The journey often begins with an "Entrepreneurship through Acquisition" mindset. Instead of starting from scratch, a buyer looks for an owner ready to retire. For example, you might find a long-established glass work or paving company with a solid local reputation. The initial goal is to find a business that doesn't just look profitable on paper but has a "backlog"—a list of signed contracts for future work—that ensures revenue visibility for the next 6 to 12 months. 2. The Diligence Rollercoaster
Financing a multi-million-dollar acquisition rarely happens with cash alone. It typically involves a "capital stack": Usually 10% of the purchase price.
Once a target is found, the process enters a "draining" 10-month period of due diligence. This is where most deals succeed or fail.
