HBS Conference Insights - 2020
December 10, 2020
by an admin from Stanford University - Graduate School of Business in Honolulu, HI, USA
A searcher reminded me that a couple years ago we started a thread to share insights from the HBS conference,. Click here to see that thread. So, I am doing this post to start that discussion about the 2020 conference. Please share your takeaways, key insights, learnings, etc in the comments below. We were delighted to be a sponsor for this year's HBS conference and want to be sure it's of value to you. So, feel free to provide guidance to us on whether we should be a sponsor next year.
from Acadia University in Moncton, NB, Canada
• HBS defines Entrepreneurship as “The relentless pursuit of opportunity without regard to resources currently controlled.” [How to be successful = Relentless, opportunistic, resourceful] • Collaboration – Searchers old and new want to be helpful. See this as an important and growing asset class that provides a meaningful opportunity for bright, talented motivated searchers. • There is ‘riches in the niches’ find something quirky that has the attributes of great industry/company and you will be rewarded. • Lenders – need to pick the right one. Huge variance in responsiveness, quality and ASSET vs. CF. Need CF lenders! Engage early, run them through a few deals, be proactive. [Live Oak = were impressive] • Focus on quality deals. Run hard, kill quickly, move on. Sunk costs are sunk – need to dust yourself off and keep moving. Being able to quickly ascertain whether an owner is a motivated seller is KEY. • Need to develop the right funnel process; learn the grunt work yourselves, then leverage interns and iterate on the process to ensure max efficiencies and shared learning. • Varying degrees of sophistication on Sourcing strategies. Need to make lots of contacts. Even a ‘low touch’ approach means 1,000 emails…use the many great software tools available. • A-Players are expensive. And worth it! Success rates for key position hires: hovering around 50% range. Hire slow, fire quickly. The key early hires Controller, Operations, Sales. • Your Support network is critical. There will be ups/downs ebbs/flows…ensuring you have the right support across spouse, friends, family, Board/investors is crucial. • Network like MAD – it works. Do not get trapped in thinking ‘productivity’ is sending emails from behind a computer… • Be clear about what you want. Buy a company that you will enjoy running. • Industry-focused searches bring efficiencies and allow you to be more credible with buyers. • Richard Reese @ Iron Mountain…what a LEGEND. Great story.
from Purdue University in New York, NY, USA
Overall, the conference proved well worth my time. As someone currently exploring whether to go down this path, the conference's agenda did well to provide great insight and perspectives into what to expect.
Besides all of the tips shared by past and current searchers over the day, I believe my greatest takeaway was understanding the mindset and commitment required to make it through the journey. Respecting most everyone on this forum has the mental aptitude to search effectively, it seems that many will face experiences that they have not encountered in their careers thus far. And for that, you will need to be mentally ready.