I cannot tell you how much I have learned since we started our private equity partnership. In many ways so much went astray that it could and will fill volumes of material. But you want to know right now what are the keys to success. And I aim to tell you all. If I can spare anyone the grief, headache and monetary disaster that may befall an inexperienced buyer of a business. Lets start with a very simple concept buy smart – share risk. The notion of buying smart is generally meant to pay the least possible amount for a business. However, one cannot understand the implications of doing so until they buy a business and it turns out to be less than envisioned. While you are trying to pay off your debt – your competition is cutting prices. While you are reducing compensation – your employees are seeking new employment arrangements and as you hold off vendors to conserve cash – vendors find themselves being strung out and deciding that you are not worth the credit risk. Hence, employees and vendors are disgruntled — competitors gleeful. Lets never put ourselves in this position. Next we’ll take a deep dive into some real worl pricing mistakes. Ughhhhhhhhhh I am going to have to relive it.