1 rich Libsyn https://www.libsyn.com 90 600 What if the best way to become an entrepreneur was to buy an existing business instead of starting one from scratch? In this episode of Develop This!, Dennis Fraise talks with Royce Yudkoff of Harvard Business School about entrepreneurship through acquisition and how aspiring entrepreneurs can find, purchase, and grow established businesses. Royce explains why buying a profitable business can offer a different path to ownership, the importance of due diligence, and the challenges new owners face during their first 90 days. The conversation also explores company culture, long-term holding companies, franchises, and the emotional realities of searching for and running a business. For economic developers, this approach also offers opportunities to support business transitions, preserve local employers, and keep established businesses thriving when their owners are ready to move on. A key takeaway? Business acquisition can create a path to entrepreneurship while helping preserve and grow the small businesses communities depend on. Key Takeaways Buying an established business offers an alternative to starting from scratch. Thorough due diligence helps identify risks before acquisition. Understand whether you're buying a business or simply buying yourself a job. Company culture plays a major role in employee motivation and business growth. The first 90 days require careful planning and leadership. Long-term holding companies and franchises offer different ownership models. Business succession can help preserve local jobs and economic activity. Key Topics Covered Entrepreneurship through acquisition Buying profitable small businesses The role of MBAs in business ownership Due diligence and risk assessment Business culture and employee motivation Challenges during the first 90 days Long-term holding companies and franchises Small business succession and transitions Common reasons small businesses fail Opportunities for aspiring entrepreneurs Sound Bites Suggested sound bites to confirm against the transcript: “Buying a business can be an alternative to starting one from scratch.” “Are you buying a job or buying a business?” “The first 90 days can shape the future of a business.” Develop This: Economic and Community Development http://www.developthispodcast.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/43370169/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/43370169