Harvard Business School

HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company

Ruback, Richard S., and Royce Yudkoff. (2017)

Harvard Business Review Press, HBR product #10090, 320 pages, publication date February 7, 2017. ISBN 9781633692503 (as embedded in the retailer link on the HBR store page); Open Library also records ISBN 9781633695597 (hardcover, Feb 07, 2017) and 9781633692510 (2017)

Practitioner how-to book by the two HBS professors who teach the school's small-firm acquisition courses. The publisher abstract lists its scope: deciding whether the path fits, raising capital, finding and evaluating prospects, why a "dull" business may be the best investment, negotiating with the seller, and avoiding deals that fall through. The abstract describes no dataset; the book text itself was not read this session, so no statistic should be cited to it from this file. The three ISBNs come from two different records and the format attached to each was not confirmed on a publisher page.

Source

Buying Your Way into Entrepreneurship

Ruback, Richard S., and Royce Yudkoff. (2017)

Harvard Business Review 95, no. 1 (January-February 2017): 149-153

The magazine article that accompanies the book; it introduces the term "acquisition entrepreneurship" for buying and running an existing operation. Volume, issue and pages are from the HBS faculty publication list. The only data point in the visible text is attributed to a third party: "A record number of such transactions occurred in the United States during the first three quarters of 2016, according to BizBuySell, an online small-business marketplace." The remainder is behind the paywall and was not read.

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Why More MBAs Should Buy Small Businesses. hbr.org digital article, March 25, 2016

Ruback, Richard S., and Royce Yudkoff. (2016)

Short advocacy piece (subtitle on the HBR search page: "It's less risky than you think"). Visible text gives the only HBS headcount found anywhere this session: "At the Harvard Business School, for example, the number of MBAs who decide to look for a business to acquire right after graduation has gone from less than a handful a decade ago to more than a dozen, and in an occasional year, twice that amount." It then points to the Stanford search fund study (the link in the article is to the 2013 edition) for a record number of active search funds. This is the authors' own observation, not a survey.

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Why Buying a Company Can Be Better than Starting One. hbr.org digital article, April 5, 2016

Ruback, Richard S., and Royce Yudkoff. (2016)

Argument piece (subtitle: "It's boring, but having customers is nice") positioning acquisition as an alternative to founding a start-up. No data appear in the visible opening paragraph; the rest is paywalled and was not read.

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Which MBAs Make More: Consultants or Small-Business Owners? hbr.org digital article, June 28, 2016

Ruback, Richard S., and Royce Yudkoff. (2016)

Compares the economics of a consulting career with owning a small firm. Only the opening paragraph (on compensation being more than money) is visible; the comparison itself and whatever numbers support it are paywalled and were not read. A companion HBR video, "What's the Most Lucrative MBA Career?" (July 13, 2016), is listed on the hbr.org author search page and was not opened.

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You Should Consider Buying a Small Business

Ruback, Richard S., and Royce Yudkoff. (2017)

But When? hbr.org digital article, February 15, 2017

On the timing of a search relative to graduation. Visible text reports the authors' classroom tally: "Each year roughly a third of the 80 or so students decide to begin their search right after graduation; a third decide that the career path doesn't make sense for them, at least in the near term; and a third tell us they plan to work for a few years". This is an informal statement about one course, with no method given.

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Why You Should Buy a Business (and How to Do It)

Ruback, Richard S., and Royce Yudkoff (interviewed). (2017)

HBR IdeaCast, episode 564, February 16, 2017

Interview with a full transcript on the page. Yudkoff states: "Of all the people we see who march down this path, about 75% succeed in acquiring a small firm of the type we describe. And usually they accomplish that in about a one to two year period." He also states that "these firms sell for about four times their annual pretax profit" and that most buyers use "about 2/3 debt and 1/3 equity". All three are spoken estimates from the authors' experience; no sample, period or definition of the population is given.

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Early Career LBOs Using the Search Fund Model

Stevenson, Howard, Michael Roberts, and Jim Sharpe. (2015)

Harvard Business School Technical Note 813-119, 15 pages. (store page: publication date December 10, 2012)

SourceVERIFIED (existence only)

Mt

Sahlman, William A., and Dan Heath. (2004)

Auburn Partners Search Fund. Harvard Business School Case 805-030, 21 pages, publication date September 21, 2004

SourceVERIFIED (existence only)

Jim Sharpe: Extrusion Technology, Inc. (A)

Feinberg, Barbara (author as linked on the HBR store page; full author list not confirmed). (1997)

Harvard Business School Case 697-078, 13 pages, publication date February 10, 1997

SourceVERIFIED (existence only)

Main Street Auto

Yudkoff, Royce, and Richard S. Ruback. (2025)

Harvard Business School Case 226-037, August 2025, 7 pages

SourceVERIFIED (existence only)

Legacy Partners

Yudkoff, Royce, and Richard S. Ruback. (2023)

Harvard Business School Case 223-092, May 2023, 6 pages

SourceVERIFIED (existence only)

Forest Park Capital

Pananos, Jason, David Rosner, Richard S. Ruback, and Royce Yudkoff. (2023)

Harvard Business School Case 223-012, August 2022, 10 pages

SourceVERIFIED (existence only)

Heritage Holding

Ruback, Richard S., and Royce Yudkoff. (2022)

Harvard Business School Case 223-002, August 2022, 9 pages

SourceVERIFIED (existence only)

Entrepreneurship Through Acquisition: Brian's Journey

Ruback, Richard S., Royce Yudkoff, and Sarah Livick-Moses. (2022)

Harvard Business School Multimedia/Video Case 221-703, November 2022

SourceVERIFIED (existence only)

What's Next

Ruback, Richard S., and Royce Yudkoff. (2022)

Harvard Business School Multimedia/Video Case 222-709, May 2022

SourceVERIFIED (existence only)

Pacific Lake and the Rise of Professional Capital in Search Funds

Pananos, Jason, Jay Davis, Richard Ruback, and Royce Yudkoff. (2021)

Harvard Business School Case 222-015, September 2021, 12 pages

SourceVERIFIED (existence only)

DRSi

Ruback, Richard S., and Royce Yudkoff. (2021)

Harvard Business School Case 222-041, October 2021, 8 pages

SourceVERIFIED (existence only)

gWorks

Ruback, Richard S., and Royce Yudkoff. (2020)

Harvard Business School Case 220-093, June 2020, 7 pages

SourceVERIFIED (existence only)

Systems Design West

Ruback, Richard, and Royce Yudkoff. (2019)

Harvard Business School Case 220-004, August 2019, 9 pages

SourceVERIFIED (existence only)

Helena Divišová

Ruback, Richard S., and Royce Yudkoff. (2021)

Harvard Business School Case 220-020, August 2019, 8 pages

SourceVERIFIED (existence only)

Peak Investment Capital

Ruback, Richard S., and Royce Yudkoff. (2021)

Harvard Business School Case 219-061, November 2018, 6 pages

SourceVERIFIED (existence only)

Capitol Digital

Ruback, Richard, and Royce Yudkoff. (2019)

Harvard Business School Case 218-019, August 2017

SourceVERIFIED (existence only)

Cambridge Franchise Partners

Ruback, Richard, and Royce Yudkoff. (2017)

Harvard Business School Case 217-082, May 2017, 6 pages

SourceVERIFIED (existence only)

Rose Electronics Distributing Company

Ruback, Richard, and Royce Yudkoff. (2016)

Harvard Business School Case 217-018, September 2016, 5 pages

SourceVERIFIED (existence only)

Baskits Inc

Ruback, Richard S., and Royce Yudkoff. (2019)

Harvard Business School Case 217-001, August 2016, 7 pages

SourceVERIFIED (existence only)

Fail Safe Testing, Inc

Ruback, Richard S., and Royce Yudkoff. (2017)

Harvard Business School Case 215-030, November 2014, 23 pages

SourceVERIFIED (existence only)

Citywide Building Services

Ruback, Richard S., and Royce Yudkoff. (2014)

Harvard Business School Case 215-031, November 2014, 21 pages

SourceVERIFIED (existence only)

Antoine Leboyer and GSX

Ruback, Richard S., and Royce Yudkoff. (2023)

Harvard Business School Case 214-038, September 2013, 5 pages

SourceVERIFIED (existence only)

Castronics, LLC

Ruback, Richard S., and Royce Yudkoff. (2012)

Harvard Business School Case 213-028, September 2012, 24 pages

SourceVERIFIED (existence only)

Roxbury Technology Corporation

Ruback, Richard S., and Royce Yudkoff. (2013)

Harvard Business School Case 213-029, September 2012

SourceVERIFIED (existence only)

MC Tool

Ruback, Richard S., and Royce Yudkoff. (2018)

Harvard Business School Case 213-013, July 2012, 7 pages

SourceVERIFIED (existence only)

Revenue Solutions, LLC

Ruback, Richard S., and Royce Yudkoff. (2012)

Harvard Business School Case 213-032, July 2012, 4 pages

SourceVERIFIED (existence only)

Home Nursing of North Carolina

Ruback, Richard S., and Royce Yudkoff. (2018)

Harvard Business School Case 212-120, June 2012

SourceVERIFIED (existence only)

Lind Equipment

Ruback, Richard S., and Royce Yudkoff. (2018)

Harvard Business School Case 212-012, August 2011, 8 pages

SourceVERIFIED (existence only)

Adaptive Engineering, LLC

Ruback, Richard S., and Royce Yudkoff. (2017)

Harvard Business School Case 212-010, August 2011, 6 pages

SourceVERIFIED (existence only)

Penn Warranty Corporation

Ruback, Richard S., and Royce Yudkoff. (2011)

Harvard Business School Case 212-007, September 2011 (revised from original August 2011 version)

SourceVERIFIED (existence only)

Nashton Partners and Its Search Fund Process

Ruback, Richard S., and Royce Yudkoff. (2018)

Harvard Business School Case 212-006, July 2011, 10 pages

SourceVERIFIED (existence only)

Talismark

Ruback, Richard S., and Royce Yudkoff. (2019)

Harvard Business School Case 211-097, April 2011, 5 pages

SourceVERIFIED (existence only)

Next Street, LLC

Ruback, Richard S., and Royce Yudkoff. (2013)

Harvard Business School Case 211-094, March 2011, 10 pages

SourceVERIFIED (existence only)

Red Hen Baking Company

Ruback, Richard S., and Royce Yudkoff. (2017)

Harvard Business School Case 211-091, March 2011, 6 pages

SourceVERIFIED (existence only)

Businesses for Sale by Briggs Capital, 2010

Ruback, Richard S., and Royce Yudkoff. (2013)

Harvard Business School Case 211-088, February 2011, 3 pages

SourceVERIFIED (existence only)

Greg Mazur and the Purchase of Great Eastern Premium Pet Foods

Ruback, Richard S., and Royce Yudkoff. (2018)

Harvard Business School Case 211-085, February 2011, 19 pages

SourceVERIFIED (existence only)

Marlin & Associates and the Sale of Riverview Technologies

Ruback, Richard S., and Royce Yudkoff. (2011)

Harvard Business School Case 211-083, February 2011

SourceVERIFIED (existence only)

Gemini Investors

Ruback, Richard S., and Royce Yudkoff. (2026)

Harvard Business School Case 211-066, February 2011, 9 pages

SourceVERIFIED (existence only)

ALAC International

Ruback, Richard S., and Royce Yudkoff. (2018)

Harvard Business School Case 211-065, February 2011, 8 pages

SourceVERIFIED (existence only)

Executive Compensation at Talent Partners

Ruback, Richard S., and Royce Yudkoff. (2020)

Harvard Business School Case 211-073, January 2011, 6 pages

SourceVERIFIED (existence only)

National Public Broadcasting

Ruback, Richard S., and Royce Yudkoff. (2012)

Harvard Business School Case 211-058, January 2011, 6 pages

SourceVERIFIED (existence only)

Triple Point Technology

Ruback, Richard S., and Royce Yudkoff. (2013)

Harvard Business School Case 211-057, December 2010, 8 pages

SourceVERIFIED (existence only)