When you have a hammer, everything looks like a nail.

In business, it's easy to get stuck and think there is only one way to succeed.

If you've built your business from zero, you often need to try different strategies before you find what works. 

Right now, I'm in build (rebuild?) mode, and I'm almost ashamed that I wasn't looking to buy another business. 

Because I'm an acquisitions guy.

Then I started thinking about the best time to build vs buy.

I'll share three scenarios that will give more context. 

Also, I realize in business, there is no prize for sticking to just one strategy, so have some fun with this and remember:

Business is just a game, and money is the scoreboard. 

Scenario 1:

You have built a great business; you have a team managing the day-to-day and leading the charge on growth. 

Your business is growing slower than you like, and you're reaching the top of your market, area, or niche. 

Here, acquisitions might be a good idea. You could instantly acquire a business to take market share in a new location or niche. 

But if you have the team in place already, and as long as they have capacity, why not build in new areas as well? 

Scenario 2:

You've had an exit, sitting on a pile of cash, and you are bored. You don't want to start from scratch again and enjoy a new challenge. 

This would be a great time to look at acquisitions. 

One piece of advice: when you are in this position, it's crucial to plan out your ideal future - what 

you do and don't want to do, in your next business.

Once you know what you do and don't want, you can add this to your criteria and ensure you don't buy a business and then hate your life 1-2 years in the future. 

Scenario 3:

You've had a few consecutive setbacks and want to rebuild confidence. 

This is a great time to build. 

You can test a few things, get feedback quickly, and decide which direction to commit to fully next. 

To be honest with you, this is where I feel I am today. 

I'm allowing myself time to try a few things and get quick feedback. 

I'm also getting comfortable with saying no to opportunities that don't fit my longer-term vision.

I'm rebuilding confidence, and once I have a clear path forward, I will be open to buying again to accelerate my progress. 

Business is the ultimate game. There is no ceiling and no floor. 

At the same time, I'm always trying to remind myself that there is life outside of business. 

Cheers,

Coran

P.S. Have a great weekend, go and do something fun, take your partner to a new restaurant, hike in a new place, go to a comedy show, try pickleball, play some mini golf - be a kid again!