Step Three: Identify the Competitive Advantage

The central premise of this book is that it is possible to sell an ordinary company for an Outrageous Price. Let’s quickly review what we mean by ordinary company and Outrageous Price.

Ordinary Company

First, there’s no set value to an ordinary midsize company: It may be at the bottom of the scale ($10 million) or near the top ($250 million). For our purposes, the ordinary company is privately held but has no particular management structure. It can be co-owned, family owned, or sole owned. Ordinary companies do not attract infusions of venture capital and do not have patents pending on a cure for cancer or a miracle diet pill. Ordinary companies operate in any industry but generally are ...

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