719: Entrepreneurship Through Acquisition (with HBS Professors and 'Think Big, Buy Small' Hosts Richard Ruback and Royce Yudkoff)
Case Interview Preparation & Management Consulting | Strategy | Critical Thinking14 Okt 2024

719: Entrepreneurship Through Acquisition (with HBS Professors and 'Think Big, Buy Small' Hosts Richard Ruback and Royce Yudkoff)

Welcome to an interview with Richard Ruback and Royce Yudkoff, HBS professors and the hosts of 'Think Big, Buy Small' podcast.

In this episode, we discuss current market trends related to entrepreneurship through acquisition. We also touch on the demographic trend of baby boomers retiring and needing to sell their businesses, and its impact on buying and selling businesses. Most importantly, Richard and Royce share their advice on how to find the right business to buy, the key considerations and how to evaluate businesses, common buyer errors, and the challenges of buying from baby boomers.

Think Big, Buy Small is a new podcast from Harvard Business School that explores this innovative approach to entrepreneurship: acquisition entrepreneurship. The show is an extension of their courses on small firms, including “Entrepreneurship Through Acquisition,” which has been taken by thousands of MBA students, and their highly-regarded book, HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company, which has sold more than 65,000 copies.

Richard S. Ruback is a Baker Foundation Professor and the Willard Prescott Smith Professor of Corporate Finance, Emeritus at the Harvard Business School. Over the last 15 years, he and Royce Yudkoff have been developing and teaching a second year course titled “The Financial Management of Smaller Firms” and a field course called “Entrepreneurship Through Acquisition”. Ruback and Yudkoff’s book, HBR Guide to Buying a Small Business was published by Harvard Business Review Press in 2017. The book is a practical roadmap through the steps required to find, evaluate, negotiate, and finance the acquisition of a smaller firm.

Ruback earned his Ph.D. in business administration at the University of Rochester in 1980 and taught at MIT's Sloan School before joining the HBS faculty as a visiting professor in 1987. He was appointed associate professor in 1988 and full professor in 1989. Ruback has served as an editor for the Journal of Financial Economics and is the author of numerous articles on corporate finance and valuation.

Royce Yudkoff is the MBA Class of 1975 Professor of Management Practice of Entrepreneurial Management at the Harvard Business School and a General Partner and co-founder of ABRY Partners, LLC in Boston, MA. Alongside Professor Richard Ruback, Royce currently co-teaches a second year case course titled “The Financial Management of Smaller Firms” and a field course called “Entrepreneurship through Acquisition”. These courses focus on how to acquire, finance, and operate your own smaller firm.

As was mentioned above, Ruback and Yudkoff’s book, HBR Guide to Buying a Small Business, was published by Harvard Business Review Press in 2017. The book is a practical roadmap through the steps required to find, evaluate, negotiate, and finance the acquisition of a smaller firm.

In 1989, Royce co-founded ABRY Partners, a private equity firm focused on the media, communications and business and information services markets. Since 1989 the firm has completed over $27 billion of leveraged transactions and other private equity investments involving approximately 450 properties. Over this period Royce has also served on numerous private and public corporate boards.

Royce graduated from the Harvard Business School in 1980 as a Baker Scholar and is an honors graduate of Dartmouth College.

Get a copy of HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company: https://rb.gy/2omnrh

Here are some free gifts for you:

Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach

McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf

Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

Avsnitt(802)

805: Taking resume feedback (Case Interview & Management Consulting classics)

805: Taking resume feedback (Case Interview & Management Consulting classics)

Taking resume feedback is one of the most fundamental steps as you begin your application process and case interview preparation. If done badly, no matter how well you practice for cases, you will not get the interview. Feedback refers to two parts. First, is the philosophy around how you collect the feedback. Second, is the physical steps you take as you are collecting the feedback. Both are equally important.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

11 Aug 14min

804: Stressful interview situations (Case Interview & Management Consulting classics)

804: Stressful interview situations (Case Interview & Management Consulting classics)

This podcast examines the typical tell-tale signs candidates show when placed under stress in a case interview and offers suggestions on how to manage these situations. The key to managing this problem is not to reduce the stress, which may be impossible to do, but to change the way you show your stress. We also provide anecdotes on how our own clients manage, or struggle to manage, stress in their practice cases and interviews.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

6 Aug 15min

803: Invisible presentation technique (Case Interview & Management Consulting classics)

803: Invisible presentation technique (Case Interview & Management Consulting classics)

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4 Aug 11min

802: Confidence and content traps in case interviews (Case Interview & Management Consulting classics)

802: Confidence and content traps in case interviews (Case Interview & Management Consulting classics)

This podcast is about the impact of confidence on cases and the importance of avoiding the content trap. We use simple ratios to explain why you need to be confident and how the content-trap sinks many candidates. The content trap occurs when a candidate tends to have poor knowledge of the first principles of cases and rather relies on completing as many cases as possible in the hopes of memorizing all possible frameworks. This is a losing strategy since they are not learning how to solve cases.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

30 Juli 10min

801: Structure fails at 60% McKinsey cases (Case Interview & Management Consulting classics)

801: Structure fails at 60% McKinsey cases (Case Interview & Management Consulting classics)

At least 90% of aspiring management consultants assume that all McKinsey et al cases MUST be solved with frameworks. That is a dangerous myth. At least 60% of all McKinsey full cases (we are not referring to brainstorming, estimates, etc) cannot be solved with structures and you will fail if you used structures to solve them. In this podcast, we use the experiences of a client, Felix, to explain how to identify this second group of cases and what you can do to solve them. We particularly look at Felix's coaching session with Kevin Coyne, ex-McKinsey Worldwide Strategy Co-Leader, in Season One of The Consulting Offer.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

28 Juli 11min

800: Important case interview elements to consider (Case Interview & Management Consulting classics)

800: Important case interview elements to consider (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we talk about important case interview elements to consider.   Analyzing customers, competitors and the market: 3 areas which must always be considered in cases, even when it is not clear why. In essence, all businesses exist to serve customers. A business cannot exist without customers and to understand demand you must understand customers. The ability to meet demand is impacted by competitors/substitutes and market barriers like legislation, inflation etc. Therefore, these three areas must be analyzed in cases where demand may be an issue.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

23 Juli 9min

799: Brainstorming with definitions (Case Interview & Management Consulting classics)

799: Brainstorming with definitions (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we talk about brainstorming with definitions.   Brainstorming is very difficult and a crucial skill to have when solving cases, especially with McKinsey where the interviewer will constantly ask you to probe and brainstorm different areas of the case. This podcast examines the initial parts of the brainstorming structure. Since brainstorming happens in such a rapid-fire format and appears unstructured, the speed at which it is done creates the illusion it lacks structures. Yet, it does have structure, but is merely done very quickly in the candidate's mind. This podcast will teach candidates how to generate a structure/definition that can be used to guide the development of options or paths in the brainstorm.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

21 Juli 5min

798: Giving interviewers benefit of the doubt (Case Interview & Management Consulting classics)

798: Giving interviewers benefit of the doubt (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we talk about the importance of you, the candidate, never ever giving the interviewer the benefit of the doubt, why this is vital, how to do this in a case and the improvement it will immediately deliver. The main value of adopting this mindset is that you tend to explain everything to the interviewer because you assume he is not aware of all the answers. If you enter an interview, assuming the interview is "perfect", you will tend to make assumptions which hurt your chances and damage your image.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

16 Juli 8min

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