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Learn how to buy a business for free

Start with the basics of ETA or jump straight to the part of the process you are working through now.

Every guide is free, public, and written to help you make better decisions before your money is on the line.

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01 Deciding Start here
001 live · 004 planned
Why Ownership Builds Wealth DifferentlyHow owning a profitable business turns work into equity, and the four levers that drive the return. Read now →
Buy, Build, Franchise, or InvestThe four ways to own something, side by side: risk, time to cash flow, control, and what each asks of you. Coming soon
Is Buying a Business Right for YouAn honest look at temperament, finances, and timing before you commit a year of your life to a search. Coming soon
Acquisition Entrepreneurship vs. Side Hustles and Passive IncomeWhy buying an operating business is a different game from side income, and what that means for your returns. Coming soon
02 Choosing your path Search fund, self-funded search, franchise, or a partner: the ways to buy, what each costs you in time and control, and how to pick the one that fits your capital and your life. Coming soon 4 guides planned
Search Fund, Self-Funded, or Sponsor-Backed: The Three Ways to Search Coming soon
Franchise vs. Independent Business: What You Actually Buy Coming soon
Solo or With a Partner: How to Decide Before You Start Coming soon
How Much of Your Own Money You Need to Buy a Business Coming soon
03 Getting ready Personal criteria, capital, and credibility before you look at a single listing: your financial picture, your buyer profile, and the team you will need around you. Coming soon 4 guides planned
Writing Your Buyer Criteria (and Sticking to Them) Coming soon
Getting Your Personal Finances Deal-Ready Coming soon
Building Your Deal Team: Attorney, CPA, Lender, Advisor Coming soon
The Buyer Profile: How Sellers and Brokers Size You Up Coming soon
04 Finding deals Where deals actually come from: brokers, proprietary outreach, marketplaces, and the network. How to build and work a pipeline without losing a year. Coming soon 4 guides planned
Where Deals Come From: Brokers, Marketplaces, and Proprietary Outreach Coming soon
How to Read a Listing in Five Minutes Coming soon
Running a Search Pipeline Without Losing a Year Coming soon
Talking to Brokers: What to Say and What to Ask Coming soon
05 Evaluating Reading a SIM and a P&L, adjusting earnings, spotting the risks that kill deals later, and deciding whether a business is worth an LOI. Coming soon 4 guides planned
How to Read a SIM Coming soon
Adjusted Earnings: What SDE and EBITDA Really Tell You Coming soon
Customer Concentration, Owner Dependence, and Other Deal Killers Coming soon
From First Look to LOI: The Questions That Decide It Coming soon
06 Structuring & closing Price, terms, and the capital stack: SBA loans, seller notes, equity partners. Due diligence, the purchase agreement, and getting to the closing table. Coming soon 4 guides planned
The Capital Stack: SBA Loans, Seller Notes, and Equity Coming soon
What Goes in a Letter of Intent Coming soon
Due Diligence: What to Verify Before You Sign Coming soon
The Purchase Agreement and Getting to Close Coming soon
07 After the close The first hundred days as an owner: the transition with the seller, keeping the team, cash management, and the decisions only you can make. Coming soon 4 guides planned
Your First 100 Days as an Owner Coming soon
The Seller Transition: Getting What You Paid For Coming soon
Keeping the Team You Just Bought Coming soon
Cash, Covenants, and the First Year of Debt Coming soon
08 Reference Glossary, checklists, templates, and the numbers buyers ask about most. The material you will come back to at every stage. Coming soon 4 guides planned
Acquisition Glossary: The Terms Buyers Need Coming soon
Checklists: Search, Diligence, and Closing Coming soon
Deal Math: Multiples, Coverage, and Returns Coming soon
Templates and Worksheets Coming soon

The gray titles are still on the roadmap. Get notified as guides go live.

We’d rather help you buy well than sell you a course

The Lab’s business model relies on members buying good businesses, not on monetizing ways to educate buyers.

Most of what we know about acquisition can be published for free and will help Searchers make better buying decisions.

Our guides are built from years of experience working real deals

Years of member searches produced a lot of practical knowledge about what works, what breaks, and what buyers tend to miss. Learn turns that experience into guides anyone can use.

Experts lead every guide

Each guide starts with a subject matter expert who knows the topic firsthand. They shape the substance, challenge common assumptions about the topic, and make sure the advice on the page reflects how the work actually gets done.

Built from real member work

The Lab’s Advisors, experts, and community contribute research and help shape the outline around the questions they are seeing in active searches. Our experts use that research to test what matters, what needs more explanation, and where buyers tend to get stuck.

Where AI fits

AI is part of our process, but it’s not the source of the work. We use it to research and expand upon our initial ideas, as well as to verify and refine material that has already been shaped by experts and members.

Every guide gets human review

Every guide goes through editorial review before publication. A real human (usually several) check the reasoning, the facts, the sourcing, and determine whether the article actually answers the question we set out to answer.

The guides are free, but the people make the difference

Our guides can teach you how the work fits together, but they can’t actively help you find a great deal.

Joining the Lab gives you access to Advisors, experienced members, and a room where you can bring the actual deal and work through it with people who have seen this before.

Daily access to experienced Advisors

Talk through live search and deal questions with Advisors who have seen the issues before.

Pressure-test deals in the Search Forum

Get a live deal in front of the room and find out what other experienced buyers see that you might have missed.

Get on the same page from day one

Learn the common language and frameworks before the real questions and live deals start piling up.

Search alongside other serious buyers

Work alongside buyers at different stages of the search and learn from what they are seeing in real time.

The whole library is yours to use

The library will keep growing. Read what you need today, and sign up to get notified when something new goes live.