485: HBS Professors and 'Think Big, Buy Small' Hosts Richard Ruback and Royce Yudkoff on Entrepreneurship Through Acquisition

485: HBS Professors and 'Think Big, Buy Small' Hosts Richard Ruback and Royce Yudkoff on Entrepreneurship Through Acquisition

Welcome to Strategy Skills episode 485, featuring 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

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204: Adam Levin, How to protect yourself from cyber threats

204: Adam Levin, How to protect yourself from cyber threats

Welcome to Strategy Skills episode 204, an episode with a recognized expert on cybersecurity, privacy, identity theft, fraud, and personal finance, Adam Levin. In this episode, Adam speaks about various digital threats that individuals and organizations face today. He shares that anyone can be a cyber-crime target: consumers, businesses, companies, or the government. He shares valuable insights about cybersecurity and ways to protect yourself and your organization from cyber-crimes. Adam K. Levin is the Former Director of the New Jersey Division of Consumer Affairs, the founder of CyberScout, and co-founder of Credit.com. He is a graduate of Stanford University and the University of Michigan School of Law. Levin is a sought-after speaker who, during his career in the public and private sectors, has shared his expertise with numerous state and federal regulators and legislative committees, and appeared before a wide variety of organizations—government, law enforcement, public interest, education, human resources, insurance and financial services—throughout the United States and Europe. Levin's mission is to educate consumers, businesses, law enforcement officials, and lawmakers on identity management and protection, privacy, credit, and election security issues. He has appeared on The Today Show, Good Morning America, CBS Evening News, CNBC Closing Bell, MSNBC, Fox Business, Fox & Friends, ABC World News Tonight, ABC News Nightline, PBS Nightly Business Report, and many others. His radio appearances include NPR, ABC News Radio, Bloomberg Radio, the Associated Press Radio, CBS News Radio, 1010 Wins, WTOP and SiriusXM. Levin is also a regular commentator for print and digital journalism, including the New York Times, Associated Press, the Wall Street Journal, the Los Angeles Times, USA Today, and the Chicago Tribune. Check out a fun cybersecurity podcast with Adam Levin: "What the Hack with Adam Levin" is true cybercrime with dad jokes. It’s a no-shame zone for anyone who’s ever been scammed, hacked, phished or cyber-bushwhacked. Every week, it features fascinating people talking about the terrifying, annoying, embarrassing, or infuriating things they’ve experienced online. Join consumer affairs veteran Adam Levin with co-hosts Beau “Hack Me” Friedlander and Travis “Here's What Actually Happened” Taylor for a good story and tips on how to make yourself a little harder to hack. Get Adam's book here:  Swiped: How to Protect Yourself in a World Full of Scammers, Phishers, and Identity Thieves. Adam Levin: https://amzn.to/3sKTO42

3 Jan 20221h 8min

203: Should I email the full deck to participants before the strategy workshop? (Strategy Skills classics)

203: Should I email the full deck to participants before the strategy workshop? (Strategy Skills classics)

For this episode, let's revisit one of the classics by Strategy Skills, where we answer a question, "Should I email the full deck to participants before the strategy workshop?" Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

29 Dec 202114min

202: Jeff Rosenblum, What is good marketing?

202: Jeff Rosenblum, What is good marketing?

Welcome to Strategy Skills episode 202, an episode with one of the leading innovators in digital marketing, Jeff Rosenblum. In this episode, Jeff speaks about effective marketing and advertising that both informs and inspires. He shares how businesses can help customers feel empowered to solve their problems and create a better customer experience.  We will learn why businesses that embrace empowerment, transparency, and authenticity are essential in today's marketing world.  Jeff Rosenblum is an author, a documentary filmmaker, and an advertising agency founder. He is widely regarded as one of the leading innovators in the field of digital marketing and has worked on teams that have helped revolutionize dozens of industries. Jeff is the co-writer and director of a groundbreaking documentary about the advertising industry's future, The Naked Brand. It reveals the surprising story about corporations' ability to improve the world, one small step at a time. Jeff is the Founding Partner of Questus, a digital marketing agency that has worked with some of the world's most influential brands, including American Express, Apple, Bloomberg, Capital One, Discovery Channel, Disney, Driscoll's, General Mills, Ford, ESPN, The New York Times, Suzuki Motorcycles, The NFL, The Wall Street Journal, Universal Orlando, Verizon and more. When he's not driving his team and his clients crazy, Jeff is on an Advisory Board for the Make-A-Wish Foundation as well as Special Spectators. Jeff and his family built a school in a remote village in Nepal while working with the BuildOn organization. Despite barely graduating college, he has lectured at some of the world's top universities and presented at some of the marketing industry's most influential conferences. Get Jeff's book here:  Exponential: Transform Your Brand by Empowering Instead of Interrupting. Jeff Rosenblum: https://amzn.to/3EmxAr5 Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

27 Dec 202158min

201: When consultants overbill a client (Strategy Skills classics)

201: When consultants overbill a client (Strategy Skills classics)

For this episode, let's revisit one of the classics by Strategy Skills, where we cover a topic about how to handle a difficult client situation and what happens when a strategy firm overbills a client. Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

22 Dec 202145min

200: Jason Goldsmith, The art of self-coaching and awareness

200: Jason Goldsmith, The art of self-coaching and awareness

Welcome to Strategy Skills episode 200, an episode with a globally recognized performance coach, Jason Goldsmith. Get Jason's book here: https://amzn.to/3GVf3ny   In this episode, Jason speaks about his experience shifting careers: from running a boat company to becoming a highly sought-after performance coach. We will learn how self-coaching, awareness, and identifying one's purpose can change your perspective, and eventually, your life. For people who always see things in a negative light, constantly doubt themselves, hold themselves back, and make decisions out of fear, this is for you. Jason Goldsmith is the founder of Goldsmith Performance and has coached multiple Major champions and numerous top-fifty golfers. Jason emphasizes combining the mental and physical aspects of optimal performance in high-pressure environments. His accomplishments in golf include assisting Jason Day and Justin Rose in achieving the number-one world ranking and helping Rose win both the Gold Medal at the 2016 Olympics and the 2018 FedEx Cup. Jason is also the president and founder of Mustard, a computer-vision-enabled social platform that is revolutionizing performance coaching by creating proprietary CV/AI technology in partnership with legends Dr. Tom House, Mia Hamm, Drew Brees, Nolan Ryan, Anson Dorrance and several other hall-of-fame coaches and athletes. His practice has expanded into other sports in recent years, including the NBA, MLB, NFL, USTA, Olympic athletes and coaches, Division I and II college athletes, nationally ranked juniors, Fortune 500 executives, and professionals.   Take Charge of You: How Self Coaching Can Transform Your Life and Career. Jason Goldsmith. https://amzn.to/3GVf3ny

20 Dec 202155min

199: Are the analyses always the same for a strategy workshop? (Strategy Skills classics)

199: Are the analyses always the same for a strategy workshop? (Strategy Skills classics)

For this episode, let's revisit one of the classics by Strategy Skills, where we covered a topic about analyses. - Are the analyses always the same for a strategy workshop? In other words, what determines the analyses you should undertake for a strategy workshop? - How does one set objectives for the workshop?  - How many strategy workshops should be completed during an engagement?  - Why are top-down analyses so important?  Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

15 Dec 202119min

198: What if the client demands more analyses? (Strategy Skills classics)

198: What if the client demands more analyses? (Strategy Skills classics)

For this episode, let's revisit one of the classics by Strategy Skills, where we cover a topic about what to do if the client demands more analyses. Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

13 Dec 202123min

197: What happens if the client asks for proof of the strategy? (Strategy Skills classics)

197: What happens if the client asks for proof of the strategy? (Strategy Skills classics)

For this episode, let's revisit one of the classics by Strategy Skills, where we cover a topic about what happens if the client asks for proof of the strategy. Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

8 Dec 202120min

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