What are the biggest lessons you've learned from acquiring a business?

February 26, 2025

by a searcher from University of Texas in Austin, TX, USA

I'm somehow new to the world of business acquisitions and search funds, and I'm eager to learn from those with experience. If you've successfully acquired a business (or explored the process), what were some of the key lessons, mistakes, or insights you wish you knew earlier?

Additionally, I'd love to hear any advice on structuring SBA loans, negotiating with sellers, and sourcing great deals.

Looking forward to learning from you all!

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Reply by a searcher
from University of Missouri in Kansas City, MO, USA

We all attempt to identify/anticipate every possible scenario when planning a deal. But I have learned through more than one deal that the attempt to anticipate all scenarios is just a great planning exercise; you will always be surprised by something. Plan for surprises by allowing for more time, more capital and more patience than you expected.

Reply by a searcher
from University of Pennsylvania in Chicago, IL, USA

There are lots of very common things you'll get from listening to a bunch of Acquiring Minds episodes and chatting with folks, so I'll just share two that I'd love to go back and talk to past me about that are maybe less obvious: 1. better prepare for the tremendous impact a change can have on family/family dynamics. I have a super supportive spouse and two sets of active grandparents, but when I completed my acquisition, we had an 8 month old and 2.5 year old, and even just the change in my schedule and time (a smooth business transition where the business did great in year 1) was super disruptive for everyone and I've had to make various trade-offs between business and family that have been really hard. I wish I'd been much more thoughtful about preparing and managing through that, or at least known it could be coming and consider how to handle it. 2. Assume there's something hiding on the people side of the business (things that have been promised, some hurt feelings, something). I think I was a little naive that what I was being told/seeing was the whole picture because it was a relatively transparent process. Luckily, it's all been good people with almost always good intentions so we're working through the issues but just assume the sellers aren't sharing a lot with you and game plan the very worst outcomes on the people side. and good luck!

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