How to Buy a Business

Richard Parker - Become a Business Buying Expert

On keeping it moving: "Well, you know, sure as God created little green apples, I certainly want to buy a business that's on its way up, not on the way down."

The two best days a business owner's life, or just like those of a boat owner: the day you buy it and the day you sell it.

But just like when you sell a boat, or anything for that matter, you want to get the highest return.  Just as often, the market that may want to purchase your business is likely fairly small, which can drive the price down.

So how do you sell your business and what is the best way to buy a business?

Listen as Richard Parker explains the nuances of buying and selling businesses and how you can prepare to make a solid offer on a great business.  The tips Richard shares on buying a business will be an extreme help you you as you venture into new business ventures.

Enjoy!

Visit Richard at: RichardParker.com

Podcast Overview:

00:00 Author helps business buyers through book and experience.
06:36 Embracing the Internet's potential for global influence.
15:06 Match your skill set to drive business.
19:57 Avoid buying distressed or turnaround businesses for entrepreneurs.
24:06 Consider business performance, customers, competition for evaluation.
26:23 Invest in business for high returns, control.
35:02 Business brokers often sell unprepared businesses for sale. This results in 75% of businesses not being sold. Sellers should prepare their businesses for sale by addressing key buyer concerns. Good books and records are essential.
38:09 Start small, reinvest, don't turn stagnant.
44:44 Lack of trust can hinder employee performance.
53:01 Hiring process requires multiple interviews and delegation.
54:11 Immerse in business, no absentee-run beliefs.
01:01:27 Prepare for financing when selling a business.
01:05:41 Great conversation, check out richardparker.com.
Podcast Transcription:
James [00:00:01]:
You have found Authentic Business Adventures, the business program that brings you the struggle stories and triumph and successes of business owners across the land. We're locally in a written by the Bank of Sun Prairie. If you are listening or would love to listen to some audio episodes that you can download at no cost, you can always go to drawincustomerscom, and hit the podcast link. We are excited because selling businesses is always a good time. Right? That's, It's just like a boat. Right? The 2 good days, I think, when you buy

Richard Parker [00:00:31]:
2 good days, buy it and sell it.

James [00:00:32]:
Right? Start it and then when you sell it. Right? So today we're welcoming slash preparing to learn from Richard Parker of Diomo Corporation, the business buyer resource center. So Richard, You are helping businesses get bought and sold, I imagine.

Richard Parker [00:00:48]:
Yeah. That's, spot on. I I've been in this, It's a game for over 30 years on all sides of the, m and a world. You you you look shocking because maybe you figured I look even older than that.

James [00:00:58]:
Did I just start when you were 4? What's going on here?

Richard Parker [00:01:01]:
Yeah. No. I'm an old fart. I I I'm 62 years old right now, and, so I started really when I was 29. And in February February 1st, it's gonna be 34 years that I've been doing this. And, when I say doing this, start up buying businesses And then evolved into, helping some people, acquire some business. Started to get a bit of a reputation where I grew up in Montreal, And did that more on a in a on a casual basis, and then started acquiring more and more companies. And, to date, I've acquired them plus one co investment and a huge range of sizes from, like, $50,000 businesses up to over 200,000,000.

Richard Parker [00:01:39]:
And, along the way, I was involved in a transaction shortly after I relocated to Florida in 1996. And as I was digging into the business,