Search to Success: Entrepreneurship Through Acquisition

In this interactive session, Richard Ruback will share insights and experiences on successfully navigating the entrepreneurial journey through acquisition. Drawing from extensive research and real-world examples, attendees will gain valuable knowledge on the intricacies of identifying, evaluating, and acquiring businesses.
Pre-Session Preparation:
We highly encourage all participants to listen to the first episode of the podcast hosted by Richard Ruback, Think Big, Buy Small:
The Self-Funded Journey From Searcher To Seller
Geoff Duckworth’s story is that of a self-funded search that transformed him from being an employee at a larger firm to CEO of an enduringly profitable small business, and eventually to the seller of the company he had run for years. After reading Rick and Royce’s book, HBR Guide To Buying A Small Business, he decided to pursue the path of entrepreneurship through acquisition. In this episode, Geoff shares reflections on his experiences as an acquisition entrepreneur, including why he decided to stop working for others and buy his own business; how he sourced companies that were for sale; the qualities he saw in the business he ultimately bought; how he financed the acquisition; and insights on his time spent at the company helm and beyond. Geoff’s story is a classic example of a complete entrepreneurship through acquisition journey.
Assignment Questions:
Consider Duckworth’s professional journey up until he searched for a business. Was it unusual or generally typical of most post-MBA professional careers? Why do you think he wanted a change?
Describe Duckworth’s search. Why did he choose not to look for investors to fund his search? Why did he limit himself to a relatively small geographic area around Boston? What are the costs of a geographically targeted search? Are there any benefits?
Evaluate Duckworth’s acquisition as a search fund acquisition. Was it an enduringly profitable business? Why or why not?
Why did Duckworth sell his business?
What do you think Duckworth will do next? Do you think he’ll go back to consulting? Search again?