Buy Then Build
“Buy Then Build” by Walker Deibel is a powerful guide for entrepreneurs who want to own a business without starting one from scratch. Rather than spending years building a company from the ground up, Deibel presents a compelling case for acquiring an existing, profitable business. The book walks readers through the advantages of buying over building, including faster cash flow, proven market demand, and operational infrastructure that's already in place. For anyone looking to become an entrepreneur through acquisition (also called ETA, or Entrepreneurship Through Acquisition), this book offers both the mindset and the playbook.
Deibel outlines the key steps involved in the acquisition process, starting with how to identify and evaluate potential businesses. He teaches readers how to analyze financial statements, assess risk, and determine whether a company is a good fit based on their personal goals and skills. The book demystifies terms like SDE (Seller's Discretionary Earnings), EBITDA, and multiples, which are crucial for evaluating deals. Deibel also emphasizes the importance of having the right team, brokers, lenders, and attorneys, to help execute the acquisition smoothly.
What makes this book particularly valuable is that it doesn't just cover the transaction itself, but also what comes after. Deibel explains how to take over and operate a business effectively, including building rapport with employees, identifying opportunities for growth, and making strategic improvements. His “acquire, grow, exit” framework encourages readers to think long-term and see acquisitions not just as a shortcut to business ownership, but as a platform for real wealth creation.
Ultimately, “Buy Then Build” challenges the traditional startup narrative by showing that entrepreneurship doesn’t always mean starting from zero. With real-world case studies, practical tools, and Deibel’s personal experience as both an entrepreneur and investor, this book is a roadmap for anyone who wants to take control of their future through acquisition. It's an especially timely read for aspiring business owners, career changers, or investors looking to own a company with lower risk and faster results.