Buy Then Build

Walker Deibel's central argument is that buying an existing business is a superior path to entrepreneurship than starting one. The logic is straightforward: starting from scratch means solving the hardest problems, finding product-market fit, building a customer base, surviving the early years with no revenue. Acquisition means buying a business that has already solved those problems and applying your energy to growth. Deibel calls this acquisition entrepreneurship, and makes a compelling case that it is underutilised relative to its risk-adjusted returns.

This sits directly in Goodrich's mandate work. Many of the clients we work with, whether deploying capital from a liquidity event or looking to transition from executive roles into ownership, are better served by acquiring an existing business than building one. Deibel's framework for identifying, valuing, and structuring acquisitions maps closely to the work Goodrich does at the deal structuring and capital deployment stage.

The book is practical and honest about the challenges: integration, deal sourcing, financing structure, and working with sellers who are emotionally attached to what they have built. It is one of the few business books that reads like it was written by someone who has actually done the thing rather than observed it from a distance.