Jeannette talks to Richard Parker, the CEO of Diomo.com and an expert in buying and selling businesses. Richard shares his journey of becoming an entrepreneur and offers valuable insights into the process of buying a business.
From being featured in Forbes, to advising Ray Dalio’s son, Richard has helped thousands of people realise their dreams of becoming business owners. His book ‘How To Buy A Good Business At A Great Price’ program has sold over 100,000 copies in more than 80 countries.
He emphasises the importance of acquiring the right knowledge, understanding what type of business is right for you, and being prepared for the challenges and imperfections that come with buying an existing business. Richard also discusses the benefits of buying versus starting a business and provides tips for business owners who are considering selling their businesses, such as maintaining flawless books and records, addressing major problems, and ensuring a smooth transition for the new owner.
KEY TAKEAWAYS
When buying a business, it is important to acquire the necessary knowledge and information to make informed decisions throughout the process. This includes understanding the considerations, organising the search, and ruling out prospects that are not the right fit.
It is crucial to identify what type of business is right for you and align your skills and expertise with the business you choose. This ensures a better chance of success and a smoother transition into ownership.
Buying an existing business is often a more stable and secure option compared to starting a business from scratch. Existing businesses have established processes, infrastructure, and cash flow, making it easier to hit the ground running.
When selling a business, it is important to run the business as if you were going to sell it. This includes maintaining flawless books and records, addressing major problems, and ensuring a smooth transition for the new owner.
BEST MOMENTS
"If you do it properly, buying an existing business is a step up from a startup."
"Run your business like you have to sell it. Keep flawless books and records, address major problems, and have a transition plan in place."
"The pain that they've gone through is just excruciating. But the experience of working together was an unbelievable few years."
"Businesses are made up of people and their families. Relationships are everything."
This is the perfect time to get focused on what YOU want to really achieve in your business, career, and life. It’s never too late to be BRAVE and BOLD and unlock your inner BRILLIANCE. If you’d like to jump on a free mentoring session just DM Jeannette at info@jeannettelinfootassociates.com or sign up via Jeannette’s linktree https://linktr.ee/JLinfoot
VALUABLE RESOURCES
Brave, Bold, Brilliant podcast series - https://podcasts.apple.com/gb/podcast/brave-bold-brilliant-podcast/id1524278970
ABOUT THE GUEST
RICHARD PARKER has been helping people achieve their dreams of owning a business for over 30 years. His ‘How To Buy A Good Business At A Great Price’ program has sold over 100,000 copies in more than 80 countries.
He has personally purchased 13 of his own companies plus one co-investment with purchase prices ranging from $50,000 to over $200 million.
Richard has appeared in Forbes, The New York Times, TheStreet.com, Entrepreneur Magazine, Inc., and has over 300 published articles to his credit.
He was hired by the Dalio family office and for several years worked as a mentor to one of Ray Dalio’s sons teaching him the art of buying small businesses.
https://www.linkedin.com/in/richparker1/
https://www.facebook.com/DiomoCorp
ABOUT THE HOST
Jeannette Linfoot is a highly regarded senior executive, property investor, board advisor, and business mentor with over 25 years of global professional business experience across the travel, leisure, hospitality, and property sectors. Having bought, ran, and sold businesses all over the world, Jeannette now has a portfolio of her own businesses and also advises and mentors other business leaders to drive forward their strategies as well as their own personal development.
Jeannette is a down-to-earth leader, a passionate champion for diversity & inclusion, and a huge advocate of nurturing talent so every person can unleash their full potential and live their dreams.
CONTACT THE HOST
Jeannette’s linktree - https://linktr.ee/JLinfoot
https://www.jeannettelinfootassociates.com/
YOUTUBE - https://www.youtube.com/channel/UCtsU57ZGoPhm55_X0qF16_Q
LinkedIn - https://uk.linkedin.com/in/jeannettelinfoot
Facebook - https://uk.linkedin.com/in/jeannettelinfoot
Instagram - https://www.instagram.com/jeannette.linfoot/
Email - info@jeannettelinfootassociates.com
Podcast Description
Jeannette Linfoot talks to incredible people about their experiences of being Brave, Bold & Brilliant, which have allowed them to unleash their full potential in business, their careers, and life in general. From the boardroom tables of ‘big’ international businesses to the dining room tables of entrepreneurial start-ups, how to overcome challenges, embrace opportunities and take risks, whilst staying ‘true’ to yourself is the order of the day.
Travel, Bold, Brilliant, business, growth, scale, marketing, investment, investing, entrepreneurship, coach, consultant, mindset, six figures, seven figures, travel, industry, ROI, B2B, inspirational: https://linktr.ee/JLinfoot
