Growing does not always mean adding to an existing portfolio. Instead, developing a successful acquisition strategy may include selling to buy more stores. For this reason, it is essential to create a Buy Box™. The Buy Box™ exercise strategically organizes your growth parameters, eliminates distractions, and allows you to zero in on the opportunities supporting your strategic plan. The process identifies your growth parameters such as geography, brands, volume, etc. So, if an opportunity comes across your desk that does not fit within your Buy Box™, you can quickly decide to move on.
You can also share your Buy Box™ with Business Brokers, Banks, and other strategic partners, which provide them the insight to help you facilitate your acquisition strategy efficiently, minimizing distractions. In this episode, Pete Theil with Haig Partners and The Rawls Group’s succession planner Champ Rawls discuss different approaches to consider when developing your growth strategy.