Don’t get out of your comfort zone.
June 08, 2024
by a professional from The University of Texas at Austin - Red McCombs School of Business in Austin, TX, USA
That's how you win.
When you buy a business, you’re already signing up to lead a totally new organization.
You’re spending (taking on debt for) up to millions of dollars on the bet that you can improve this business.
That’s already a ton of growth and chances to be uncomfortable.
Don’t ADD chaos to that by buying a business outside of your expertise.
As Buffet would say, stick to your knitting.
Buy a business you’re interested in. Buy one in the industry you worked in.
Buy one that you understand.
Not only will you be more likely to succeed, but sellers are more likely to sell to you when they know you’ve got experience and passion.
from The University of Texas at Austin in Austin, TX, USA