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Buying a Franchise vs. An Independent Business: What’s Right for You? | Richard Parker
Manage episode 422093711 series 3501528
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Never Been Promoted Podcast with Thomas Helfrich
Richard Parker, an experienced business owner and founder of Diomo Corporation, delves into the intricacies of buying businesses and the importance of resilience in entrepreneurship. With a background that spans over three decades, Richard shares his journey from financial hardship to becoming a leading advisor in business acquisitions, emphasizing the value of knowledge and strategic thinking in achieving business success.
About Richard Parker:
Richard Parker is a renowned expert in the world of business acquisitions, with over 35 years of experience in buying and selling businesses. He is the founder of Diomo Corporation and the creator of the course "How to Buy a Good Business at a Great Price," which has helped thousands of aspiring entrepreneurs successfully acquire businesses. Richard is dedicated to providing practical, unbiased advice and is known for his hands-on approach in guiding individuals through the complex process of buying businesses.
In this episode, Thomas and Richard discuss:
- The Journey of Buying Businesses: Richard shares his personal story of overcoming financial struggles and his experiences in acquiring 14 businesses, highlighting the lessons learned along the way.
- Realistic Business Acquisitions: The importance of having realistic expectations and understanding the complexities involved in buying a business, including the 23 stages of the process.
- Avoiding Common Pitfalls: Insights into the common mistakes prospective buyers make, such as starting in the middle of the process and not identifying the right type of business for their skill set.
Key Takeaways:
- Strategic Approach
The necessity of a structured, step-by-step approach to business acquisitions, focusing on knowledge and preparation.
- Resilience and Adaptability
The role of resilience in overcoming setbacks and the importance of adapting to new opportunities in the business landscape.
- Ethical and Informed Decisions
Making ethical and informed decisions to avoid predatory practices and ensuring a sustainable business model.
"You have to start at the beginning and understand what type of business is right for you to succeed." — Richard Parker
CONNECT WITH RICHARD PARKER:
YouTube: https://www.youtube.com/@richardparkerdiomo
Facebook: https://www.facebook.com/RichardParkerDiomo
Instagram: https://www.instagram.com/richardparkerdiomo/
LinkedIn: https://www.linkedin.com/in/richparker1/
CONNECT WITH THOMAS:
X (Twitter): https://twitter.com/thelfrich | https://twitter.com/nevbeenpromoted
Facebook: https://www.facebook.com/hovienko | https://www.facebook.com/neverbeenpromoted
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Chapters
1. Buying a Franchise vs. An Independent Business: What’s Right for You? | Richard Parker (00:00:00)
2. Entrepreneurial Journey With Richard Parker (00:00:06)
3. Approach to Buying a Business (00:09:59)
4. Golden Rules for Buying a Business (00:20:14)
5. Financial Requirements for Buying a Business (00:25:19)
6. Entrepreneurship (00:36:02)
7. Recommended Business Books for Entrepreneurs (00:42:24)
98 episodes
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