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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Buy Then Build summary
Walker Deibel
Brief summary
Buy Then Build is a guide for entrepreneurs looking to acquire and grow businesses rather than starting from scratch. It provides actionable advice on identifying, evaluating, and acquiring existing companies as a path to entrepreneurial success.
Table of Contents
Buy Then Build
Summary of key ideas
Building Wealth through Acquisition
In Buy Then Build, author Walker Deibel discusses the potential profitability of becoming a business owner by acquisition rather than usual entrepreneurship. He argues such a move is safer, faster, and capable of generating more cash flow compared to starting from scratch. The initial part of the book examines the financial realities of entrepreneurship, cautioning that the majority of businesses fail, while also emphasizing the benefits of successful entrepreneurship—like wealth generation and increased control over one's work-life balance.
Walker devises a six-step plan to help prospective buyers identify and acquire the right business. This plan involves understanding your acquisition criteria by assessing your skills, interests, and finances; finding attractive targets by searching marketplaces or leveraging a network of brokers, consultants, bankers, and attorneys; analyzing possible companies for profitability, competition, and potential; and finally, making the actual purchase.
From Potential Acquisition to Purchase
Deibel extensively discusses how to align purchase with capability. He advises readers to choose a company that matches their skillset and buy businesses within up-and-coming industries. He also provides practical advice on the whole acquisition process, such as raising finance, negotiating a price, and conducting due diligence, the latter of which he insists is one of the most crucial steps in the buying process. It taps into all areas of the business, including legal, financial, commercial, information technology, employment, and environmental aspects to identify any potential risks.
The author calls attention to the importance of a well-drafted purchase agreement, suggesting that doing so will minimize potential risks and uncertainties that could arise post-purchase. The finalizing of the transfer is marked by an important notion called the Letter of Intent (LOI), which Deibel suggests should be taken seriously because it sets the stage for both purchase price and purchase structure.
Transition into Ownership
Deibel takes the reader through the transition to becoming a business owner. This involves learning the necessary ropes from the previous owner, attempting to maintain existing client relationships, and making strategic and operational changes to drive growth. He suggests this period as crucial in making the business your own, as well as in maintaining its successful trajectory.
One of the challenges that new owners face, according to Deibel, is convincing existing employees that the transition will be seamless and potentially beneficial. To this end, he advises new owners to reassure employees about job security and communicate the benefits of the new management. He also encourages new owners to solicit input and ideas from the team in a bid to collectively drive the company forward.
Striking Balance between Business Growth and Persona
Lastly, the book explores the significance of balancing business growth and a buyer's personal life, highlighting that one of the perceived benefits of profitable entrepreneurship is increased control over work-life balance. The author suggests that while it is important to be dedicated to the success of the acquired company, it's equally essential not to let business ownership completely consume your personal life.
In conclusion, Buy Then Build provides a roadmap for those interested in acquiring existing businesses rather than starting new ventures from scratch. It is a useful guide providing potent strategies and actionable insights that could help readers seize opportunities in the acquisition entrepreneurship landscape. Deibel, sharing his vast knowledge and experience, ensures that the readers are equipped with the right skills to buy, build, and manage a successful company.
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What is Buy Then Build about?
This book provides a comprehensive guide for aspiring entrepreneurs who want to acquire an existing business rather than starting from scratch. It offers practical advice on how to identify, evaluate, and negotiate the purchase of a business, as well as tips for successfully growing and scaling the acquired company. With real-life examples and actionable insights, "Buy Then Build" is a valuable resource for anyone interested in the world of business acquisitions.
Buy Then Build Review
Buy Then Build (2018) is a book that explores the advantages of acquiring existing businesses rather than starting from scratch. Here's why this book is worth reading:
- It offers practical strategies and insights on how to identify, evaluate, and acquire businesses, providing readers with a roadmap for entrepreneurial success.
- With real-life case studies and examples, the book illustrates the benefits of buying businesses and shares valuable lessons from experienced entrepreneurs.
- This book challenges conventional wisdom and encourages readers to think differently about entrepreneurship, making it a thought-provoking and compelling read.
Who should read Buy Then Build?
- Entrepreneurs interested in acquiring businesses instead of starting from scratch
- Business owners looking to expand their knowledge on acquisition strategies
- Individuals seeking practical guidance on growing a successful business through strategic purchases
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Buy Then Build FAQs
What is the main message of Buy Then Build?
The main message of Buy Then Build is that acquiring existing businesses can be a successful strategy for entrepreneurs.
How long does it take to read Buy Then Build?
The reading time for Buy Then Build varies depending on the reader's speed, but it typically takes several hours. However, the Blinkist summary can be read in just 15 minutes.
Is Buy Then Build a good book? Is it worth reading?
Buy Then Build is a valuable read for aspiring entrepreneurs. It provides practical insights and strategies for buying and growing businesses.
Who is the author of Buy Then Build?
The author of Buy Then Build is Walker Deibel.
What to read after Buy Then Build?
If you're wondering what to read next after Buy Then Build, here are some recommendations we suggest:
- Basic Economics by Thomas Sowell
- The Ascent of Money by Niall Ferguson
- Think and Grow Rich by Napoleon Hill
- The 4-Hour Workweek by Tim Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Richest Man in Babylon by George S. Clason
- Business Adventures by John Brooks
- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby