Archives for June 2018

How to Buy a Small Business // Book Summary of Richard Ruback’s HBR Guide

June 26, 2018 By Nagesh Belludi Leave a Comment

Beyond the capital markets and startups, I’ve been exploring buying a suitable small business to invest in and operate. To inform myself with the process of searching and valuing privately-held establishments, I recently perused Richard Ruback and Royce Yudkoff’s resourceful HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company (2017.)

The authors of this HBR Guide teach a popular Harvard Business School class on “acquisition entrepreneurship.” Their curriculum trains self-employment-inclined MBA students to search, negotiate, and buy an established business and become an entrepreneur-CEO within a year or two.

According to the authors, MBA students are drawn to their class by the prospect of a meaningful leadership responsibility earlier in their careers, as opposed to slowly climbing the corporate ladder or taking on the great risk of starting a company from scratch and establishing a viable business model.

The first section of the HBR Guide to Buying a Small Business can help you decide if entrepreneurship is a good match to your temperament, lifestyle, work-experience, and career ambitions. The largest part of the book provides a comprehensive roadmap for all aspects of acquiring a business—bankrolling the search process, deal-sourcing, managing risk, organizing equity- and debt-financing, running due diligence processes, structuring the purchase, and closing the deal. The final section of the book discusses changing the leadership over and transitioning into operating management.

Reflection: Is Acquisition Entrepreneurship Right for You?

Self-employment is not for everyone. Entrepreneurs need to be smart, driven, business-savvy, self-motivated, strategic, resilient, persuasive, and be able to deal with uncertainty.
On top of the challenges of self-employment, acquiring and operating a small-business will require reaching out, projecting self-confidence, and persuading people you don’t know—business brokers, financiers, investors, regulators, sellers, employees, and customers.
During your exploration of what business to buy, you’ll have to quickly learn about unfamiliar industries, markets, and companies. As a leader, you must be able to develop cross-functional expertise quickly.

Searching: A Full-time Job in Itself

Plan to commit full-time for six months to two years to raise funds from financiers, identify and vet potential acquisition targets, and negotiate with sellers on a realistic purchase price. Afterward, plan for no less than three more months to perform due diligence and complete the transaction.
“When you are seeking out a business to buy, you might face months when you work 12 hours a day and simply not find a desirable prospect. It’s a frustrating experience with lots of effort and no reward.”
Arrange for debt and equity financing from potential backers and risk-sharing partners. Contact affluent folks in your network and investors who specialize in small-businesses. The networks of people you bring together to help your mission can also lend a hand during the deal making and the due diligence processes.
To find potential businesses to buy, try reaching out directly to businesses whose owners may be inclined to sell. Engage small business brokers (there’re some 3,000 small business brokers and intermediaries in North America,) or comb through databases of small businesses for sale.
For potential sellers, look for business owners who, after building their firms over the decades, are approaching retirement and don’t have an inheritor interested in running the business. Many aging business owners are determined to ensure that their businesses live on.

Seek Enduringly Profitable Businesses: Recurring Customers and Predictable Revenue

Look for “enduringly profitable businesses”—stable, slow-growth companies in dull-and-boring industries (such as sandblasting, equipment maintenance, industrial repair and overhaul, window-cleaning, service-providers) in small, defensible niche markets.
Seek businesses whose business-to-business customers are unlikely to switch vendors because the product or service their customers buy isn’t a big part of the costs of their business. Consequently, they’re not motivated to shop around for lower-cost vendors and squeeze margins.
Focus on businesses with yearly revenues of $5 million to $15 million and cash flows of $750,000 to $3 million.
Avoid promising start-ups and risky turnaround opportunities; “it is tempting to imagine buying a troubled business or one with uneven performance, because the purchase price would be very low. But we strongly advise against it, because you’ll have to reinvent the business model and doing so is a very difficult and risky endeavor. Instead, buy a profitable business with an established model for success—one that is profitable year after year.”
Avoid high-growth businesses because “high growth means that your new customers will quickly outnumber your existing ones. Because new customers bring new demands, there are many ways to get in trouble. New customers are, well, new; they have no loyalty to the company and no history. High growth requires great management effort. It also absorbs money rapidly, and raising that money puts a strain on the business and its owner. A rapidly growing firm also attracts competitors, which see the expanding market and the opportunity to attract new customers. So, in a high-growth business, you could work hard and still fail if you cannot keep pace with your competitors. And even if your business survives, you might find that competition has forced you to sell at low prices, so you enjoy little financial reward after all. Making this all the harder, the seller will demand a much higher price for a business that has the potential to grow quickly.”
Avoid technology-driven companies (they face shifting customer needs and therefore demand constant reinvention,) cyclical business, and businesses with well-established competitors.
Small business-owners usually don’t hire large consulting firms or investment banks to sell their businesses. Their businesses are too small to appeal to private equity firms. “We think it makes sense to buy a business with between $750,000 and $2.0 million in annual pretax profits. … At the upper end of our size range—$2 million or more in profitability—we find that institutional investors, like smaller private-equity firms, start to become interested and that competition raises the purchase price, reducing the financial benefits of owning the business.”
“EBITDA margin (EBITDA/revenue) ≥ 20% for services and manufacturing or 15% for distribution and wholesale”

A Checklist for Enduringly Profitable Businesses

Initial Filters:

Is the prospect consistently profitable?

Is it an established business instead of a startup or turnaround?

Is it in the right size range?

Is it located in a place you are willing to live?

Do you have the skills to manage it?

Does it fit your lifestyle?

Deeper Filters:

Is the prospect enduringly profitable?

Is the owner serious about selling the business?

Valuing the Company and Negotiating a Deal

Use the company’s past financial information to project future earnings and your return on investment. Then decide on how much you should pay for a small business: “You’ll need to base the offer price on the general range of 3x–5x EBITDA.” Adjust the multiple for profit margins and growth prospects.
Run a primary due diligence—“a focused period of rapid learning in preparation for making an offer. This is when you’ll test the seller’s initial claims and verify the information that has made the business appealing to you. … You’re looking for any reason that you might not want to acquire this business.”
Finance using equity and debt. “Visit banks and approach your investor network to raise money for the acquisition. You should be prepared to provide information about the business and its industry, details on the due diligence that you’ve done, your financial projections, and the deal terms that you are proposing.”
Once your offer has been accepted after negotiations, run a confirmatory due diligence “in which the company’s records will be fully open to you. You will typically have around 90 days to work with your accountant and attorney to check for any inconsistencies and red flags. … This can be an extremely nerve-racking time for both the buyer and the seller, so it’s important to be patient and calm.”

Transitioning into Leadership and Emphasizing Business-as-Usual

As part of the negotiated deal, try to get the seller to stick around for 3 to 6 months to help you in the transition.
“After closing the sale, you should focus on four tasks: introducing yourself to all your managers and employees, meeting with external stakeholders, communicating the transition plan to everyone, and taking control of your cash flow.”
“The most common trouble for small firms under new owners is running out of cash. … So set up a process whereby you approve all payments before they go out, and review your accounts-receivable balances at least weekly. You should also implement a 90-day rolling cash-flow forecast.”
Meet with all the constituencies and reassure them that they won’t see any immediate changes. Lay emphasis on “your overarching goals for the company—for example, excellent customer service, commitment to quality, a satisfying work environment—and encourage people to stay focused on their work.”
Visit every major customer as soon as you can. Keep your ears open for ideas to improve your product- and service-offerings.
Don’t make any big changes early on, get to know the business, and be very respectful of all the constituents—they know more about the business than you do.

Recommendation: Read ‘HBR Guide to Buying a Small Business’ for a Very Good Introduction on How to Buy and Organize Finance for a Business

Richard Ruback and Royce Yudkoff’s HBR Guide to Buying a Small Business is excellent manual for prospective entrepreneurs, employees of small businesses, financiers, and value-seeking investors. You will also become acquainted about interactions with bankers, brokers, sellers, accountants, and attorneys you meet while searching for a business to buy.

Inspirational Quotations #742

June 24, 2018 By Nagesh Belludi

Never contend with a man who has nothing to lose.
—Baltasar Gracian

Whenever you are to do a thing, though it can never be known but to yourself, ask yourself how you would act were all the world looking at you, and act accordingly.
—Thomas Jefferson (American Head of State)

The walls we build around us to keep sadness out also keep out the joy.
—Jim Rohn (American Entrepreneur)

For the things we have to learn before we can do them, we learn by doing them.
—Aristotle (Ancient Greek Philosopher)

The greatest obstacle to discovery is not ignorance—it is the illusion of knowledge.
—Daniel J. Boorstin (American Historian)

Riches get their value from the mind of the possessor; they are blessings to those who know how to use them, and curses to those who do not.
—Terence (Ancient Roman Playwright)

If we subject everything to reason, our religion will have nothing mysterious or supernatural; if we violate the principles of reason, our religion will be absurd and ridiculous.
—Blaise Pascal (French Catholic Mathematician)

A single lie destroys a whole reputation of integrity.
—Baltasar Gracian

It is not the language but the speaker that we want to understand.
—The Upanishads

A bibliophile of little means is likely to suffer often. Books don’t slip from his hands but fly past him through the air, high as birds, high as prices.
—Pablo Neruda (Chilean Poet)

It requires greater courage to preserve inner freedom, to move on in one’s inward journey into new realms, than to stand defiantly for outer freedom. It is often easier to play the martyr, as it is to be rash in battle.
—Rollo May (American Philosopher)

The greatest mistake we make is living in constant fear that we will make one.
—John C. Maxwell (American Christian Professional Speaker)

Life is made up of constant calls to action, and we seldom have time for more than hastily contrived answers.
—Learned Hand

The reading of all good books is indeed like a conversation with the noblest men of past centuries who were the authors of them, nay a carefully studied conversation, in which they reveal to us none but the best of their thoughts.
—Rene Descartes (French Philosopher, Mathematician)

That which does not kill us makes us stronger.
—Friedrich Nietzsche (German Philosopher, Scholar)

The oppression of any people for opinion’s sake has rarely had any other effect than to fix those opinions deeper, and render them more important.
—Hosea Ballou (American Universalist Clergyman)

Disproven Hypotheses Are Useful Too

June 21, 2018 By Nagesh Belludi Leave a Comment

Hypotheses are conjectures—often merely proposals or intuitions—about what may constitute facts.

A specific hypothesis can be tested for its adequacy and proved correct or incorrect using the scientific method. Sometimes, a hypothesis is accepted for the time being, until further evidence suggests an amendment.

It does not matter if a certain hypothesis is proven incorrect because, in itself, the falsification of a hypothesis can offer precious insight about the “what is not” to enhance the “what is.”

Hypotheses are the bedrock of scholarship. Scientific understanding accrues when many interrelated and tested hypotheses are used to develop theories, and rethink and restructure our knowledge.

We’re All Trying to Control Others

June 19, 2018 By Nagesh Belludi Leave a Comment

We're All Trying to Control Others

One of the realities of the human condition is that we’re all operating our lives by trying to make the settings around us—the environments in which we live, work, and play—to be just the way we want them to be.

However, we share these settings with other people, who themselves are trying to make their settings just the way they want them to be.

And herein is the source of a great many conflicts: as we control our worlds and our lives with the purpose of making them transpire as we’d like them to, we intercede with the controlling of others.

Conflict is not necessarily bad. It is a normal, fundamental, and pervasive facet of life. It is a natural outcome of what happens when our expectations, interests, viewpoints, inclinations, and opinions are at variance with those of others.

Every relationship is a minefield of conflict, and each instance of contradictory viewpoints brings new challenges.

The key to getting along amicably and resolving the problems of the world is working out how we can wisely facilitate our control of what is important to us without interfering with other people’s efforts at doing the same thing.

Idea for Impact: Life is negotiation. Getting what you want out of life is all about getting what you want from—and with—other people. Learning how to engage in conflict to get what you want without inflicting damage on the opportunities and the relationships is one of life’s essential and practical skills.

Inspirational Quotations #741

June 17, 2018 By Nagesh Belludi

Never write on a subject until you have read yourself full of it.
—Jean Paul (German Novelist)

Hardly ever can a youth transferred to the society of his betters unlearn the nasality and other vices of speech bred in him by the associations of his growing years. Hardly ever, indeed, no matter how much money there be in his pocket, can he ever learn to dress like a gentleman-born. The merchants offer their wares as eagerly to him as to the veriest “swell,” but he simply cannot buy the right things.
—William James (American Philosopher)

The only abnormality is the incapacity to love.
—Anais Nin (French-American Essayist)

There is great beauty in going through life without anxiety or fear. Half our fears are baseless, and the other half discreditable.
—Christian Nestell Bovee

Age is not all decay; it is the ripening, the swelling, of the fresh life within, that withers and bursts the husk.
—George MacDonald (Scottish Christian Author)

Each misfortune you encounter will carry in it the seed of tomorrow’s good luck.
—Og Mandino

On the mountains of truth you can never climb in vain: either you will reach a point higher up today, or you will be training your powers so that you will be able to climb higher tomorrow.
—Friedrich Nietzsche (German Philosopher, Scholar)

A shared vision is not an idea. It is not even an important idea such as freedom. It is, rather, a force in people’s hearts, a force of impressive power… Shared vision is vital for the learning organization because it provides the focus and energy for learning.
—Peter Senge (American Management Consultant)

If you break your neck, if you have nothing to eat, if your house is on fire, then you got a problem. Everything else is inconvenience.
—Robert Fulghum (American Unitarian Universalist Author)

Friendship with the evil is like the shadow in the morning, decreasing every hour; but friendship with the good is like the evening shadows, increasing till the sun of life sets.
—Johann Gottfried Herder (German Lutheran Philosopher)

Love looks forward, hate looks back, anxiety has eyes all over its head.
—Mignon McLaughlin (American Journalist)

An ideal wife is any woman who has an ideal husband.
—Booth Tarkington (American Novelist)

No person has the right to rain on your dreams.
—Marian Wright Edelman (American Civil Regrets Advocate)

If we let things terrify us, life will not be worth living.
—Seneca the Younger (Lucius Annaeus Seneca) (Roman Philosopher)

To Micromanage or Not?

June 12, 2018 By Nagesh Belludi Leave a Comment

Micromanagement—any unnecessary meddling in someone else’s responsibilities, decision-making, and span of authority—is one of the most common gripes that employees have about their managers. No manager’s participation, influence, and authority should chip value away from an employee’s work.

Nobody Likes a Meddling Boss

There’s a thin line between appropriate questioning and micromanaging. What characterizes micromanaging is not whether a manager is questioning the minutiae, but whether the fine points are significant enough to be probed into and to what end the manager is probing.

For instance, is a manager making a point of a certain inconsistent operating expense, or is the manager examining bookkeeping details that may help bring to light a bigger-level problem such as a defective accounting system? Asking questions doesn’t in and of itself signify micromanaging, as long as those questions lead to insights of some substance.

If a manager hones into some trivial detail and challenges it with an intention of establishing an employee’s error, it’s reasonable to assume that the manager is micromanaging.

When micromanaging happens in the area of the manager’s expertise, his nitpicking is usually provoked by an egotistical need to emphasize his knowledge or experience on the subject, especially if the manager is insisting on his pet course of action.

Idea for Impact: When tactically applied, micromanaging can be a powerful tool to get the right things done

The ability to pose broad, open-ended questions (try the Socratic Method) and help an employee uncover crucial details—and to do this without creating the perception of micromanaging—is a particularly valuable managerial skill.

The smartest managers I know of do away with as many unnecessary reports, reviews, and approvals as possible. They ask the right questions about the right subjects in the right tone to help refocus an employee’s attention while deferring to the employee’s decision-making prerogative. They don’t delve into the fine points of everything—they selectively micromanage only if they must.

Inspirational Quotations #740

June 10, 2018 By Nagesh Belludi

The terrible immoralities are the cunning ones hiding behind masks of morality, such as exploiting people while pretending to help them.
—Vernon Howard

Jealousy is an inner consciousness of one’s own inferiority. it is a mental cancer.
—B. C. Forbes (Scottish-born American Journalist)

A man who stands for nothing will fall for anything.
—Malcolm X (American Muslim Religious Leader)

A man reserves his true and deepest love not for the species of woman in whose company he finds himself electrified and enkindled, but for that one in whose company he may feel tenderly drowsy.
—George Jean Nathan (American Drama Critic)

The excesses of our youth are drafts upon our old age, payable with interest, about thirty years after date.
—Charles Caleb Colton (English Angelic Priest)

It is simplicity that makes the uneducated more effective than the educated when addressing popular audiences.
—Aristotle (Ancient Greek Philosopher)

Society is like a lawn, where every roughness is smoothed, every bramble eradicated, and where the eye is delighted by the smiling verdure of a velvet surface. He, however, who would study nature in its wildness and variety, must plunge into the forest, must explore the glen, must stem the torrent, and dare the precipice.
—Washington Irving (American Author)

Most truths are so naked that people feel sorry for them and cover them up, at least a little bit.
—Edward R. Murrow (American Journalist)

The gambler is a moral suicide.
—Charles Caleb Colton (English Angelic Priest)

We create our fate every day … most of the ills we suffer from are directly traceable to our own behavior.
—Henry Miller (American Novelist)

Idealism is fine, but as it approaches reality the cost becomes prohibitive.
—William F. Buckley, Jr. (American TV Personality)

Science is what you know, philosophy what you don’t know.
—Bertrand A. Russell (British Philosopher)

Love of fame, fear of disgrace, schemes for advancement; desire to make life comfortable and pleasant, and the urge to humiliate others are often at the root of the valor that men hold in such high esteem.
—Francois de La Rochefoucauld

Don’t pray when it rains if you don’t pray when the sun shines.
—Satchel Paige

Charity is injurious unless it helps the recipient to become independent of it.
—John D. Rockefeller (American Businessperson)

If you want a place in the sun, you’ve got to put up with a few blisters.
—Pauline Phillips (Abigail van Buren) (American Columnist)

The Historian’s Fallacy: People of the Past Had No Knowledge of the Future

June 7, 2018 By Nagesh Belludi Leave a Comment

The practice of picking a thesis and then setting out to establish it is a widespread intellectual pursuit. But biographers and historians sometimes portray their subjects as if the historical participants could recognize what lay ahead of them.

Assuming that people of the past pondered over the events of their day from the same perspective as we do in the present is committing The Historian’s Fallacy.

The notion of the historian’s fallacy was first presented by the British literary critic Matthew Arnold (1822–88) in The Study of Poetry (1880.) In questioning how historical backgrounds were portrayed in the development of literary styles, Arnold called attention to the frequent logical error of using hindsight to assign a sense of causality and foresight of significant historical events to the people who lived through them. In reality, those historical participants may not have had wide-ranging perspective that we assume in interpreting the context, conventions and limitations of their time. Arnold wrote,

The course of development of a nation’s language, thought, and poetry, is profoundly interesting; and by regarding a poet’s work as a stage in this course of development we may easily bring ourselves to make it of more importance as poetry than in itself it really is, we may come to use a language of quite exaggerated praise in criticising it; in short, to overrate it. So arises in our poetic judgments the fallacy caused by the estimate which we may call historic. … Our personal affinities, likings and circumstances, have great power to sway our estimate of this or that poet’s work, and to make us attach more importance to it as poetry than in itself it really possesses, because to us it is, or has been, of high importance.

The American historian David Hackett Fischer, who coined the phrase “historian’s fallacy,” cited the claim that the United States should have anticipated Japan’s surprise attack on Pearl Harbor because of the many warning signs that an attack was in the cards. Fischer argues those signs seem obvious only in hindsight—to the World War II military leaders, many of those signs suggested possible attacks on many positions other than Pearl Harbor.

A good historian strives for objectivity by ignoring his own knowledge of consequent events and employing only what the historic individuals would have known in the context of their own time.

A related fallacy is Presentism—a manner of historical analysis wherein the past is interpreted by means of present-day attitudes. Presentism often fosters moral self-righteousness. Employing present-day moral standards to reflect on the Founding Fathers’ ownership of slaves, David Hume’s racism, or Gandhi’s opposition to modernity and technology should not be tainted by our stance of temporal condescension.

Writing To-Do Lists Can Help You Sleep

June 4, 2018 By Nagesh Belludi 1 Comment

Sleeplessness Can Both Cause Anxiety and Be Caused by Anxiety

If you have recurrent difficulty with falling asleep or staying asleep, making a to-do list may help.

The authors of a Baylor University study suggest that not only can anxiety about unfinished tasks affect your sleep, but improving your sleep problem can also help symptoms of anxiety.

The authors’ experiment asked 57 students to spend a night in a sleep lab with no gadgets or distractions. Five minutes prior to an enforced sleep time, one half of the volunteers created a list of things they wanted to do over the upcoming days and the other half recorded tasks that they had completed during the previous few days. The researchers examined the participants’ brain activity during the night and established that those who wrote their to-do lists fell asleep nine minutes sooner on average.

How Ruminating about Unfinished Tasks Can Keep You Awake

The beneficial effects of a humble to-do list on your sleeplessness can be explained by the Zeigarnik Effect, the tendency for interrupted tasks and thoughts to be evoked better than completed tasks.

As I’ve written previously, Psychologist Bluma Zeigarnik, who studied this phenomenon, theorized that incomplete tasks can incite “psychic tension” and can inundate you with a constant stream of reminders. Just the modest act of capturing how you’re going to deal with the unresolved tasks in a to-do list can achieve a sense of completion and respite.

According to Michael Scullin, the lead researcher of the aforementioned Baylor study, “there’s something about the act of writing, physically writing something on paper, that helps us hit the Pause button.”

When you have a task that’s unfinished, it’s on your mind more than any task you have completed. If you test people’s memory for things that were unfinished versus things that were completed, people remember the things that were unfinished a lot better. It seems that unfinished tasks rest at what we call a heightened level of cognitive activation. We think that’s the key ingredient. With our day-to-day lives and work schedule, unfinished tasks pile on one another and create this cognitive activation that’s difficult to set aside—unless, of course, you write about it.

Idea for Impact: Write a To-Do List Before Hitting the Sack Every Night

Some folks I know create a ‘brain dump’ just before bedtime—they not only jot down any worries or unfinished tasks from the day, but also create a plan for resolving their worries and stressors.

Inspirational Quotations #739

June 3, 2018 By Nagesh Belludi

Just to be is a blessing. Just to live is holy.
—Abraham Joshua Heschel (American Jewish Rabbi)

Great men are true men, the men in whom nature has succeeded. They are not extraordinary—they are in the true order. It is the other species of men who are not what they ought to be.
—Henri Frederic Amiel (Swiss Philosopher)

What skill of yours has given you the must success? Use it more.
—Marty Nemko (American Career Coach, Author)

You will not find a soulmate in the quiet of your room. You must go to a noisy place and look in the quiet corners.
—Robert Brault

There is nothing either good or bad, but thinking makes it so.
—William Shakespeare (British Playwright)

Imitation is the sincerest of flattery.
—Charles Caleb Colton (English Angelic Priest)

Don’t fight a battle if you don’t gain anything by winning.
—George S. Patton (American Military Leader)

Music washes away from the soul the dust of everyday life.
—Berthold Auerbach (German Jewish Poet)

We’re all stumbling towards the light with varying degrees of grace at any given moment.
—Bo Lozoff (American Interfaith Writer)

A child is a person who is going to carry on what you have started … the fate of humanity is in his hands.
—Abraham Lincoln (American Head of State)

A good scare is worth more to a man than good advice.
—E. W. Howe (American Novelist)

Looking back, I imagine I was always writing. Twaddle it was too. But better far write twaddle or anything, anything, than nothing at all.
—Katherine Mansfield (New Zealand-born British Author)

By all means use sometimes to be alone. Salute thyself: see what thy soul doth wear. Dare to look in thy chest; for ‘Tis thine own: And tumble up and down what thou findst there. Who cannot rest till he good fellows find, he breaks up house, turns out of doors his mind.
—George Herbert (Welsh Anglican Poet)

One murder makes a villain. Millions a hero.
—Beilby Porteus (English Anglican Reformer)

Every man’s memory is his private literature.
—Aldous Huxley (English Humanist)

It is vain to say human beings ought to be satisfied with tranquility: they must have action; and they will make it if they cannot find it.
—Charlotte Bronte (English Novelist, Poet)

We must accept finite disappointment, but we must never lose infinite hope.
—Martin Luther King, Jr. (American Civil Rights Leader)

Being educated means to prefer the best not only to the worst but to the second best.
—William Lyon Phelps (American Author)

Idleness is many gathered miseries in one name.
—Jean Paul (German Novelist)

No object is mysterious. The mystery is your eye.
—Elizabeth Bowen (Irish Novelist)

Perception is strong and sight weak. In strategy it is important to see distant things as if they were close and to take a distanced view of close things.
—Miyamoto Musashi (Japanese Buddhist)

Archives for June 2018

Reflection: Is Acquisition Entrepreneurship Right for You?

Searching: A Full-time Job in Itself

Seek Enduringly Profitable Businesses: Recurring Customers and Predictable Revenue

A Checklist for Enduringly Profitable Businesses

Valuing the Company and Negotiating a Deal

Transitioning into Leadership and Emphasizing Business-as-Usual

Recommendation: Read ‘HBR Guide to Buying a Small Business’ for a Very Good Introduction on How to Buy and Organize Finance for a Business

Wondering what to read next?

Wondering what to read next?

Wondering what to read next?

Nobody Likes a Meddling Boss

Idea for Impact: When tactically applied, micromanaging can be a powerful tool to get the right things done

Wondering what to read next?

Wondering what to read next?

Sleeplessness Can Both Cause Anxiety and Be Caused by Anxiety

How Ruminating about Unfinished Tasks Can Keep You Awake

Idea for Impact: Write a To-Do List Before Hitting the Sack Every Night

Wondering what to read next?