Elliott Holland sits down with University of Chicago students and gives them the real scoop on buying a small business. He’s super clear that just looking at the financials (those quality of earnings reports everyone talks about) isn’t enough—you’ve got to dig into how the business really works, from the staff to the sales process. Elliott also drops some fun (and a little scary) stories about people who skipped the details and got burned. His big message? Don’t go solo on due diligence. Find people who know their stuff, don’t cheap out on good advice, and move fast but smart—especially if your own cash (or even your house) is on the line.