Buy companies with strong market positions. Its easier to grow with one foot already in the door.
Rate possible acquisitions on the companys potential, not current, financial situation. Turnarounds are a very rewarding challenge.
Keep your eyes open for good business opportunities, which may not be obvious. You cant succeed with your eyes closed, or with tunnel vision.
No matter how rough things get, stay calm. Deals wont get done if you panic.
Invest in people. They are any companys greatest asset.
Grow internally or by acquisition. Dont box yourself into one method of thinking.