Below is a fascinating recounting of how Conrad Hilton grew his hotel chain. Of note, in the video is the retelling of the fact that Hilton, after buying his first hotel, found ways to expand the number of rooms that could be rented out.
This is in line with the post I made back in 2007, when I discussed how to buy a business.
Also of note, the second half of this video discusses borrowing against your silver to buy a business. I don't recommend this as a strategy for most, if not done correctly, it's a real high roller strategy.
Great advice Bob, I never knew you wrote a column on buying a business!
ReplyDeleteI did exactly that for the same reasons in your write up: lower risk, "education" on the job, etc.
I bought in @ 32 years old and had a baptism by fire...but the education I've received(and continued to receive) is simply phenomenal.
The only thing I've used from college is the accounting stuff and maybe some business writing skills....something I could have gleaned in 3 months from the right people instead of university.