In this episode of The Founder Podcast, host Chris Lee welcomes Mr. Richard Parker. Richard has an impressive track record, having acquired 13 businesses, selling 12 of them, and served as an advisor to countless entrepreneurs. He's also the author of the bestselling book, "How to Buy a Good Business at a Great Price," a topic every entrepreneur wants to explore. Richard shares his entrepreneurial journey, which began at a young age in Montreal. He recounts his early career and the pivotal moment when he decided to start his own business after a financial setback. His passion for acquiring and growing businesses led him to become a successful serial entrepreneur. During the conversation, Richard unveils his five golden rules for acquiring businesses, emphasizing the importance of aligning the business with your skills and preferences. He stresses the need for businesses to be sales and marketing-driven, have high margins, existing demand, competitiveness beyond price, and an element of exclusivity. Listeners will gain a deeper understanding of the intricate art of negotiation and the importance of building rapport and trust with sellers. Richard's wealth of experience and practical advice provide aspiring entrepreneurs and business acquirers with valuable insights into the world of mergers and acquisitions. Tune in to this episode to discover the keys to successfully acquiring businesses, negotiating effectively, and making sound entrepreneurial decisions. Richard Parker's expertise and engaging storytelling make this episode a must-listen for anyone interested in business acquisition and entrepreneurship. HIGHLIGHTS "I've always believed that you want to buy a good business, you don't want to buy a distressed business or garbage business." "The faster you can get the guts of that business in your belly and make all the decisions, the better off you are. You buy a business, you're the new sheriff in town." "As long as you've made the determination that that type of business is the right business to fit with your skill set, you like the business, you remain keenly interested in acquiring it. The conversations that you want to have with the seller are more casual. You want to keep their guard down." TIMESTAMPS 00:00: Introduction 01:45: Entrepreneurship Journey 04:18: Strategic Acquisitions 10:17: Buying & Selling Businesses 13:42: Small Businesses 20:04: SBA Loans 22:22: Negotiating Business Deals 32:31: Networking 38:00: Business & Personal Relationships 40:35: Common Business Acquisition Mistakes 46:36: Overcoming Obstacles

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