Transcript
Introduction
Patrick
My guests today are Rick Ruback and Royce Yudkoff. Rick and Royce are Harvard Business School professors who teach their students how to search for, acquire and run small businesses directly after graduation. It's nuts, but it's been almost a decade since our first conversation and unlike many past interviews that become outdated due to technology or market changes, the core principles they shared about entrepreneurship through acquisition remain remarkably relevant today.
They explore fascinating developments in the search fund ecosystem, including the bifurcation between funded searchers targeting larger companies and self funded entrepreneurs finding success with smaller businesses. Rick and Royce share their accumulated wisdom on what makes a company worth buying, why the magic is in the multiples, and how their students consistently achieve impressive returns through patient value oriented business acquisition. Please enjoy my second great conversation with Rick Ruback and Royce Yudkoff.