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Take Five #109: When to expect a liquidity crunch, and more

1. “Entrepreneurship Through Acquisition Exploding At WashU Olin & Other B-Schools”

There’s a reason startups get most of the attention – from reporters and MBAs. Startups are sexy. The mythos surrounding Mark Zuckerberg and Jeff Bezos is irresistible compared to telling your buddies that you run a pest control business with great recurring revenue.

But, it’s something business schools should be teaching, says Wolfe, who serves on the national council of the Skandalaris Center. He’s also an Investor in Residence, having built his own portfolio of acquisitions and exits, and he judges WashU’s various pitch competitions. The school does an amazing job on the startup side, he says, but that’s not all an entrepreneur can or should pursue.

“My view, and the statistics show this, is that startups are really, really hard. Only about 10% of companies ever get to $1 million in sales, and only 1% ever get to $10 million. It’s great that we teach our students how to start a startup. But, the truth of the matter is, they are a viable path for only 1% of students,” Wolfe says.

Find the rest of the Poets & Quants article here.

2. Podcast Interview: EtA expert breaks down the business of buying businesses

Entrepreneur, author, and business owner Reid Tileston discusses his experiences in EtA, including facing failures, celebrating successes, and the importance of self-reflection. He also offers insights on SBA financing impacts and business-naming, and talks about the perks of being a company acquirer.

3. When to expect a liquidity crunch

4. Defining what you aren’t to strengthen focus on what you are

As McConaughey suggests, in those early years, it was critical for us to discern what we do not do.  Through a sometimes painful process of trial and error, we narrowed our focus and became more disciplined.  Today, we know that we don’t do real estate.  We stay away from distressed companies.  We do not invest in start-ups, nor do we invest in breakeven companies, regardless of the growth profile.  We only do majority (ideally 100%) investments.  We avoid tech-based businesses and companies with a lot of regulatory risk.  We don’t extend credit.  As McConaughey notes, narrowing our focus gave us the conviction to focus on executing in the world of cash-flowing “boring” small businesses.

Read the rest of Chenmark’s post here.

5. EtA Event: Self-Funded Search Conference in Dallas, TX

Three-day event for self-funded searchers featuring sessions like “State of the Self-Funded Search Market,” and “Anatomy of Closing a Deal,” with speakers including Karen Spencer, Robert Graham, and Lisa Forrest

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