You know how it feels when you’re sitting at a crossroads, wondering what your next big move should be? That’s where I was when I first started thinking about entrepreneurship. And it’s where my guest, Richard Parker, was 35 years ago. He didn’t just decide to jump into business buying – it was more like he got pushed in after losing $60,000 in the stock market while his wife was pregnant with their first child. That’s where our conversation kicked off on this episode of Never Been Promoted.
What struck me about Richard wasn’t just his success—14 businesses bought and sold—but how candid he was about the bumps along the way. Buying a business isn’t glamorous. It’s tough, it’s messy, and most people get it wrong. But Richard’s journey shows that if you stick to what you’re good at and stay disciplined, you can come out on top. Let me walk you through the two big lessons I took from our talk.
Stick to What You Do Best: Discipline Over Passion
One of the first things he said was that passion is overrated when it comes to buying a business. It’s not about following your heart, it’s about following your skillset. Richard’s been preaching this for decades, and it makes sense: the businesses he bought weren’t driven by a love for the product—they were driven by his ability to market and scale them.
“Whatever it is that you do best has to be the single most important driving factor in the business you buy.”
That hit home. So often, people chase after the shiny idea, thinking they need to feel passionate about the business from day one. But according to Richard, passion comes after you start seeing the business take off. His approach is simple: focus on what you’re great at, and use that to drive success.
Key Takeaways from Our Discussion:
- Start with Strengths: Don’t buy a business because it excites you—buy it because you can make it grow using your best skills.
- Passion Follows Success: You’ll love what you’re doing once the business is running well and you’re seeing results. Passion isn’t the starting point, it’s the byproduct.
- Be Disciplined: Richard follows what he calls his “Five Golden Rules” when buying a business. The ability to stick to your own rules is what separates a successful buyer from a wishful thinker.
Resilience is Key: Bouncing Back from Failure
Here’s where the conversation got real. Richard opened up about a time when he made some serious financial mistakes—losing $60,000 on the stock market while his wife was pregnant, no less. But instead of letting that defeat him, he turned it into his reason to start buying businesses.
“I realized the only way to get out of this mess was to get into a situation where there was no limit to my upside.”
Talk about a wake-up call. Richard’s story reminded me that every entrepreneur is going to face those gut-punch moments. But what sets the successful apart is how they respond. He didn’t just survive the hit—he used it as a stepping stone to build an entire career. For Richard, resilience isn’t some abstract concept—it’s about getting back on your feet and figuring out your next move.
What I Learned from His Experience:
- Failures Aren’t Final: Richard’s big loss didn’t stop him. It pushed him into a new chapter that ultimately led to his success.
- Own Your Mistakes: Richard didn’t make excuses for his stock market loss. He accepted it and looked for a way to recover.
- Keep Moving Forward: It’s easy to quit after a failure. But real entrepreneurs, like Richard, keep pushing through the hard stuff to find their next opportunity.
3. Reflections from the Interview
If there’s one thing I took away from talking to Richard, it’s that success in business buying is about patience and strategy. Too many people rush into buying a business without doing their homework. They get excited, see a shiny opportunity, and jump in headfirst. Richard made it clear that this is the fastest way to fail.
“Going into this process, you need a mix of excitement and fear. Excitement keeps you motivated, and fear keeps you diligent,” he said.
That stuck with me. You don’t need to be fearless to be successful. In fact, a little fear can be healthy—it makes you double-check your decisions, do your due diligence, and make sure you’re not walking into a disaster.
Here’s What I’m Taking Away:
- Patience is Crucial: Don’t rush the process. Good deals take time, and the right business will come when you’re ready.
- Stay Grounded: Balancing excitement with caution is key. You want to be motivated, but not reckless.
- Do Your Homework: Buying a business isn’t as simple as picking something that looks good. You need to dig deep, ask the right questions, and understand what you’re getting into.
- Beware of Scams: The internet is full of people selling “get rich quick” business opportunities. Richard’s advice? Avoid anything that sounds too good to be true.
- Create Your Own Rules: Richard’s “Five Golden Rules” guide him in every deal. I think we all need our own set of rules to keep us on track.
Final Thoughts
Talking with Richard reminded me of something simple but profound: success isn’t glamorous. It’s about showing up every day, making smart decisions, and bouncing back when things don’t go as planned. Richard’s story is proof that buying a business isn’t about luck—it’s about strategy, discipline, and a healthy dose of resilience.
If you’re serious about buying a business, my advice? Do the work. Take the time to learn from people like Richard who’ve been through it and have the scars to prove it. It’s not going to be easy, but if you follow the right steps, it’s doable.
Check out Richard’s full episode of Never Been Promoted here: Buying a Franchise vs. An Independent Business: What’s Right for You? | 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/