For the right business—and the right people—we can provide a good home.
—WARREN BUFFETT [BUFFETT, 1977–2013, 1983–1987]
We don’t sell. We have an entrance strategy, but we have no exit strategy.
—WARREN BUFFETT [CITED IN KILPATRICK, 2005, P. 770]
Financial theory argues that the best price for a business will be paid by the investor for whom the business has the highest value; such an investor is typically a strategic buyer, one who, unlike a financial investor, may have a synergy with the business that is being acquired. For this synergy to be realized, however, the ...