The Entrepreneur’s Dilemma: Build or Buy?

In this episode of Berkeley Startup, Bob Wang, Haas MBA and founder of Tee Up Advisors, a fractional CFO firm supporting entrepreneurs and searchers. Previously, Bob built and sold Legacy Advantage to Deloitte, and served as a CFO and private equity principal—bringing a rare mix of operational and deal-making experience to the table.Bob dives deep into the world of entrepreneurship through acquisition (ETA), sharing why he believes it’s a viable path for those who want the rewards of entrepreneurship without starting from scratch. He explains the kind of businesses Tee Up Advisors helps clients acquire, and the ideal profile for a searcher looking to enter the small business M&A space. Bob also reflects on how his own acquisition of a tutoring company changed his perspective on value creation, and why being 100% committed to entrepreneurship is non-negotiable.From practical insights on business due diligence to a candid look at the emotional commitment required for success, this episode is packed with value for aspiring entrepreneurs, especially those curious about ETA, private equity, or fractional leadership roles. Bob also shares how intentional networking helped him triple his income—and why in today’s digital world, human connection is still king.Episode QuotesOn Why He Chose Entrepreneurship It's just who I am. I think I grew up that way. My parents were entrepreneurs. I saw how hard they worked and the reward that came along with it. I was able to live a good life because of their hard work. I tried my hand at entrepreneurship when I was in my early twenties. I started my own business, grew that to about 30 people, and sold my first business to Deloitte. That was my first venture. I tried some other jobs, but I really wanted to get back to running a business and having control over my time, my destiny, and be creative in that way.On Entrepreneurship Through Acquisition (ETA)A good zero-to-one project is a combination of skill, interest, and market need. If there's skill and interest, but no market need, well, that's a hobby. If you have a market need, and you're interested, but you don't have the skill, well, that's not a business. And the third vector, where, you know, there’s a market need, you have a skill, but you're not interested, well, that's just a job.When I was in Haas and was looking at what opportunities I wanna pursue, what businesses I wanna start, none of them met all three criteria. You know, I had ideas that had a market need, but I had no skill. And there were ideas that were super interesting to me, and I had the skill, but there was no market need. So then ETA was great because it allowed me to be an entrepreneur again without needing my own idea that needs to be proven out.  On The Importance of CommitmentEntrepreneurship is hard so be ready to grind it out. It has to be one of those things where there's no other path for you. I've met entrepreneurs who started a business as a side gig, and they're holding onto their job. A job is always a backup. Well, when you have a backup, you're not fully in. There's a saying, part-time effort, part-time result, and it never really takes off.So the most successful entrepreneurs, the ones that make it, for them, having a job is not an option. They would shrivel inside if they had to work for somebody else. And so they have to make their business work. And then it works.On Networking in a Digital WorldThe more the world becomes digital, the more valuable relationships are. Strangely, the more valuable physically showing up becomes. I'm out there, you know, getting coffees, going to lunches and networking events and shaking hands, and you know, I tripled my income in nine months. So my intention when I go to networking is always how I can help you and how we can help each other. Never what I can get from you. I never look for one-sided relationships. Show LinksTee Up Advisors – Bob Wang’s fractional CFO firmBuy Then Build by Walker Deibel – Book Bob recommends on acquisition criteriaBroadtree Partners – The private equity group where Bob previously workedBerkeley Haas Entrepreneur Through Acquisition ClubLegacy Advantage – Bob’s previous company, acquired by Deloittehttps://haaspodcasts.org/podcast/bob-wang-ewmba-23-the-road-to-c-suite-enabling-a-problem-solving-mindset/