As an MBI candidate, it's important to know what your unique added value (proposition) is and in which market this is best. Where can you make the difference?
During the National Acquisition Day last month, we emphasized once again from our practice how important it is for MBI candidates to know very well what you are looking for, if you want to be successful in an acquisition process.
Focus, making choices is what this is all about. MBI-ers present at our workshops often find this a difficult part. Especially in the beginning of their search process they do not want to exclude anything and want to see as much as possible. Moreover, how do you know what is right for you if you have never done business before, let alone bought a business?
Who am I?
First of all, focus is therefore not about the question "what am I looking for?", but about the question "who am I as an entrepreneur!!!". What is my unique added value (proposition) and in what setting does it best come into its own. In other words, what business, what market dynamics, what environment matches my experience and can I really make a difference there?
It is crucial to answer this question before entering the market. Otherwise you run up against too many barriers; directors and shareholders who don't understand why you are sitting at the table with them, financiers who find the risk too high (where is the match?) and yourself having trouble making good choices and analyses in businesses/markets you don't really know (well).
Search focus
So your "search focus," as far as we are concerned, is about defining the MARKET you are buying into. That market is your mirror, your only truth. What can YOU as entrepreneurs soon add to that market! You actually want to know the mechanisms and dynamics in that market before you soon start your business and thus connect with your experience. Your new business in this process is (of course) nothing more than the means to storm that market.
Home game
Don't focus on the business and don't get distracted by beautiful figures or products. After all, as an MBI-er you are more than just an investor. As manager/entrepreneur you will have to get your invested money back from the market yourself. It's handy when you get to play a home game.
