your-first-offer/) - Buying a new business for the first time can be an exciting new venture. Acquiring a business instead of starting one from scratch inherently carries different risks but higher likelihood of success because you can already look at the business cash flow, its assets, operations, and profits before investing your time and money in it.
- [What Every Buyer Needs to Know About Working Capital](https://buythenbuild.com/need-to-know-working-capital/) - After you have successfully bought a business, you need to have an appropriate amount of working capital to maintain the everyday operations. Working Capital is defined as the amount of cash required to operate a business efficiently.I think it’s important to note that working capital can be something that your financial due diligence team supports as they’re
- [4 Pathways to Becoming an Acquisition Entrepreneur](https://buythenbuild.com/4-pathways-to-becoming-an-acquisition-entrepreneur/) - Embarking into acquisition entrepreneurship is an incredible risk that offers significant financial and personal payoffs. For those with the proper disposition, a keen eye for spotting potential, and a mind for numbers, acquisitions entrepreneurship (AE) can be the adventure of a lifetime. But how do you get started as an acquisition entrepreneur? First of all, acquisition entrepreneurship
- [There is Never a Bad Time to Buy a Good Business: How to Make Acquisition Decisions During Times of Economic Uncertainty](https://buythenbuild.com/decisions-in-economic-uncertainty/) - Lately, given the current economic marketplace, many people have asked: “Walker, what do you think about the economy? Is it a good time or a bad time to buy a business?”It is true, interest rates are increasing but from my experience – There is never a bad time to buy a good business!Interest rates change
- [What Business Would I Buy Right Now](https://buythenbuild.com/what-business-would-i-buy-right-now/) - Which Kind of Business Would I Buy Today?Business acquisition activity has been breaking records over the past few years, leaving many serious acquisition entrepreneurs wondering: what business should I buy?We are in an interesting time. There are massive shifts going on in terms of our demographics, consumer preferences, and how goods are moved and produced
- [Is the M&A Market Becoming an Acquisition Entrepreneur’s Playground?](https://buythenbuild.com/acquisition-entrepreneurs-playground/) - A merger and acquisition (or M&A) occurs when a company or assets are purchased or consolidated. This happens through financial transactions, which could be a merger, an acquisition, a consolidation, a purchase, or some variation or combination of these, which ultimately concludes with a new leader or parent company.While you may think that M&A would
- [How to Apply Porter’s Five Forces to Evaluating a Company You’re Interested in Purchasing](https://buythenbuild.com/how-to-apply-porters-five-forces-to-evaluating-a-company-youre-interested-in-purchasing/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game As a new acquisition entrepreneur, you’re ready to purchase a company and you understand that it could be one of the most important investments you ever make. You’re also faced with the challenge of determining the future potential of
- [Ten Steps to Understanding the Seller (and Making the Right Deal)](https://buythenbuild.com/ten-steps-to-understanding-the-seller-and-making-the-right-deal/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game After my last company acquisition, the banker supplying the SBA loan told me, “Walker, my first job is to convince prospective borrowers that we are the right bank for them, my second job is to then determine whether the loan
- [How NOT to Buy a Business](https://buythenbuild.com/how-not-to-buy-a-business/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game Perhaps you’re already familiar with the concept of acquisition entrepreneurship. It’s the process of purchasing an existing business, then exercising your entrepreneurial skills to grow that business, reaping satisfaction and serious financial benefits. Done well, acquisition entrepreneurship can be a
- [Lessons I've Learned From Buying Seven Businesses](https://buythenbuild.com/lessons-ive-learned-from-buying-seven-businesses/) - I recently had the pleasure of appearing on the Think Like an Owner podcast. I talked with the show’s host, Alex Bridgeman, and Karen Spencer from Searchfunder, about my experience with acquisition entrepreneurship and the lessons I share in my book, Buy Then Build. If you’re looking to buy or sell a business, the conversation
- [Can We All Admit There’s No Such Thing as Passive Income?](https://buythenbuild.com/can-we-all-admit-theres-no-such-thing-as-passive-income/) - Apply to the Acquisition Lab There is no such thing as passive income.All income costs something: it costs time, it costs money, or both. We cannot pretend that time is free.Let’s discuss a different framework to navigate this path. Earliest Pursuits of Passive Income Early in my career after acquiring my first company, I was
- [Asset Sale and Stock Sale: Definitions, Differences, and Advantages](https://buythenbuild.com/asset-sale-and-stock-sale-definitions-differences-and-advantages/) - One of the biggest conflicts that exist within transactions is the type of deal you’re doing – asset sale or stock sale. Buyers typically prefer assets and sellers prefer stock sales. The key for any acquisition entrepreneur is understanding the big differences between both these types of sales. In this piece, I’ll help you navigate
- [Business Impact: The Invisible Driver of Business Value](https://buythenbuild.com/business-impact-the-invisible-driver-of-business-value/) - If you are looking to acquire a business, the first thing you need to consider is the value of that business. There are many metrics that can help you determine the company’s health before acquiring it. These may include financial history, management, owner’s involvement, customer diversity, competition, relationships, and sustainable growth in revenues. While financial statements
- [The 10 things I've learned about debt in over 17 years of acquisition entrepreneurship](https://buythenbuild.com/the-10-things-ive-learned-about-debt-in-over-17-years-of-acquisition-entrepreneurship/) - Apply to the Acquisition Lab One of the largest pieces of the acquisition entrepreneurship puzzle is financing. Most acquisitions cannot be done without some component of debt being introduced. That being said, there are a variety of shapes that this can take but the focus of this article is talking about what I’ve learned in
- [What Makes A Good Side Hustle?](https://buythenbuild.com/what-makes-a-good-side-hustle/) - Apply to the Acquisition Lab In my last blog, I compared the concepts presented in my book Buy Then Build: How Acquisition Entrepreneurs Outsmart the Start-Up Game with Robert Kiyosaki’s Cash Flow Quadrant. Most of our articles emphasize the benefits of buying an existing business over starting one. These include the ROI, margin of safety,
- [How Acquisition Enterpreneurship Aligns with Robert Kiyosaki's Cash Flow Quadrant](https://buythenbuild.com/how-acquisition-enterpreneurship-aligns-with-robert-kiyosakis-cash-flow-quadrant/) - Apply to the Acquisition Lab A recent member of our community was talking about how he applied for the Acquisition Lab because he had recently read Robert Kiyosaki’s book, Cash Flow Quadrant, the sequel to the national bestseller, Rich Dad, Poor Dad, which just so happens to be the best-selling personal finance book of all
- [How Proper Exit Planning Benefits The Buyer And Seller](https://buythenbuild.com/how-proper-exit-planning-benefits-the-buyer-and-seller/) - I recently had the honor of interviewing John H. Brown, author of Exit Planning: The Definitive Guide. My goal was to pull out of him his take on exit planning from the buyer's side. I had a theory, and in our conversation, I found that great minds think alike. Conceptually, exit planning from a seller's perspective makes
- [What Private Equity Can Learn From Entrepreneurs](https://buythenbuild.com/what-private-equity-can-learn-from-entrepreneurs/) - I live at the intersection of entrepreneurship and private investments. Typically, I approach it from the perspective of an entrepreneur. Most of what I write about — including my book— focuses on what entrepreneurs can learn from the private equity business model. That said, as I recently prepared to speak at the Alliance of Merger
- [What Assessments Can Tell us About Entrepreneurs](https://buythenbuild.com/what-assessments-can-tell-us-about-entrepreneurs/) - Bill Bonnstetter is the founder of TTI Success Insights, the world’s leading source for research-based, validated assessment tools via their own patented solutions and products. TTI is the administrator and R&D firm behind the assessments Buy Then Build provides through our online courses and mentor programs. Below we've combined two articles originally published at Harvard
- [Hustle With Caution: Capitalizing on Entrepreneurship Through Acquisition](https://buythenbuild.com/hustle-with-caution-capitalizing-on-entrepreneurship-through-acquisition/) - Acquisition entrepreneurship sits at the intersection of entrepreneurship and investing. With the right balance of those two worlds, it's a field brimming with opportunity. Simply put, acquisition entrepreneurs apply their business-building smarts not to a fresh startup, but to buying and growing existing businesses. In the quick-footed world of startups, it might seem counterintuitive to imagine
- [Great Entrepreneurs Steal Ideas](https://buythenbuild.com/great-entrepreneurs-steal-ideas/) - “Good artists copy; great artists steal.” – Picasso When most people think of entrepreneurs, they envision a creative mastermind who founds an innovative new company or creates some kind of disruptive technology. That’s not an incorrect perception of entrepreneurs, but it is an incomplete one. Steve Jobs knew that great entrepreneurs also steal ideas. “We
- [Why 90% of Acquisition Buyers Don’t Pull the Trigger](https://buythenbuild.com/why-90-of-acquisition-buyers-dont-pull-the-trigger/) - I help entrepreneurs buy and sell businesses. As the creator of Six Months to CEO, and an advisor at Quiet Light Brokerage, it’s not only my job—it’s my passion. Every day, I work with acquisition entrepreneurs to decide which businesses are a good fit for their goals. Not too long ago, I advised two potential
- [Using PERMA as a Guide to Successful Acquisition Entrepreneurship](https://buythenbuild.com/using-perma-as-a-guide-to-successful-acquisition-entrepreneurship/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game Perhaps you’ve heard of positive psychology. It’s the brainchild of Martin Seligman, who is currently the Director of the Penn Positive Psychology Center and Zellerbach Professor of Psychology at the University of Pennsylvania. When he was voted President of the
- [Conducting a Personal SWOT to Evaluate Which Business Opportunities Will Work for You](https://buythenbuild.com/conducting-a-personal-swot-to-evaluate-which-business-opportunities-will-work-for-you/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game For the purposes of this article, I’m going to assume that you are serious about purchasing a business and using your entrepreneurial skills to grow that business. You like the challenge of making something better and you understand that acquisition
- [It's Not Time to Look for a Job, It's Time to Create One](https://buythenbuild.com/entrepreneur-economy/) - Change is a constant. And as things change, in order to position yourself to prosper, you must stay at the forefront of that change. Our lives within society tend to change incrementally. Yet eventually those small adjustments add up and paradigms shift. Architects who design public spaces now take Instagram into account. Small towns now
- [To Create the Future, Begin Here](https://buythenbuild.com/to-create-the-future-begin-here/) - What if you didn’t have to qualify for the job of your dreams, but were already qualified? And what if the job isn’t a job at all, but more like the right role just waiting for you to step into it? A role that’s a true fit for you and allows you to effectively craft
- [Four Models for Building Value](https://buythenbuild.com/acquisition-models-building-value/) - It feels like the golden era for small business acquisition is upon us. As the sometimes-harsh realities of the startup world continue to get more and more press, buyout activity in the small business world is booming like never before. BuyBizSell reports that a record 5,383 businesses were sold in the first half of 2018
- [What is Acquisition Entrepreneurship?](https://buythenbuild.com/what-is-acquisition-entrepreneurship/) - Entrepreneurship is an incredible risk. The risk of your livelihood in many cases. There are certainly safer ways to make money. But even with the daunting statistics widely circulated, many of us are unavoidably drawn to it. We know only 1 in 10 new businesses succeed. We know only about 1 percent of startups will
- [How to Define the Right Company to Acquire (The 3 A's)](https://buythenbuild.com/how-to-define-the-right-company-to-acquire-the-3-as/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs are Outsmarting the Startup Game and Unlocking Trillions in Value The Three A’s of Choosing the Right Company to Acquire: Attitude, Aptitude, and Action Most people start looking for a company to acquire completely the wrong way. They start by thinking about what industry
- [Understanding Financial Risks and Benefits of Acquisition Entrepreneurship](https://buythenbuild.com/how-to-understand-the-financial-risks-and-benefits-of-acquisition-entrepreneurship/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game If you have ambitions to become a successful businessperson, the chances are that you will want to own your own business. According to Thomas Stanley and William Danko, authors of the best-selling book, The Millionaire Next Door, effectively 100 percent
- [Funding An Acquisition: It’s Easier Than You Think](https://buythenbuild.com/funding-acquisition-entrepreneurship-its-easier-than-you-think/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs are Outsmarting the Startup Game. Instead of sinking time, money, and energy into the high-risk environment of a startup, acquisition entrepreneurship offers the opportunity to purchase a successful existing business, and utilize your entrepreneurial skills to grow and develop that business. Your first response
- [Read This Before You Start a Business](https://buythenbuild.com/read-this-before-you-start-a-business/) - The following is adapted from Buy Then Build: How Acquisition Entrepreneurs are Outsmarting the Startup Game and Unlocking Trillions in Value Read This Before You Start a Business: A Brief Primer on Acquisition Entrepreneurship If you have an entrepreneurial bone in your body, you’ve probably considered starting your own business. No doubt you’ve had great

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- [Blog](https://buythenbuild.com/blog/) - Buy Then Build Blog Articles on Practicing Entrepreneurship Through Acquisition How I Think About Pricing a Minority Stake A member of the Acquisition Lab called me a few weeks ago who had investors interested in his deal, and he had no idea what to charge them for it. Good problem to have. I’ve been on
- [Resources](https://buythenbuild.com/resources/) - Resources Find links and resources here to find businesses for sale, evaluate your buying power, get industry reports, and learn about acquisition entrepreneurship. Master the Entire Acquisition Entrepreneurship Process with Buy Then Build Programs Acquisition Lab – Our flagship hybrid learning program for searchers ready to buy now. Buy Then Build Masterclass – A robust
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- [About](https://buythenbuild.com/about/) - About Us Despite the popularity of entrepreneurship, we still haven't engineered success into the average startup. Acquisition entrepreneurship changes that. Buying an existing company provides a profitable infrastructure from which to build your own company, without worrying about the startup phase. Buy Then Build was created as a passion project to underscore the trends at
- [Video Optin Thank you](https://buythenbuild.com/thankyou/) - You're in! Thank you for signing up for the Outsmart the Startup Game Video Series. Your access to the Video Series is currently on it’s way to your inbox. In this first email you’ll get a brief introduction to the series and your link to view the Day 1 video. Applying the insights from this series will make
- [M&A Services](https://buythenbuild.com/services/) - M&A Services My passion is living in the intersection of entrepreneurship, M&A, and online.I also believe that the large majority of business infrastructure has not yet moved online. This means that the “innovation” that many existing companies seek, is likely on the internet.After looking at hundreds of companies for sale it’s so easy to fall
- [Community](https://buythenbuild.com/community/) - Community We’ve put together private Buy Then Build groups on LinkedIn and Facebook for entrepreneurs, investors, deal-makers, advisors, and professionals.Find listings, capital, and resources to accelerate your acquisition entrepreneur journey.Here’s the LinkedIn link– come join us! Here’s the Facebook Link – Come join us! Get in Touch Name Email Phone Company Message Send Message
- [6 Months to CEO](https://buythenbuild.com/6-months-to-ceo/) - BUY THEN BUILD Outsmart the Startup Game Outsmart the Startup Game through a lesser known approach to business – Acquisition Entrepreneurship – that the most savvy entrepreneurs are using to build their business empire with less stress, less risk, and more ENROLL NOW (For less than the cost of a second-hand iPhone) The New Approach:

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- [forecasting](https://buythenbuild.com/tag/forecasting/)
- [business growth](https://buythenbuild.com/tag/business-growth/)
- [business frameworks](https://buythenbuild.com/tag/business-frameworks/)
- [evaluating deals](https://buythenbuild.com/tag/evaluating-deals/)
- [employees](https://buythenbuild.com/tag/employees/)
- [leadership](https://buythenbuild.com/tag/leadership/)
- [management](https://buythenbuild.com/tag/management/)
- [business buyer](https://buythenbuild.com/tag/business-buyer/)
- [mitigating risk](https://buythenbuild.com/tag/mitigating-risk/)