Turnover Is Vanity Profit Is Sanity
When you buy a business, you expect to pay a premium – unless it’s a distress purchase.
If it’s a good fit, there will almost certainly be cost savings.
But it’s unlikely you will recover the premium you paid, unless you can see more potential for the business than its current management team.
Buying businesses to boost your turnover is vanity.
Buying businesses to enhance your profitability is sanity.