“A strategic buyer is some guy that pays too much. And he wants to justify it, so he says it’s strategic. I have never understood being a strategic buyer. Every time somebody calls me up and says, ‘We think, maybe, you’re the logical strategic buyer for that,’ I hang up faster than Charlie would…. The idea that we’re going to find a business to buy from some guy who, from the moment he bought it a few years ago, has been thinking, ‘How do I get out of this thing?’ ‘What do I do to have…those figures for a couple years look a certain way so that I can get the maximum amount in a couple years?’ We’re just not going to make any attractive buys there. We won’t trust the figures. What we like is a business where the guy before was running with the idea of running it a hundred years, and taking care of the business in every way possible and was not contemplating sale, but, for one reason or another, finally needs to monetize the company. ” –Warren Buffett.
Warren Buffett: Strategic buyer