Its also good to have a map. I've created a road map of sorts for buying a business. You can find it here, (There is also a link to it at the top of this blog as well Buying a Business --Step by Step.) I plan to use it not only as guide to buying a business, but also as an outline for this blog. I expect it may change over time as we learn more about this process, so please check back occasionally.
Here are quick reviews of all books I read so far while researching buying a business.
[All of the book title links are affiliate links to Amazon]
HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Companyby Richard S. Ruback, Royce Yudkoff. The book associated with the podcast in this post). This book provides both information about buying a business and also a framework for picking a business. They suggest an 'Enduring Profitable' business. The provide both parameters for a search and methods. The book tends to approach the issue from the point of view of an MBA, but its still understandable. It suggests a financing approach that I wouldn't have thought of. It has no bias for or against business brokers. This book is worth buying.
I was running through my weekly Feedly reading list, and I came across this article/ podcast entitled Why You Should Buy a Business (and How to Do It) from Harvard Business Review (hbr.org). The headline was 'clickbait' for me. I've always been interested in running a business, but never really thought about buying one. I figured I'd listen to a bit of the podcast and see it was about. I was intrigued. I bought the book (its the first item in this book review post). I also read four other books, listed on the aforementioned book review post.
Throughout this process, some questions also came to mind. Why hadn't I thought of this before? Why don't we talk more about buying small businesses? In the 'entrepreneurial world', we talk about bootstrapping, incubators, and unicorns, but we never talk about simply buying an existing business. I guess its not as romantic the founding of Facebook in a dorm room, or the founding of Hewlett-Packard in a garage. W…