Another way the entrepreneur can expand the venture is by acquiring an existing business. For an entrepreneur, there are many advantages to acquiring an existing business, such as gaining access to an established image and track record, familiar location, established distribution and resource channels, and knowledgeable and skilled employees. Besides, the cost of an acquisition can be cheaper than other mechanisms for growth. However, history suggests that acquisitions have only a marginal success record. Entrepreneurs seem to be overly confident about their ability to achieve envisioned synergies, integrate organizational cultures, and retain key employees. After balancing the pros and cons of the acquisition, the acquisition, the entrepreneur needs to determine a fair price for the business. Mergers and leveraged buyouts are other ways that entrepreneurs can grow their businesses