Melanie Johnson and Jenn Foster co-owners of Elite Online Publishing, interview Richard Parker, a seasoned professional with extensive experience in buying and selling businesses. Richard shares his journey and insights into the world of business acquisitions and provides valuable advice for aspiring entrepreneurs.
Listen Below:
Watch Below:
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What You’ll Learn In This Episode:
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Choosing the Right Business to Buy
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The Role of Brokers in Buying and Selling Businesses
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Buying Franchises
Quotes:
“Buying how to choose the right business is, without fail, the most important piece. And it’s a process of elimination because you really have to get into tune with that, because you’ve got to match your best skill set to a business that needs that to drive the revenue and profits, because there’s a lot of good businesses, but if they’re run by the wrong people, they’re going bankrupt.” (05:11)
If you’re selling a business, I’ve used the broker most of the time because I like them to. They’re able to get the deal done. They know what documentation is needed. They’re not going to negotiate for me on either side as a buyer or seller.” (10:50)
“The other one other key question I like to ask is what happens if you get hit by a Pepsi truck tomorrow? What happens to the business? Because if there’s not the right people in place now, the smaller the business, the more problematic it is.” (15:46)
About Richard Parker:
Richard Parker is the founder of Diomo Corporation – The Business Buyer Resource Center™ and author of the How To Buy A Good Business At A Great Price© series.
His fascination with getting others involved in businesses started at this young age when he recruited seven neighborhood children as paper carriers and then successfully approached the local Sunday paper to grant him a master route with the idea of letting them solicit home delivery where there was none previously (sub-contracting the other kids and taking a percentage of their business of course) and so a career was born.
Richard has purchased thirteen of his own businesses and has been an advisor and broker to small business buyers and sellers for over three decades. He has written and been featured in more than 300 articles on the subject of buying businesses in The New York Times, Entrepreneur Magazine, The Street.com. He is also a weekly contributor to Forbes Magazine.
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Video URL: https://youtu.be/9yOWl0oinmE
Website: https://EliteOnlinePublishing.com
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