Mistakes I've experienced, buying and selling businesses, more or less ranked in order from excruciating to awfully painful:
- Ignoring gut feel
- Not correcting over-valuation immediately
- Believing accounting data & reports
- Setting the wrong time expectations
- Taking it personal
- Not getting to know key suppliers
- Not getting to know key clients
- Not getting to know key personnel
- Underestimating the cost to correct flawed operating systems
- Too much focus on EBITDA, not enough on cash flow
Now, I am committed to learning from my mistakes and helping others avoid some of the hardest knocks.