Empire Builder: The Road to a Billion

by Adam Coffey

YOUR EMPIRE STARTS NOW.

You’ve got big dreams for your business, but the odds are not in your favor. You’re struggling to scale. Sometimes it’s hard to stay profitable. You know you need expert advice to grow.

CEO coach and executive thought leader Adam Coffey has been where you are. He, too, dared to dream of that elusive billion dollar exit. Then he took his companies to triple digit growth. In Empire Builder, he shows you how to do the same. From foundation framing to exit plan, Coffey fills your business toolbox with a wealth of hard-won, real-world strategies you can begin using today.

Discover how private equity can forever change the scope of your company. Draft the blueprint for steady rising growth. Understand how to wield the power of mergers and acquisitions. Step by step, Coffey helps you make the most of each new tool you acquire. Let Empire Builder help you beat the odds and achieve your first million while keeping your eyes on the billion dollar prize.

Genres: Business, Audiobook

254 pages, Kindle Edition

Published October 24, 2023

Reviews

[Krista McWilliams · Rating 3 out of 5]

It’s a pretty good book. It’s very basic and I was hoping for more advanced book.

[Roberto · Rating 4 out of 5]

The book is written in a smooth, easy-to-read style, offering valuable tips on improving your business. One standout piece of advice is, "Prioritize culture over revenue, and the revenue will follow," which is definitely worth remembering. However, much of the content seems geared toward those without a formal business education, as many concepts typically covered in business courses are explained. That said, I appreciate how the author ties these lessons to his personal experiences, making them more relatable and insightful. Definitely worth reading!

[Daan Stolk · Rating 5 out of 5]

Adam Coffey’s Empire Builder nicely distills the playbook for scaling a business with a private equity mindset.

A few takeaways:

Multiple Arbitrage: This is the classic PE move—buy small, grow, and sell at a higher multiple. The trick is disciplined execution and integration.
30% EBITDA Growth Rule: Aggressive but achievable if supported by strong operational execution and smart M&A.
Scaling Stages: The framework aligns well with classic scaling challenges—each phase requires a different leadership style and focus
M&A Strategy: avoid value destruction by having clear what you are trying to build and what you need to buy for that (incl. the price)
Link Strategy to Talent: The best initiatives fail without the right people. The focus on structured KPI tracking ensures accountability at both company and individual levels.

[John Sitler · Rating 4 out of 5]

Written in clear simple language, the book offers a guide to consolidating a sizable stable business in fragmented industries. I especially valued the instances of specific guidance on resources and tools. My only complaint would be on the level of depth. Though I appreciate the 'keep it simple' style to not distract from the key messages (as well as the structure which reiterates key takeaways), I found myself often wanting for more nuance. I would love to see a follow up book that provides anecdotes and details of building one of his three successful empires.

[Ben Donahower · Rating 5 out of 5]

Things I never thought about

I became interested in PE as an investor and as I have a number of these firms as customers. This was an interesting perspective and I learned a lot about this approach to business growth and exit planning.

[Jonathan Govan · Rating 4 out of 5]

4 stars - a good read! A lot of gold nuggets about selling partially to PE to fuel massive growth. I don't know if I'm trying to get on the $1B train but a lot of good info that will get us to where we want to go 😎

[Jordan · Rating 3 out of 5]

Some useful ideas here. Central among them being the idea of starting on an infinitesimally small scale & gradually scaling your business up to maximum profit.

[Jung · Rating 5 out of 5]

"Empire Builder: The Road to a Billion" by Adam E. Coffey provides valuable insights into the journey of building a successful business empire. The book begins by acknowledging the challenges entrepreneurs face, with a notable 18 percent of small businesses failing in the first year. Coffey aims to guide readers through real-world lessons, covering foundational best practices and strategies for selling an enterprise for top dollar.

Laying the foundation is the first crucial step in building a business empire. Coffey emphasizes the importance of a strategic approach and a clear understanding of the fundamentals. Addressing the needs of the target market and choosing the right business type (service, real estate, or products) are key considerations. Building a positive company culture and fostering a strong team are highlighted as essential for turbocharging revenue.

The book outlines a strategic growth plan in four steps. Starting with discovery, entrepreneurs are advised to dig deep and identify patterns. Developing a thesis based on data analysis follows, leading to the strategic selection of key initiatives promising real growth. The cycle of measuring, adjusting, and repeating is crucial for ongoing success.

To achieve ambitious growth targets, the book introduces fundamental tactics for preliminary progress. It likens growing a business to gardening, emphasizing the need for effective strategies. Organic growth and margin enhancement are presented as two basic approaches. Strategies such as price adjustments, volume increase, pivoting, and tiered pricing are explored for organic growth, while margin enhancement involves operating leverage, technology utilization, process improvement, structural changes, and continuous improvement.

The book then delves into advanced strategies for empire-building, offering insights into mergers and acquisitions (M&A) and the buy-and-build strategy. Navigating M&A and buy-and-build involves meticulous planning and execution. The importance of an overarching strategy, effective team alignment, and analytical tools like the bridge for tracking progress is emphasized. Building a business empire is portrayed as a sophisticated blend of strategies and tools that, when executed correctly, can lead to significant growth.

Scaling the empire is presented as the next logical step after successful growth. The book introduces the idea of strategically selling the business to major companies or private equity firms to tap into additional resources. Selling involves meticulous planning, branding, financial record preparation, and choosing the right time and buyer. The importance of storytelling during the selling process, engaging experts like tax advisors, investment bankers, brokers, and legal counsel is highlighted. The process of selling is portrayed as a complex but rewarding journey that can take four to six months.

In conclusion, "Empire Builder" offers a comprehensive guide for entrepreneurs looking to build and scale a successful business empire. From laying the foundation to strategic growth, advanced strategies, and ultimately selling the business, Coffey provides valuable insights and practical advice for every stage of the entrepreneurial journey. Armed with this knowledge, entrepreneurs are encouraged to define their vision, assemble the right team, and implement growth strategies to redefine their market leadership.

[Mir Shahzad · Rating 5 out of 5]

Summary:

Building a business empire demands strategy and sophistication at every turn. It’s all about understanding your market, crafting a vision, and leveraging the right tools to propel your company into the big leagues. We’ve covered the fundamentals, like doubling down on your target customer’s needs and nurturing company culture. We’ve explored advanced techniques for rapid growth, from margin enhancements to strategic mergers and acquisitions. And you’ve seen how planning a profitable exit can unlock new levels of expansion. 

You’re now armed with battle-tested tips for every step of the journey – all the way from the seed phase to a billion-dollar valuation. The rest is up to you. Define your vision, assemble your team, pick those ripe growth strategies, and tend to your empire with care. Before you know it, you’ll be redefining what it means to be a market leader.

[Scott Wozniak · Rating 4 out of 5]

This is the ABC's of how to grow your company using private equity money. He's a private equity guy and so sees business through that lens--and he's not shy about saying that. So he starts with the basic info and then talks about how to get more money at each stage and how to spend it to grow your company. It's not surprising or creative advice. There's no special insight into an industry or new technique. It's mostly about how to apply discipline by picking the most critical thing at each stage.

[Yassin Shaar · Rating 5 out of 5]

in the trenches playbook for bending the growth curve

I love that everything Adam talks about is from actually doing it. I’m fascinated by the world of private equity and the amount of growth they help achieve in such a short time.

This book inspired me to rethink our path to reaching the $1B mark. Definitely will be reading certain sections multiple times.

Thanks Adam for another great book and looking forward to the next one!

[Michael MacRae · Rating 5 out of 5]

I haven't learned this much in 165 pages of reading since reading Kahneman. Even if you think it's impossible to create a roadmap to build a billion dollar business, Coffey managed to find a way. Even if this is heavily leanient on private equity and one pathway, I appreciate that the author focuses on what he knows best.

[Esben · Rating 4 out of 5]

Quite an actionable book! I'm impressed by the recent increase of knowledge in late-stage company-building and their visibility, with Empire Builder being a quality contribution. He covers how to strategically structure a company towards concurrent long-term exits and clear planning, supported by private equity (an industry I'm not very familiar with).

[Lucie Amanda · Rating 1 out of 5]

DNF
As much as I wanted hard to read it, this is just showing you the ‘it can be as simple as that’ type of growth and also really applies to service to people like landscaping and obligatory services like insurance.

It is very US centric nothing wrong about it yet not applicable for the big part in Europe as legalities are different

[Edward Wagner · Rating 4 out of 5]

Interesting book on the broader construction of HoldCo's and how to scale smaller businesses into larger empire's using outside sources of funding. Insightful but lacked some critical details in my opinion.

[Glenn Hirsh · Rating 5 out of 5]

Practical wisdom for any business

Depending on your perspective, this book may seem out of reach but Adam’s style allows you to picture yourself in those situations. I find it a mix of practical wisdom with inspiring stories that leave you excited about the possibilities.

[AttackGirl · Rating 3 out of 5]

Self help or business, I’m shocked to see 5 stars prompting me to read it for a 3 rd time surely I’m missing something others see. Perhaps it’s my MBA or Doctorate in Business … so I will wait a few days and try to be as open as possible. For now 3.

[ANOLD ATANGA · Rating 5 out of 5]

Perfect tools and guide

The Unit level economy stood out to me .It is really helpful to set a start up on the path of building a business that can sell.

[Shannah Brown · Rating 5 out of 5]

game changer

This book is life changing! All that is left to do is take action. Thank you Adam for this book.

[Steven Burciaga · Rating 5 out of 5]

So much information

[Diego Leal · Rating 3 out of 5]

Pretty solid advice on how to both buy and sell a business with an emphasis on private equity.

[Joe Nuttapong · Rating 2 out of 5]

Provide few good concepts such as One-unit economic, and understand what are important levers of how good business look like in a view of PE firms.

[Jonathan · Rating 3 out of 5]

Had hoped a bit more

[Sarah Cupitt · Rating 2 out of 5]

Considering this is relatively a new book I felt a lot of the stats were outdated but ANYWAY. Just realised the dude is probably American. Thought this was a road to a million NOT a billion (whoops)

Notes:
- Develop a thesis. Then based on your thesis, pinpoint five or six key initiatives that promise real growth.
- Think of the bridge as your roadmap to success. It’s a waterfall graph that plots out your expected growth, factoring in everything from organic growth to the impact of your M&A activities. Set clear targets for each of these growth drivers and keep a close

There are two basic approaches to increase your growth: organic growth and margin enhancement. - Organic growth is your first port of call. It hinges on four main levers. Price is the first one. Raise your prices to bump up those profit margins. However, this requires a delicate balance to find the optimal price that maximises revenue.
- Next up is volume. You’ve got to sell more, plain and simple. Beef up your online marketing, tweak your sales strategies, and maybe get some specialised salespeople on board – “hunters” to bring in new customers and “farmers” to upsell to existing ones.
- blah blah blah after this

Stats but don't necessarily agree with them:
- Data reveals that 18 percent of small businesses fail in the first year.
- You might think aiming for a 10 percent annual growth is playing it safe, but that’s not going to cut it. Under the rule of 72, at a 10 percent rate, you’re looking at a sluggish 7.2 years to double your company’s size – and another 7.2 years to quadruple. That’s a snail’s pace in the business world.

On selling a business:
- For the actual sales process, you’ll need an investment banker or a broker. These pros handle everything from showing off your company to potential buyers to snagging those offers or letters of intent. They’ll coach you through buyer meetings, maintain competitive tension between bidders, and negotiate the best possible pricing and terms for you.