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Show Notes
Buy Then Build (Walker Deibel)
- Amazon USA Store: https://www.amazon.com/dp/B081BBMM78?tag=9natree-20
- Amazon Worldwide Store: https://global.buys.trade/Buy-Then-Build-Walker-Deibel.html
- Apple Books: https://books.apple.com/us/audiobook/sql-3-books-in-1-learn-sql-basics-for-beginners-build/id1770508067?itsct=books_box_link&itscg=30200&ls=1&at=1001l3bAw&ct=9natree
- eBay: https://www.ebay.com/sch/i.html?_nkw=Buy+Then+Build+Walker+Deibel+&mkcid=1&mkrid=711-53200-19255-0&siteid=0&campid=5339060787&customid=9natree&toolid=10001&mkevt=1
- Read more: https://mybook.top/read/B081BBMM78/
#acquisitionentrepreneurship #buyingasmallbusiness #searchfund #duediligence #SBAfinancing #BuyThenBuild
These are takeaways from this book.
Firstly, Why buying can beat starting: a different entrepreneurial risk profile, A core idea in the book is that the startup game often hides its true odds. New ventures must discover a market, build a product, assemble a team, and survive long enough to reach predictable revenue, all while competing against time and limited capital. In contrast, acquiring an established business lets a buyer step into existing demand, proven unit economics, current customers, and operating processes. That does not eliminate risk, but it changes the nature of risk from invention to improvement. The book emphasizes looking at entrepreneurship as an investment decision, where cash flow and durability matter as much as vision. Readers are guided to think like owners who value repeatable revenue, customer retention, and operational resilience. This perspective also reframes ambition: success does not require building the next unicorn. It can come from owning a steady company and compounding gains through better management, pricing, sales discipline, and operational upgrades. By comparing the hidden costs of trial and error in startups with the measurable realities of an operating business, the book argues that acquisition entrepreneurship can offer a more controllable path to independence and wealth creation.
Secondly, Choosing the right target: the traits of a buyable, improvable business, The book stresses that the outcome of an acquisition is often decided before the deal closes, based on the quality of the target company. It encourages readers to define clear acquisition criteria: industry simplicity, recurring or repeatable revenue, defensible customer relationships, and operational stability. Rather than chasing hype, the focus is on businesses with understandable value drivers and room for improvement. The reader is pushed to look for red flags such as heavy customer concentration, unclear financials, dependent relationships that only the seller can maintain, outdated systems that hide chaos, and weak middle management. At the same time, the book highlights positive signals, including consistent historical cash flow, a healthy base of repeat customers, products or services that solve ongoing problems, and a business model that can withstand modest economic shifts. Another key element is fit: the buyer should honestly assess their skills and appetite for complexity. A strong target is not just a good company, but a good company for that buyer, in that market, at that stage. This selection discipline reduces the chance of buying a job and increases the chance of buying an asset.
Thirdly, Finding deals: sourcing strategies and building a credible buyer profile, Deal flow is treated as a system, not luck. The book explains that attractive small businesses may never be publicly listed, so buyers must use multiple channels to source opportunities. These commonly include business brokers, online marketplaces, industry networking, direct outreach to owners, referrals from advisors, and local professional communities. The goal is to create consistent exposure to potential sellers while developing a reputation for seriousness and integrity. The book also discusses the importance of a clear buyer narrative: why you, why this type of business, and how you plan to steward the company. Many owners care deeply about legacy, employees, and customers, so credibility is not only financial. Practical elements matter too, such as being ready with basic financial expectations, acquisition criteria, and the ability to move through early conversations efficiently. By treating sourcing like a pipeline, the reader learns to track leads, filter quickly, and avoid spending months on poor fits. The book also hints at the psychological dimension of sourcing: persistence, professional communication, and patience are advantages in a market where many would-be buyers quit after the first few dead ends.
Fourthly, Evaluating and valuing: due diligence that protects cash flow, Due diligence is presented as the disciplined process of confirming that the business is what it appears to be and that its future cash flow is defensible. The book encourages buyers to dig into financial statements, tax returns, bank records, customer and supplier relationships, operational workflows, and legal and compliance risks. A major emphasis is understanding seller discretionary earnings and the true owner benefit, then separating sustainable earnings from one-time anomalies. Readers are prompted to ask practical questions: What drives revenue, what threatens it, and what would happen if key people left. Customer concentration analysis, churn patterns, margin stability, and working capital needs become central. The book also reinforces the need to validate the story behind the numbers by speaking with stakeholders, reviewing contracts, and confirming the condition of systems and assets. On valuation, the focus is on small business realities, where multiples and terms reflect risk, industry norms, and the quality of earnings. The reader is shown how structure can matter as much as price, because payment timing, earnouts, and seller financing can shift risk and align incentives. Overall, diligence is framed as the buyer’s primary defense against overpaying and inheriting hidden operational problems.
Lastly, Structuring and operating: financing, transition, and value creation after close, The book treats closing as the beginning, not the finish line. It outlines how buyers can combine funding sources such as personal capital, traditional loans, SBA-backed financing in the US context, seller financing, and sometimes partner equity. The key is to structure a deal that leaves enough liquidity for working capital and improvements, rather than exhausting resources on day one. The transition period is emphasized as a fragile moment when relationships and routines can change quickly. The new owner must retain key employees, reassure customers, and maintain service levels while gradually introducing improvements. The book encourages a measured approach: first stabilize, then optimize. Early wins often come from tightening financial reporting, improving pricing discipline, professionalizing sales follow-up, and documenting core processes so performance does not depend on tribal knowledge. Over time, value creation can come from strategic marketing, better customer segmentation, capacity planning, and selective investment in systems. Leadership is a recurring theme: the buyer must shift from deal-maker to operator, balancing humility with decisiveness. By focusing on fundamentals and steady execution, the book argues that acquisition entrepreneurship can produce compounding gains without relying on explosive growth fantasies.
- Amazon USA Store: https://www.amazon.com/dp/B081BBMM78?tag=9natree-20
- Amazon Worldwide Store: https://global.buys.trade/Buy-Then-Build-Walker-Deibel.html
- Apple Books: https://books.apple.com/us/audiobook/sql-3-books-in-1-learn-sql-basics-for-beginners-build/id1770508067?itsct=books_box_link&itscg=30200&ls=1&at=1001l3bAw&ct=9natree
- eBay: https://www.ebay.com/sch/i.html?_nkw=Buy+Then+Build+Walker+Deibel+&mkcid=1&mkrid=711-53200-19255-0&siteid=0&campid=5339060787&customid=9natree&toolid=10001&mkevt=1
- Read more: https://mybook.top/read/B081BBMM78/
#acquisitionentrepreneurship #buyingasmallbusiness #searchfund #duediligence #SBAfinancing #BuyThenBuild
These are takeaways from this book.
Firstly, Why buying can beat starting: a different entrepreneurial risk profile, A core idea in the book is that the startup game often hides its true odds. New ventures must discover a market, build a product, assemble a team, and survive long enough to reach predictable revenue, all while competing against time and limited capital. In contrast, acquiring an established business lets a buyer step into existing demand, proven unit economics, current customers, and operating processes. That does not eliminate risk, but it changes the nature of risk from invention to improvement. The book emphasizes looking at entrepreneurship as an investment decision, where cash flow and durability matter as much as vision. Readers are guided to think like owners who value repeatable revenue, customer retention, and operational resilience. This perspective also reframes ambition: success does not require building the next unicorn. It can come from owning a steady company and compounding gains through better management, pricing, sales discipline, and operational upgrades. By comparing the hidden costs of trial and error in startups with the measurable realities of an operating business, the book argues that acquisition entrepreneurship can offer a more controllable path to independence and wealth creation.
Secondly, Choosing the right target: the traits of a buyable, improvable business, The book stresses that the outcome of an acquisition is often decided before the deal closes, based on the quality of the target company. It encourages readers to define clear acquisition criteria: industry simplicity, recurring or repeatable revenue, defensible customer relationships, and operational stability. Rather than chasing hype, the focus is on businesses with understandable value drivers and room for improvement. The reader is pushed to look for red flags such as heavy customer concentration, unclear financials, dependent relationships that only the seller can maintain, outdated systems that hide chaos, and weak middle management. At the same time, the book highlights positive signals, including consistent historical cash flow, a healthy base of repeat customers, products or services that solve ongoing problems, and a business model that can withstand modest economic shifts. Another key element is fit: the buyer should honestly assess their skills and appetite for complexity. A strong target is not just a good company, but a good company for that buyer, in that market, at that stage. This selection discipline reduces the chance of buying a job and increases the chance of buying an asset.
Thirdly, Finding deals: sourcing strategies and building a credible buyer profile, Deal flow is treated as a system, not luck. The book explains that attractive small businesses may never be publicly listed, so buyers must use multiple channels to source opportunities. These commonly include business brokers, online marketplaces, industry networking, direct outreach to owners, referrals from advisors, and local professional communities. The goal is to create consistent exposure to potential sellers while developing a reputation for seriousness and integrity. The book also discusses the importance of a clear buyer narrative: why you, why this type of business, and how you plan to steward the company. Many owners care deeply about legacy, employees, and customers, so credibility is not only financial. Practical elements matter too, such as being ready with basic financial expectations, acquisition criteria, and the ability to move through early conversations efficiently. By treating sourcing like a pipeline, the reader learns to track leads, filter quickly, and avoid spending months on poor fits. The book also hints at the psychological dimension of sourcing: persistence, professional communication, and patience are advantages in a market where many would-be buyers quit after the first few dead ends.
Fourthly, Evaluating and valuing: due diligence that protects cash flow, Due diligence is presented as the disciplined process of confirming that the business is what it appears to be and that its future cash flow is defensible. The book encourages buyers to dig into financial statements, tax returns, bank records, customer and supplier relationships, operational workflows, and legal and compliance risks. A major emphasis is understanding seller discretionary earnings and the true owner benefit, then separating sustainable earnings from one-time anomalies. Readers are prompted to ask practical questions: What drives revenue, what threatens it, and what would happen if key people left. Customer concentration analysis, churn patterns, margin stability, and working capital needs become central. The book also reinforces the need to validate the story behind the numbers by speaking with stakeholders, reviewing contracts, and confirming the condition of systems and assets. On valuation, the focus is on small business realities, where multiples and terms reflect risk, industry norms, and the quality of earnings. The reader is shown how structure can matter as much as price, because payment timing, earnouts, and seller financing can shift risk and align incentives. Overall, diligence is framed as the buyer’s primary defense against overpaying and inheriting hidden operational problems.
Lastly, Structuring and operating: financing, transition, and value creation after close, The book treats closing as the beginning, not the finish line. It outlines how buyers can combine funding sources such as personal capital, traditional loans, SBA-backed financing in the US context, seller financing, and sometimes partner equity. The key is to structure a deal that leaves enough liquidity for working capital and improvements, rather than exhausting resources on day one. The transition period is emphasized as a fragile moment when relationships and routines can change quickly. The new owner must retain key employees, reassure customers, and maintain service levels while gradually introducing improvements. The book encourages a measured approach: first stabilize, then optimize. Early wins often come from tightening financial reporting, improving pricing discipline, professionalizing sales follow-up, and documenting core processes so performance does not depend on tribal knowledge. Over time, value creation can come from strategic marketing, better customer segmentation, capacity planning, and selective investment in systems. Leadership is a recurring theme: the buyer must shift from deal-maker to operator, balancing humility with decisiveness. By focusing on fundamentals and steady execution, the book argues that acquisition entrepreneurship can produce compounding gains without relying on explosive growth fantasies.
