Buy a business vs MBA?
Hi guys - I've been seriously considering buying a small business and scaling it after my 2 years as an associate in private equity (think Buy then Build). I believe building something you have ownership over is both a path towards building true wealth and a more fulfilling pursuit than working at an established institution, even if it pays well like private equity.
Many of my peers in PE are pursuing the standard B-school path, but I think the ~$200K in B-school costs would be better spent towards the purchase of the small business.
I know some people pursue search fund opportunities after B-school, but I would have the capital to buy a business on my own after 2 years in PE. I also figure that pursuing this project at a younger age would be better, given that I'll have more energy and less familial responsibility.
Would I be missing critical lessons in business management by not going to B-school (i.e., going to B-school would make me significantly more likely to succeed as the CEO of a small business)? And are these critical lessons worth the cost of B-school? Thanks a ton!
An MBA is basically useless for practical business execution.
You will not be thinking much if you buy a smaller business.
Face in the grindstone - just a pure execution game for a long time.
Great - that's exactly what I want to be doing -- pure execution. I want to move on from making slides.
There's nothing enjoyable about running a sub ~$3m - $4m EBITDA business.
I'd personally rather be making slides :)
Spent some time working with some phenomenal investors in this space. Here’s my opinion on search funds:
Your cap table is arguably the most important aspect of any search fund. Anyone can take the reigns on a 1-5mm EBITDA business, but very few know how to actually put on the suburban hat and steer a team to a 10x return (let alone 5x). Finding a good investor or two will be your hardest part but this is where your success comes from. The big investors in the search fund space have not only ran search funds themselves (and exited with enormous returns) but have also sat on 40+ boards and have seen over 200+ searchers just like you come to them with a proposition. These are the people you can call whenever you don’t know what you’re doing, because that will happen a lot as a first time operator only 3 months into their new role. They are also the ones that can fish out whether a potential seller will be the right one for you outside of the financials (what kind of rollover do they want, how connected are they to the industry/customers, will the employees leave if they leave, what do other competitors think of the current operator, etc).
This is how I would go about your search and what these kinds of investors want to see
1.) must conduct a well thought out research/thesis as to what industry, what sub vertical, and what exact type of business you want to acquire will be. Ex: Vertical Software company in the SMB Audit & Assurance space. (Don’t use this as an idea, no clue what market is like).
2.) figure out your ideal financial metrics: (95% customer retention, 110% revenue retention, market growing at 5% CAGR, whatever)
3.) market/industry research. Contact current owners to find out what the market is like. Contact customers of the type of business you want to acquire and build case studies. Figure out fragmentation and any current consolidation. Who are top 5 competitors?
4.) Holding periods + bolt ons. How are you increasing IRR (you do PE you know this)
5.) are you doing an SMB loan? How will you find the best terms on your loan?
There are probably more bullets that I’m missing. A big reason why people do this out of MBA is because they can meet other potential partners/investors at their school. H/S have a ton of faculty that have been very successful in this space (stanford kind of coined the term Search Fund. There’s a great GSB paper out there on the success rates and returns of this asset class). Can you do it w/o an MBA? Absolutely. To circle back, your cap table is the most important aspect of this journey. Without that, it’s blind following the blind.
Your cap table barely matters.
Your willingness to eat shit over a prolonged period of time is all that matters.
Thanks a ton for the thoughtful answer. My initial response is that while the backing of a search fund does confer certain advantages, B-school reduces your personal capital by ~$200K. Part of me is also thinking that running a small business is not rocket science, given that millions of small businesses are being run by people most of whom don't have an MBA or even a college degree. Also, I'm not necessarily chasing a 10x outcome on a short time-table. I'm comfortable with taking a salary of $150K from the cash flow of the business for a few years and scaling the business over the long run...having institutional investors in your cap table would likely force you to rush and add to your stress (similar to what happens to VC-backed startups).
Can buy the business, have the existing CEO stay on for a 6-month transition period, then assume the reigns of leadership. As long as the cash flow dynamics of the business are steady (this is what I would focus on in diligence), then I don't see the cause of stress. Of course, your business could face cash flow shortage from unpredictable events, but wouldn't you rather face these challenges with some personal capital left in the tank rather than having your "partners / investors" on your back 24/7? In my current PE role, I see the BS that GPs go through to placate LPs about investments that are underperforming, and if I were an operator, I would much rather be focused on running the actual business than dealing with my investors.
millions of small businesses are also barely breaking even.
would appreciate if you could share the paper's name or authors
Family friend of mine bought a pretty profitable $5m top line ‘trade school/academy’ (barbers, nails, masseuse, etc) and he’s raking in cash but life is messy. Lots of lesser educated people, issue collecting payments, people without proper paperwork, etc. Good money but the lifestyle is not so glamorous- good amount of arguing, fixing stuff in person to get it done quicker, etc. Different life than this corporate type stuff. He’s a lot happier than he was here though.
Thanks a ton for sharing! Will he be able to "institutionalize" the business and eventually deal with less messy situations? i.e., hiring professional management and employees once the business hits a certain scale?
Yes- part of what works in his favor is they had some family connections that they deployed to help manage. You need strong front desk people, managers, etc to manage day to day operations in addition to your own support. He added a good amount of value (did some marketing and grew top line, removed redundancies, etc) and is getting offers to sell for a fair profit. This rate environment however hasn’t been so friendly but fortunately cash flows are good since it seems these types of businesses are pretty recession proof.
My cousin did literally the same thing. 2 years of IB + 2 years of PE. Brought three businesses that him and his partner own (think landscaping, plumbing, HVAC). Idk how but he got the bank to give him a ton of leverage to do this. He said it was due to his experience in PE. He does this FT btw.
Does he enjoy what he is doing? How does he compare it to when he was in PE / IB?
More time. He was at a BB.
I guess he enjoys it. Think bro just wants to be rich lol
I don't really like any of the replies in this thread so Im gonna share my own $0.02.
I believe I am qualified to debate this topic given I have done the following:
1. Started my own business from scratch, and sold my equity for 2x MOIC
2. Worked at search funds and knew founders intimately
3. Son of small business owner who founded it and scaled it from nothing
4. Have many friends at M7 and have talked to them extensively about their experiences
5. Have studied owner / operator case studies heavily as well as learned the key takeaways from other search fund players who have successfully exited
Ok, now that the boring part is out of the way, here are my thoughts:
Thesis: No, you would not be missing out on valueable experiences if you skipped an MBA.
However, an MBA would be helpful to you for two reasons;
1. Credibility: As a finance professional, there is nothing more worthless than an MBA to me. With that said, investors care, and when you are unproven, an MBA adds to your credibility. You may be 1000x smarter than me with a bullet-proof plan, but you are still unproven. People who are unproven have a tough time raising capital. Attend HBS / Wharton and suddenly raising capital becomes easier. I speak from experience in the sense that I know multiple people firsthand who have gone down this track. Top 3 M7 grads have a pretty easy time raising capital with your exact background, or even less ideal ones (think 4 years IBD no PE experience).
2. Network: You likely do not currently have an investor pool to pull from, and unless you want to take on 100% of the equity risk AND have the capital to do so, you need to win over some investors. Not only do you have a high chance of meeting (and possibly partnering, should you choose to) with these individuals during your M7 experience, but even if you don't, you are scaling your personal network. The students you attend your M7 with likely have the connections to help you fund your venture, and if your friends see you as a sharp and serious individual, they will advise their network to invest in you.
So, we've covered why an MBA would be of value, lets talk about why it is not of value. I am going to skip anything I would consider to be obvious (no actual management & leadership experience / the huge opportunity cost 2 years of schooling vs. staying in PE / generally insanely high costs of tuition):
You are already as qualified as you would be out of your MBA program.
Lets assume you can raise capital no problem for a second. If you can raise the capital, you may not need an MBA. If you're serious about this venture, perhaps you've already had some HNW family friends approach you advising you to take this path, and have even offered to invest in you. If not, perhaps colleagues from IB / PE believe in you and are interested in investing, assuming you vocalized these thoughts to close colleagues. Either way, lets assume you are fully funded.
If that's the case, an MBA has no value to you. Do you really want to relearn DCF concepts and take on generic bullshit management advice? No you probably don't. You have an investor skillset, and you now need to develop a management and leadership skillset. No MBA program can teach you this. They can provide you with a foundational skillset, a bunch of cases on how others have navigated similar problems, but they wont really prepare you to succeed on the job.
If you read about owning and operating a business (and I have spent hours reading through cases on this, as well as have learned firsthand through my own business, as well as my fathers), you will know that nothing is really going to prepare you for this. The job is going to be far more stressful than PE, and you will need to adapt to making big decisions on the fly, and quickly.
Your employees problems become your problems. Do you know how many M7 search fund operators cannot believe the shit they have to deal with? Suddenly they have to help their employees figure out the logistics of getting to work when their car breaks down, or figuring out why the fax machine is down. You are suddenly accountable for EVERYTHING. The smaller the company, the more into the weeds you get. Maybe you can afford a few back office folks to help with some of the mundane aspects of the job, but usually during the first year or two, it all falls on your shoulders. Yes, this part of the job sucks, but an MBA wont make it any easier. You need to start dealing with these issues firsthand in order to build out a proper skillset to navigate them.
I stand firmly behind what I started with; an MBA is valuable for increasing credibility and for developing a network that will help you raise capital. While I didnt touch upon this before, having the credibility to win an auction process or to win over a deal you found through proprietary outreach is a huge hurdle. Yes, you're smart, but odds are you're going to try and persuade a non-finance professional to sell their life's work to you, and they probably have no idea what IB / PE really is. Therefore, an MBA may help persuade prospective sellers, especially if you participate in an auction process, but at the end of the day, it only might move the needle.
Thanks a f-ton for the insightful response here. Do you mind if I DM you? Would love to connect off-line to discuss your experience and whether this is the path I am imagining it is. I don't have any problems digging into the type of problems you described (printer fails, roof is leaking) -- as a child growing up, I worked with my dad fixing random stuff around the house so am a pretty hands-on guy and actually enjoy getting my hands dirty to an extent.
I don't want to be relearning basic finance concepts or even learning new concepts that only work in theory. The best entrepreneurs did not have MBAs.
On raising capital...the dilemma I am facing is that I wouldn't even need to raise capital in the first place if I forgo the MBA. Doing the MBA would make it necessary for me to raise capital because my cash balance would decrease by >$200K.
Happy to connect further, if you comment with your username I will DM you to start a convo
Why don’t you get more of a 9-5 job that sponsors MBAs. Then do at night and grind to get it done in 2-3 yrs. Get paid for living expenses plus some savings. Then do the minimum stay after the MBA and build up more cash. Then buy a business and have been more cash for roll ups. You’re like 24-25. There’s no rush here. If you are so sure this is for you, then delaying a 3-4 years to do it from a position of strength is no big deal and smarter.
Would love to connect with you and learn more about your experience if you're fine with it. Could you DM me?
As someone who bought a business from an M7 school... my friendly advice is to do an MBA and get a nice job. It's not worth the stress and pressure.
Have friends out of my MBA program making 400-500k in cushy corporate jobs.
https://www.wallstreetoasis.com/forum/private-equity/selling-company-to…
You can read above of some of the stuff I've dealt with.
Sir, I read your post and am wondering if I can reach out to you over DM. I have been hearing over and over that the experience of running a small business is stressful. I really want to understand the causes of stress, because I really struggle to see myself continuing to work in PE. While technically a PE job is less stressful, I often find it frustrating / aggravating to keep making slides and doing more analysis — I’d rather be building something than doing analysis. I also value autonomy. So please, if you are able, can we please hop on to chat? Thanks
Take a leave of absence and intern for a searcher who bought a business and is currently operating. That is my best advice to you, sir.
I don’t own a business but my dad is an entrepreneur who has developed, acquired, operated, and sold real asset businesses (e.g., hotels, shopping complexes, apartments, ect.) in the range of $1-$10M EV his whole life, and I know his struggles. Before I mention any specific examples, a key point for context is that a majority or your net worth and almost all your income is going to be supported by your management abilities and execution with little to no support. I can’t stress this point enough. To elaborate, much of your life will be consumed with inane issues that you’ve never had to deal with. You will constantly be on the phone or attending to them in person. They are often unpredictable, hairy, emotional, and if you are unlucky, will last for months on end or longer without resolution. Here are three categories of issues for you to think about:
1. Employees
This is the number one problem for most small businesses. Think of every HR problem, including recruiting, you’ve ever heard about and magnify the expected intensity and frequency as adjustments for a small business. Now imagine you have to deal with them end-to-end. You will have people not showing up to work or who are low performing. There will be employees who steal time or outright steal money or goods or try to defraud you. You will probably get sued by an employee at some point as well. Every single time an HR issue happens, which will differ in impact but will happen weekly at minimum, you and only you will have to remedy it. If you are thinking the solution is to hire better people, you are right. You can hire better but it’s going to cost you and you will never “solve” for HR. It is part of business.
2. Suppliers, Vendors, and Contractors
Your business will be dependent on third parties physically and digitally with expected impact of problems of each varying by industry and business itself. There will always be third party issues regardless of your industry though. At a white collar function level, it’s as simple as Google changing its algorithm and castrating your marketing. If you are in manufacturing, you could receive the wrong goods, deal with late deliveries, and be invoiced at a higher rate. One of these issues will happen at least once a month and could be extremely troublesome with a lot of second order impact. There are too many examples to list as they are specific to many different industries but be assured your third party partners will give you headache in varying frequency, severity, and length of time. Sometimes you will not be able switch suppliers when you want or ever.
3. Business Operations
This category is variable in intensity and frequency dependent on the industry and business itself as well but in general processes, equipment, and infrastructure will break or malfunction in different ways and duration. This is simple as losing internet access due to a storm which could shut your business down for half of the day or more. It could be as complex as payroll having been processed incorrectly for months on end with you owing more compensation or taxes than expected.
All of these categories of issues will collectively consume most of your time. As you can tell, all of these activities are just to keep a business afloat. Strategic planning and ultimately growth are secondary can only happen when you have time.
The purpose of my reply isn’t to discourage you, but I wanted to provide some helpful context vs. the rosy picture some imagine or are sold via social media. I’m also going to pursue entrepreneurship in the next couple years as I believe it’s more of worthwhile endeavor on a personal level vs. leaving my success up to authority and navigating politics at a corporation. However, I’m attuned to the reality that it is going to be extremely rough in the beginning and will continue to be stressful. Ultimately, I do think it is a better move for me on a personal level. Monetarily, on a risk adjusted level, most people, probably including myself, are likely better off having a stable W2 job with growth potential and investing savings in the market.
Is your father well-off? Asking because this sounds like what my high school friend's father did and he was dragged into the business. They made no profit on a hotel they owned for nearly a decade and almost sold it at a loss. I think they barely broke even and he had a ton of trouble recruiting for other jobs / roles. Now his father and him decided to purchase another hotel in a less competitive region with the States.
Always felt bad for my friend because this career path pigeonholed him and his little brother was lucky enough not to get dragged into it (works in healthcare as a clinician instead).
My dad is doing good financially but did not start out well-off. Him and a friend saved all the money they could working mostly hourly jobs and then with another friend’s help plus a SBA loan, they bought their first business and he grew his portfolio from there. However, there was a long period of time where our financial situation was bleak due to both external and internal issues with business. It took one home run deal, luck, and operating prowess to put us in a decent position financially.
I’ve been involved in some of his business dealings through intermittent operating and deal evaluation activities. He’s tried to involve me at a deeper level in being his partner, but I’ve always declined as I don’t have an interest in his strategy or sectors. I’m also afraid of how going into business with him will change our relationship.
It's always funny to see people who don't have an MBA discuss how an MBA isn't important.
"Talking to a lot of people" is not the same as spending 2 years of late nights and weekends to provide deliverables and hit deadlines. As someone who completed an MBA (while working) and didn't have to pay for any of it, I feel I can give a pretty objective opinion since I don't have to justify my $200k decision (nor did I sacrifice any opportunity costs from work since the program was part time).
With all that being said, I have worked in RE finance/acquisitions/development for the last 8 years and was pretty on the fence about getting my MBA; I was set on my career trajectory and pretty certain of my path in life. Then the pandemic hit, interest rates went haywire, and then the entire RE acquisitions and development market dried up.
Boy am I glad I have my MBA now. Not only was I able to pivot into a higher paying position, but I've also been able to start my own side business as a consultant because people KNOW that I have credibility in the work I produce. Many other people may have a 8 years experience, but only 12%-15% of those people have an MBA.
Aside from the professional/financial benefits of the credibility that comes from an MBA, I have learned so much educationally that allows me to be much more confident and capable. Most people just talk shit when it comes to interest rate hikes. But if you got your MBA, you would learn the specific ways to read the tea leaves to understand why interest rates are still going up, and how to best navigate a market that is facing these headwinds (...and then write a 30 page paper about it). Anyone who takes their MBA studies seriously is able to spot a mark pretty quickly in conversation, and being able to understand the nuances of Marketing, Finance, Operations/Strategy, Statistics, and Economics is an invaluable skill that only comes with years of study directly from professionals who have 30+ years of real world experience. One of my professors has started several hedge funds---who better to learn finance from than someone whose done it and knows what can really go right/wrong?
...I've gone on far too long, but in short, get an MBA, do it for as cheaply as possible from a T50, and put the time in. I guarantee by the end of the experience you will know not only whether you want to buy a business, but you will know exactly what type of business you want to buy (since you will have spent 2 years studying and executing on these ideas).
Hope this helps.
Two questions:
1. How did you get into consulting on the side?
2. Did you get your MBA from from a top school? (Not that is matters IMO, just wondering what your thoughts are).
I don’t say all of this to scare you, but rather inspire you that anything is possible if you put your mind to it. You don’t need to close “big projects” to prove your worth. Closing several small projects would have the same effect. You also don’t need to go to an M7 if you can’t afford it. What is an absolute necessity, though, is that you put the work in and have the ability to back it up.
Feel free to let me know if you have other questions.
I think the above is a good case in point. Basically, you get what you put into something. I think a lot of people view the MBA just as a ticket to admission, as if the classes are just a rehash of finance 101; but if you take the time to understand and learn the topics it can be very valuable.
Well said, I totally agree; you will get what you put into it. But outside of “networking” and “fundraising” an MBA can be very valuable for personal reasons.
Many people fail to acknowledge that aspect, so I was just hoping to shed some light on that part of the equation. As someone that had it “all figured out” before attending, I thought it was one of the best experiences I’ve ever had.
Ultimately I think the answer is one of those "chose your hard"...an MBA vs buying a business (or a search fund), both are difficult in different ways, its all about want you want to handle.
I purchased a small business after my stint in finance so I'll add my thoughts.
First, I think it's important for you to decide what size small business you'd like to pursue, as this is going to drastically affect any sort of advice this forum can give you. If you're thinking of raising capital and purchasing a $3m+ EBITDA business then that is a totally different game than being self funded and purchasing a sub $1m EBITDA business. Based on reading your comments, it seems that you're more interested in pursuing the latter, which is what I did so I'll speak to that.
1. MBA: At this size, an MBA is completely pointless, so let's get that out of the way.
2. Size: The size of business you buy in this category will have a direct affect on your day-to-day responsibilities and involvement. For example, if you buy a $400k EBITDA business then you are essentially buying a job and will be involved in absolutely everything. Day-to-day operations, hiring, firing, training, accounting, marketing, business development, etc. You can't afford to have a management team, maybe one manager depending on the industry, so everything will come through you. On the upper end of this category, let's say $900k EBITDA, things start to look a little different. There will more than likely be a manager to handle the daily operations and a back office staff member or two to handle those duties. Again, this depends on the industry and how the current owner ran their business, but I'm trying to speak generally here.
3. Industry: I think this decision is a lot harder than most people think. Coming from a PE background, I'm sure you'll have no trouble identifying a couple industries that fit your investment philosophy from an investors perspective, but that doesn't mean it's a good fit for you. You have to remember that at this size, you will be living and breathing in this industry 24/7. You have to ask yourself are you truly interested in the goods or services this industry provides? Do I want to be around the types of people this industry employs? Is there anything about my skillset or personality that would be an asset or a detriment in this industry?
All that said, I'd highly encourage you to continue to dive into this path. Try to speak with people that have already gone down this route as well as current business owners to get an idea of what it's really like. Then you'll be able to self reflect and see if it's really a good fit for you. It's definitely not for everybody.
I'm strongly interested in acquiring a business down the line and I have a few questions.
You say it's definitely not for anybody. What kind of person succeeds in this path?
You've tried both a finance career and this one. If you had to go back, would you still buy a business? If you don't mind sharing, what industry is your business in and is it performing as well as you expected?
I think the other posts in this thread have done a good job highlighting the negatives, but I'll add additional comments. You have to be comfortable with the financial risk, leadership responsibilities, the learning on the fly with little to no guidance, the time sacrifice, the commitment to the business with no easy way out, getting your hands dirty, etc. If any of those sound uncomfortable then it's not for you.
If I had to go back I would still buy a business, but not the one I bought. Hindsight is 20/20, but I definitely made some mistakes.
For the sake of anonymity I can't share the exact industry, but it would fall under the automotive service category. Unfortunately, it is not performing as well as I expected due to some of my own mistakes, economic conditions, and industry changes.
Not a comparable decision at all. Operating a small business is so incredibly different than doing excel modeling and spreadsheets. One does not translate into the other at all, as much as you think it does because you worked in PE.
You really need to seriously think about what operating a small business entails. You will likely be putting out fires every day. There is very fierce competition everyday, you will have employees that don’t show up or just quit. Some of this employees may come to use with serious problems at home. You are responsible for their livelihood before your profit draw. Are you willing to deny them healthcare and move them to part time to preserve your margins even if they lose critical medical coverage? You can’t just quit if you don’t like it. Again you have employees depending on you. If you want to sell are you willing to take a loss and wait a while until a buyer comes?
I’m not saying you can’t do it or will fail. I’m saying once you’re sure about your decision, reconsider it thoroughly again. Then go and find successful owners/operators in that specific industry and ask them for 30 min. Ask very specific questions of what you need to consider when getting into this line of business.
Love this. I don't share on WSO often, but felt compelled to share...
I'm pretty young and early on in my career, but decided to buy a business (from a former boss) when the opportunity came up. One of the best professional decisions I've made - yes it's crazy fun (when I don't wanna rip my hair out lol), but my learning trajectory is extremely high right now (buying a business is a great way to figure out what you don't know haha) and Iove the work I get to do *most* days.
Some of my IB friends were saying how it's great exp and I'll have great exit opps after. I told them that my favorite part is that I have no plans on updating my resume or pursuing exit opps; frankly, I don't think about it anymore. I set the mission, vision, and values of the company and get to do work I love with people I respect, generating strong FCF while doing it. Why would I change that?
MBA is cool and you'll probably get some sick exit opps after, but I've learned more from running this business than any business school class, certification, or training program could teach me or has taught me (candidly, b-school frustrated me bc it was so not real world/applicable - unless you do Harvard, etc).
My background: CFA, top 5 MSF program, IB post-MSF, bought financial services firm. Feel free to DM for more info.
Remember that the classic user of this forum is amongst the most risk averse on the planet (2 yr IB, 2 yrs PE, MBA, Profit??). However, I am pleased to see a lot of support for acquisition entrepreneurship here. There are search fund specific forums out there, as well as a whole social media cinematic universe with podcasts and twitters, btw. People detailing the problems with business ownership, yeah no shit - no business or job is perfect. What I would like to know though is if people really think PE is a job for life? I personally barely know anyone over the age of 40 in PE, apart from in leadership roles, and those are few and far between. I think a lot of people forget that eventually you become too expensive at some point - the guaranteed golden exit opps after that of corp dev or portfolio operator or whatever are limited in opportunities and comp. Purchasing a business that has weathered several cycles and crises may be a good hedge.
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