What You Need To Know When Buying a Business
#businessacquisition #entrepreneurship #buyingabusiness
524: What You Need To Know When Buying a Business with Richard Parker
How do the most successful entrepreneurs buy good businesses at a great price?
In this episode, host Nicole Jansen sits down with Richard Parker, a seasoned expert in Mergers and Acquisitions (M&A) who has acquired 14 companies and advised on transactions worth over $2 billion. Richard shares the secrets behind his successful program, How to Buy a Good Business at a Great Price, and underscores the essential knowledge needed for buying a business successfully.
Throughout the conversation, Richard offers profound insights into business acquisitions, the importance of an advisory team, and the virtues of methodical decision-making. Together, Nicole and Richard explore key strategies for Growth, the significance of leveraging an existing customer base, and the often-overlooked need for creativity and curiosity in entrepreneurship.
Join us for this enlightening discussion filled with actionable takeaways, whether you’re an aspiring entrepreneur or a seasoned business owner looking to expand.
0:00 – Lower market business stays steady, active, flourishing.
3:53 – Institutional investors make competition difficult for individuals.
8:19 – Experience highlights risks; business advisers offer guidance.
12:33 – Maximize existing clients by upselling additional products.
15:00 – Grow by adding products/services for customers.
17:26 – Quick decisions often hide incompetence or overconfidence.
20:11 – Successful entrepreneur faced losses after shifting focus.
26:30 – Why likability and trust are crucial for deals.
28:41 – Address business vulnerabilities; ensure operational continuity.
33:38 – Ego hindered hiring; realized teamwork improves success.
34:25 – Surrounding with smarter people improves business success.
40:44 – Intellectual curiosity trumps not attending university.
45:29 – Explore entrepreneurship resources.
Episode Show Notes and Resources:
https://leadersoftransformation.com/podcast/business/524-what-you-need-to-know-when-buying-a-business-with-richard-parker/
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