Identifying the Characteristics You Want in Your Business

As you begin your search for a smaller company to buy, you might be tempted to think big thoughts about the future of humankind to identify the shifting sands of the business environment. You’ll wonder, What is the next big thing? Where are the opportunities for big growth and fabulous profits? These kinds of musings make for wonderful conversations but rarely lead to good business decisions. In fact, we’ll explain in this chapter that you should look for what may seem to be a dull business: one that has the same customers from year to year and is growing slowly—a business that is what we call enduringly profitable.

In this chapter, we will describe the kind of business we think ...

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