BOM – Buy Then Build by Walker Deibel
Welcome to the Real Estate Espresso Podcast, your Morning Shot at what’s new in the world of real estate investing. I’m your host, Victor Menasce. Happy first of the month! On the first day of each month, we review the Book of the Month. In order for a book to be deemed worthy of this title, it must meet a very simple criterion: it should either be impactful enough to alter your life or your perspective on the world. Whether it achieves that benchmark or not is entirely reliant on your engagement. If you approach the book as a mere piece of entertainment, you’re missing the point – but if you integrate its messages into your life, you enjoy a realistic chance at lasting growth.
Our book of the month certainly qualifies for this designation. The content resonates with my personal experiences, as I too have executed five mergers and acquisitions to date in my career. Our focus this month is a book about acquisitions, aptly named ‘Buy then Build – How Acquisition Entrepreneurs Outsmart the Startup Game’ by Walker Deibel.
Deibel upends the conventional narrative of entrepreneurship, which typically involves the image of startup founders tinkering on an innovative prototype in a makeshift lab. This traditional route is often fraught with risk, with most startups failing within a few years. Instead of this, Deibel proposes that you bypass the treacherous early stages of a startup by acquiring an existing profitable business and focusing on its growth – an idea I completely agree with.
With a systematic approach, Deibel dismantles common barriers and misconceptions around business acquisition, demystifying the process and making it accessible. The book also provides a robust framework to navigate each critical stage of the acquisition process: from defining the acquisition, building a deal funnel, sourcing opportunities, conducting due diligence to securing financing and closing the deal.
Deibel’s discussion on financing options is especially enlightening. He delves into various available forms of funding, such as seller financing, SBA loans, and investor capital, which often seem like insurmountable hurdles for entrepreneurs.
Deibel strategically peppers the book with real-world examples and case studies, demonstrating the success of his acquisition model. In sum, his book serves as a practical guide and manifesto for a different breed of entrepreneurs – acquisition entrepreneurs.
This book is particularly relevant today when many baby boomer-owned businesses lack a concrete succession plan and are likely to shut down. In such an environment, Deibel’s book is a persuasive call to action and a roadmap for anyone ready to dive into the entrepreneurial game by buying and then building their own legacy. I recommend it to aspiring entrepreneurs, existing business owners looking to expand through acquisitions or experienced professionals transitioning to business ownership.
The bottom line? If you’re contemplating the entrepreneurial journey, start by picking up ‘Buy then Build’. As you consider the insights offered in the book, I wish you an awesome rest of your day. Go make some remarkable things happen, and until our next talk, stay tuned for tomorrow.
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