{"id":23396412,"date":"2023-10-18T21:23:19","date_gmt":"2023-10-18T21:23:19","guid":{"rendered":"https:\/\/www.vendasta.com\/blog\/?p=23396412"},"modified":"2026-01-08T03:43:46","modified_gmt":"2026-01-08T03:43:46","slug":"key-steps-and-strategies-to-prepare-your-agency-for-sale","status":"publish","type":"post","link":"https:\/\/www.vendasta.com\/blog\/key-steps-and-strategies-to-prepare-your-agency-for-sale\/","title":{"rendered":"639: Key Steps and Strategies to Prepare Your Agency for Sale | Richard Parker"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_code _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<script async defer onload=\"redcircleIframe();\" src=\"https:\/\/api.podcache.net\/embedded-player\/sh\/4f451305-e5b4-4878-b293-63e3057356b8\/ep\/33c1e793-1d4d-407b-8eec-c853f434bd14\"><\/script><!-- [et_pb_line_break_holder] -->    <\/p>\n<div class=\"redcirclePlayer-33c1e793-1d4d-407b-8eec-c853f434bd14\"><\/div>\n<p><!-- [et_pb_line_break_holder] -->    <\/p>\n<style><!-- [et_pb_line_break_holder] -->    .redcircle-link:link {<!-- [et_pb_line_break_holder] -->        color: #ea404d;<!-- [et_pb_line_break_holder] -->        text-decoration: none;<!-- [et_pb_line_break_holder] -->    }<!-- [et_pb_line_break_holder] -->    .redcircle-link:hover {<!-- [et_pb_line_break_holder] -->        color: #ea404d;<!-- [et_pb_line_break_holder] -->    }<!-- [et_pb_line_break_holder] -->    .redcircle-link:active {<!-- [et_pb_line_break_holder] -->        color: #ea404d;<!-- [et_pb_line_break_holder] -->    }<!-- [et_pb_line_break_holder] -->    .redcircle-link:visited {<!-- [et_pb_line_break_holder] -->        color: #ea404d;<!-- [et_pb_line_break_holder] -->    }<!-- [et_pb_line_break_holder] --><\/style>\n<p><!-- [et_pb_line_break_holder] --><pee style=\"margin-top:3px;margin-left:11px;font-family: sans-serif;font-size: 10px; color: gray;\">Powered by <a class=\"redcircle-link\" href=\"https:\/\/redcircle.com?utm_source=rc_embedded_player&#038;utm_medium=web&#038;utm_campaign=embedded_v1\">RedCircle<\/a><\/pee>[\/et_pb_code][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<div class=\"wp-block-post-date\"><time datetime=\"2023-10-18T12:00:12-04:00\">October 18, 2023<\/time><\/div>\n<p>Today, we have industry expert\u00a0<a href=\"https:\/\/www.linkedin.com\/in\/richparker1\/\">Richard Parker<\/a>\u00a0joining us to chat about\u00a0<a href=\"https:\/\/www.richardparker.com\/\">Mergers and Acquisitions<\/a>. With over three decades of experience, Richard has been turning business aspirations into reality, leaving a significant global impact through his renowned program, \u2018<a href=\"https:\/\/www.richardparker.com\/buying-a-business\">How To Buy A Good Business At A Great Price.<\/a>\u2018 This transformative program has made its mark in 80 countries, selling over 100,000 copies and empowering countless aspiring business owners.<\/p>\n<p>Richard is not only a program creator but also a hands-on business acquirer. He\u2019s been at the helm of 13 acquisitions, ranging from $50,000 to over $200 million. In addition to his hands-on experience, he has played advisory roles in transactions surpassing $2 billion. Richard\u2019s insights and know-how have earned him recognition in top-tier publications like Forbes and The New York Times. He\u2019s even authored more than 300 articles, showcasing his authority in the field.<\/p>\n<p>Join us as we dive deep into the world of mergers and acquisitions. Get ready for invaluable insights and expert advice that could transform your business aspirations into reality!<\/p>\n<p><em>Conquer Local is presented by Vendasta. We have proudly served 5.5+ million local businesses through 60,000+ channel partners. Learn more about\u00a0<\/em><a href=\"\/\"><em>Vendasta<\/em><\/a><em>\u00a0and we can help your organization or learn more about\u00a0<\/em><a href=\"\"><em>Vendasta\u2019s Affiliate Program<\/em><\/a><em>\u00a0and how our listeners (like yourself) are making up to $10,000 off referrals.<\/em><\/p>\n<p><em>Are you an entrepreneur, salesperson, or marketer? Keep the learning going in the\u00a0<\/em><a href=\"https:\/\/academy.vendasta.com\/\"><em>Vendasta Academy.<\/em><\/a><\/p>\n<h2 class=\"wp-block-heading\"><strong>Key Steps and Strategies to Prepare Your Agency for Sale<\/strong><\/h2>\n<h3 class=\"wp-block-heading\"><strong>Introduction<\/strong><\/h3>\n<p><strong>Jeff Tomlin:\u00a0<\/strong>Welcome to the Conquer Local Podcast! Our show features successful sales leaders, marketers, thought leaders, and entrepreneurs who will inspire you with their success stories. Each episode is packed with practical strategies, as our guests share their secrets to achieving their dreams. Don\u2019t forget to check out and subscribe to our YouTube channel for the video version of each episode, where you can see our guests in action. Tune in to learn the highlights of their remarkable accomplishments and get tips to revamp, rework, and reimagine your business. Whether you\u2019re a small business owner, marketer, or aspiring entrepreneur, the Conquer Local Podcast is your ultimate guide to dominating your local market. Tune in now to take your business to the next level!<\/p>\n<p>I\u2019m Jeff Tomlin and on this episode, we\u2019re pleased to welcome Richard Parker.<strong>\u00a0<\/strong>For over three decades, Richard has been turning business aspirations into reality, leaving a significant global impact through his renowned program \u2018How To Buy A Good Business At A Great Price.\u2019 This transformative program has sold over 100,000 copies in 80 countries, empowering countless new business owners.<\/p>\n<p>Richard\u2019s remarkable journey includes acquiring 13 companies spanning a broad financial spectrum from $50,000 to well over $200 million. In addition to his hands-on experience, he has played advisory roles in transactions surpassing a staggering $2 billion. His insights and expertise earned him recognition in top-tier publications, including Forbes and The New York Times with an extensive portfolio of over 300 published articles just showcasing his massive authority.<\/p>\n<p>Get ready Conquerors for Richard Parker coming up next on this week\u2019s episode of the Conquer Local Podcast<\/p>\n<h2 class=\"wp-block-heading\"><strong>Grow your Agency through Acquisition<\/strong><\/h2>\n<p><strong>Jeff Tomlin:\u00a0<\/strong>Joining us now, Richard Parker. The program is called \u201cHow to Buy a Good Business at a Great Price.\u201d Welcome to the show, Richard.<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0I\u2019m doing great. Thank you for having me.<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Hey, this is a fantastic topic, and it\u2019s been top of the mind at our company over here. So I\u2019m really looking forward to digging in here. And so why don\u2019t you kick us off and tell me, why is today, you know, especially you look over the last 25 years, why is today a great time to be looking at buying a business?<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0Well, what\u2019s happening in the market right now is what I love to call magical uncertainty and magical upheaval. And what happens in these markets, generally, they shift between being a buyer\u2019s market, a seller\u2019s market. Sometimes there\u2019s none of that at play. But right now, we have this absolutely magical upheaval, which really favours the buyer. Certain things, for example, if you talk about the overarching theme of uncertainty generally equals better buyer terms. That\u2019s the umbrella concept to all of this. And so below that, the prongs to that umbrella, things such as inflation. So inflation causes concern to buyers. And what happens in that case is a lot of buyers fall out of the process or decide that they\u2019re gonna wait on the sidelines until things settle out. And so that means less buyers in the mix, which is always good for the buyers that are remaining. Not so good for the sellers. But again, we\u2019re talking from the buy side. The other thing is interest rates. As interest rates are growing, what happens is the cost of financing the deal in many cases becomes almost impossible and unjustifiable because you can\u2019t service the debt. And so what that equals, that interest rate uncertainty, that equals more deals having to be financed by the seller because they\u2019re typically better terms lower interest rates. And so, again, something favourable for the buyer. Then you have what we went through in the last few years of the pandemic. And businesses, you had some businesses that just went outta business, you had some businesses and consumer products that increased exponentially, you had other businesses that declined dramatically. And so you have no consistency. If you\u2019re a buyer looking to acquire a business and you look at the past financials for the last few years, you have this, right? It\u2019s like a rollercoaster. And so when you have that in place, well, it\u2019s very hard to attach a valuation to the business that makes sense. Now, the seller thinks, well, I had an unbelievable year, for example, in 2001 because I was in a consumer products business. Well, in 2022, the opposite happened. And so seller says, well, you know, the business is really those numbers, but it\u2019s not. And so when you have this rollercoaster effect, as a buyer, when you\u2019re looking at the valuation, that allows you to put into place performance-based deals because you\u2019re able to say, hey, I don\u2019t know what tomorrow\u2019s gonna bring related to the numbers because you have no consistency. It\u2019s great to say that this will continue, but it forces the parties to understand that the valuation has to be based on certain things happening in the future. So that\u2019s a performance-based deal. And as a buyer, you wanna buy a business based on performance if at all possible. Doesn\u2019t always happen. But right now, that\u2019s happening, and it\u2019s the perfect time to do it. And then you have the concerns related to a recession. And again, that causes two things, the fears related to buyers who may stay on the sideline, businesses that may be declining. And so, again, it becomes favourable to the buyer to be able to structure deal terms that account for that and cause performance-based deals or trigger performance-based deals to say, hey, if X, Y, and Z, or as you\u2019d say in Canada, X, Y and Zed happened, this is what I\u2019ll pay you. Right?<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Yeah.<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0So all these things at work of all these, you know, the overarching theme is uncertainty, which is great for a buyer because difficult times in the economy are always much shorter than good times. And so, yes, we may be going through a tough period, but it\u2019s not gonna last. No one knows exactly when it\u2019ll be over. But the good times that follow always last much longer.<\/p>\n<h3 class=\"wp-block-heading\"><strong>Mistakes in Acquisitions: Underestimating Risks, Neglecting Thorough Investigation and Unrealistic Expectations\u00a0<\/strong><\/h3>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0You know, Richard, as you might know, Vendasta has acquired four different companies over the past couple of years. And it\u2019s not the easiest thing to do. You definitely have to build some muscle around it to learn what you\u2019re doing. We certainly made some mistakes along the way and, you know, I think a lot of people make mistakes along the way, especially when they do their first acquisition or second acquisition. And maybe talk a little bit about, you know, some of the mistakes that you\u2019ve seen people make when they\u2019re making acquisitions and what they can do to get out in front of those things.<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0Well, it\u2019s a great point because you\u2019re gonna make mistakes. I\u2019ve been doing this for 30 years and I still learn something new in every deal. And so mistakes are going to happen. You just wanna make sure they\u2019re little mistakes, not big ones, right? The big mistakes are almost always attached to not underwriting or investigating the business in a flawless way, right? And buyers get caught up in sort of delusions of what they think they\u2019re gonna be able to do with the business, right? Versus taking an approach of here\u2019s what I\u2019ve got, here\u2019s the platform of the business, and here\u2019s realistically what can happen. And understanding what happens next related to the market, right? And what the industry looks like, what the competition looks like, what suppliers look like. All these things that come into place. Key employees, for example, people buying businesses where there\u2019s key employees in place, really key employees, and they don\u2019t go through the exercise of making sure they meet with those people to make sure they\u2019re even gonna stay, or licenses or customer concentration is a huge issue that people overlook. Generally, the smaller the business, the more customer concentration you have in place where one or a few customers, you know, represent a disproportionate amount of the revenue. And so those high-level items that people overlook is because they don\u2019t do a flawless job of investigating every component. You know, the numbers, people very often get hung up on investigating the financials. And I\u2019m not discounting those for a second. They\u2019re important, but they\u2019re the financials. They\u2019re numbers. Numbers don\u2019t lie. People lie. And so the numbers are what the numbers are. End of story. After that, it\u2019s all the other prongs that you need to investigate that we mentioned. You know, competitors, suppliers, employees, the marketplace, leases, contracts, all these type of things. And so you mitigate your risk by doing a flawless job or as close to flawless as you can investigating the business before you buy. But having said all that, there\u2019s no such thing as a perfect business. Every business has warts and blemishes and there\u2019s certain things you just have to have a very good ability to separate incidents from catastrophes and not confuse the two. Some things are just you just gotta live with them.<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Yeah.<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0And other things are that big and that problematic that you gotta walk from the deal.<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Yeah. So, you know, we jumped right into this discussion. And I was just thinking as you\u2019re going through this, maybe we should back up a little bit. You know, there\u2019s a couple of different ways to grow. There\u2019s organic growth, which is investing in the current business that you\u2019re running and growing it that way, or inorganic growth, which is sort of growing through acquisitions. And so maybe we should set the table a little bit. Because growing through acquisitions is a great way to create growth in an existing business or to grow a portfolio of businesses. So maybe talk a little bit about, you know, how growing through acquisitions is a great way to think about growth.<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0Okay. Well, it certainly is because oftentimes, it could put your business on turbo. And organic growth is wonderful, but it\u2019s not necessarily possible in every business, right? And so when you look at growing through acquisitions, you have a couple of paths to go down. The first one, which is the most obvious one, is by your competitor or competitors. And that brings with it a different set of circumstances because of confidentiality, how much you disclose, don\u2019t disclose, whether it\u2019ll be open with it. And so one thing, while it is oftentimes the best path to just buy out your competitor, is you wanna have a good approach. And one thing where people make a mistake is you can\u2019t approach it like a bull in a China shop. You have a competitor. You may or may not have a relationship with the owner. Irrespective of whether you do, the first conversations have to be completely casual when you approach a competitor, right? Very casual because they\u2019re gonna be defensive. And so you\u2019ve gotta do that in a good way. And then as time goes on, the conversation could get deeper and more confidential information disclosed or exchanged. But having the ability to grow through acquisitions with a competitor is by far the easiest way to grow your business because you\u2019re buying out the competition. So not only are you having access to some of their terrific people, but you\u2019re also having access to some systems or products or processes or services that may be better and ones that you can bolt on. And oftentimes, there\u2019s carnage in these, you know, where some people get dismissed, but you have these economies of scale where suddenly it\u2019s like, you know, one plus one equals wow, right? And so that\u2019s the concept with a competitor.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Expanding through Acquisitions and Offering More to Existing Customers<\/strong><\/h2>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0That\u2019s exactly, by the way, what I was thinking, was you started to describe that, you know, the process of buying out a competitor. Great example of how one plus one equals, yeah, more than two.<\/p>\n<p><strong>Richard Parker:\u00a0<\/strong>Yes. Oh, absolutely. And that should be the goal. Now there are cases where a competitor is just causing you some heartburn and friction and it\u2019s worth it to buy them out because you\u2019re just gonna get their business and it\u2019ll be one plus one equals two. Those things happen more in some consumer products or retail. Those things happen. But the goal is one plus one should equal wow, right? And with the amalgamation. And the transition and integration comes with its own set of circumstances, which are difficult, but certainly possible. The second part of that is not only competition, think about ancillary businesses. You know, I\u2019ve bought 13 companies, I\u2019ve sold 12 of them. One of the, and I\u2019m certainly not the brightest guy in the room, but one of the things that I found as an incredible formula for growth is just find more product to sell to my existing customers. I remember reading a stat many years ago that consumers or customers, B2B or B2C, are 60% more inclined to buy from a company they\u2019ve already done business with.<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Yep.<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0And so with that philosophy in mind, whatever business you have, just find additional services that you can sell to the same customers coming through your door or that you\u2019re soliciting. And that could be, for example, you know, using the example of Canada, right? Lawn businesses should be adding snow removal, right? Lawn businesses could be adding painting, right? And I\u2019m just trying to pick real simple businesses. Dry cleaners can add shoe repair. Distributorships can add additional products or ancillary products, right? I was involved with one company, golf cart manufacturer and distributor, right? And they started adding some of the seeds and fertilizers that companies were using and then some additional tools that they\u2019d use to move the holes on every green. So they were nothing related to the golf cart, but they were already going to the golf course to sell them the golf carts or service the golf carts, right? So why not sell them the other product? They\u2019re already a customer. So it\u2019s a beautiful way to grow your business.<\/p>\n<h3 class=\"wp-block-heading\"><strong>Prepare a Business for Sale: Run it Like you\u2019ll Sell it, Maintain Excellent Financials and Address Concerns<\/strong><\/h3>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Yeah, that makes a lot of sense. Line extension because, you know, the cost of acquiring a dollar from an existing customer is usually at least half of what it is to acquire a brand new customer, right?<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0Yes.<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0That makes a lot of sense to me. You know, that\u2019s the buying side. Now, on the selling side, you know, the business for a lot of people represents their retirement. And so what are some of the steps that people can take to prepare their business for sale?<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0One of the most important things when you get into business, whether you\u2019ve bought a business, started a business, or what have you, you brought up a good point. Every business will eventually get sold. I mean, the average, and certainly in America, is every five years, it gets sold. So the one thing you want to have top of mind is you wanna run your business like you have to sell it. And so never taking your eye off the ball about how a buyer looks at a business, right? And it\u2019s incredible to me because I do a lot of buy-side work, tons of sell-side work, and the disorganization, disorganization in so many businesses is rampant. So the first thing is, think about this concept of run your business like you have to sell it. Below that is, number one criteria, is you have to have spectacular books and records. Your financials have to be pristine. You know, as your business grows, you can\u2019t keep using the bookkeeper down the street where you bring a shoebox full of receipts at the end of the year and have him or her compile your books. You need flawless books and records. And as you grow, get more sophisticated accountants to do your books and records so that when a buyer comes in and looks, they immediately recognize that the financials are in great shape. And anything they look at is exploratory, not investigative, right? So flawless books and records are critical. The next thing is, what is a concern to you, whatever keeps you up at night as a business owner is surely gonna keep up a buyer and probably to the factor of 10. So if you have some issues like processes or procedures that are not articulated or are really not up par or technology that hasn\u2019t been implemented or customer concentration issues, those are gonna be red flags and probably deal breakers to a lot of buyers. And so whatever keeps you up at night in your business is certainly gonna keep a buyer away from acquiring a business. And the one thing that business owners need to understand, and a lot of people are in like busyness, right? They\u2019re not in business, they\u2019re in busyness. They\u2019re working every day, they\u2019re putting out fires and they\u2019re like firefighters, not even business owners. And so getting these things into shape immediately. It\u2019s great to say, well, you know, it\u2019s gonna add value down the road, but it\u2019s gonna make your business better today. So when you put these things into place, your business will be better today and hold more value tomorrow.<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0That\u2019s a great way to think about it.<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0Yeah. And so thinking about it, you know, if you had a buyer\u2019s eyes looking at your business, what would concern you? Whatever you identify is going to be a problem to every buyer magnified.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Exploring Business Ownership, Overcoming Comfort Zone, and Reaping Benefits<\/strong><\/h2>\n<p><strong>Jeff Tomlin:\u00a0<\/strong>100%. You know, regular operation around here, I can see when we do things like prepare for a board meeting and we have to, you know, get, you know, our story straight and we put our decks together and we organize all of our, you know, the results from the previous quarter, it creates a lot of clarity, making you think through your business. And I think it\u2019s a, you know, a similar process of, you know, just doing the simple work of cleaning up your financials and making sure they\u2019re tight and you get a great lens on the business. It creates clarity, doesn\u2019t it?<\/p>\n<p><strong>Richard Parker:\u00a0<\/strong>When you do it in true fashion, in other words, when you\u2019re open-minded to not putting your ego ahead and saying just because we do things a certain way means it\u2019s the right thing, like being open-minded to change and taking a real good critical look as you say about each aspect and forcing yourself to articulate your position and where you are and how you\u2019re handling certain process procedures or whatever the case may be, it does provide an enormous amount of clarity.<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0You know, you said at the beginning, you know, thinking about M&amp;A can really turbocharge your business. For a lot of people, it probably might be something outside of their comfort zone. You know, there\u2019s people that step outta their comfort zone just to create a business. And typically, it\u2019s something that they know and they have a passion for and they start doing. But getting into and thinking about M&amp;A activity might not be in their comfort zone and that might hold them back. So what are, you know, some of the obstacles maybe you\u2019ve seen people, you know, come up against to get thinking about this type of growth strategy and maybe how can people overcome that?<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0Okay. It\u2019s a major issue and a great point that you raised. The solution is pretty simple. And this is a common issue. The way I like to address this is from a couple of approaches. The first thing is if we\u2019re talking about individuals that may have a, you know, that are working, have a good job, or it\u2019s somewhat in the back of their mind, like I\u2019ve always wanted to do that or what have you, the one thing I\u2019ll say is that anybody can do this. Not everybody will, but anybody can do this, right? It\u2019s just whether or not they\u2019re gonna go through with it. The only time you have job security is if you own the business. The only way you know what\u2019s really going on is when you own the business. Now, don\u2019t get me wrong, it\u2019s not all, you know, it\u2019s not all pixie dust and unicorns. There\u2019s tough times, what have you, but it\u2019s certainly, it\u2019s doable. It\u2019s the only time that gives you job security. When you look at this, I look at this very philosophically, which is if you\u2019re, first of all, if it even resides somewhere in your brain that you\u2019d like to own your own business, you owe it to yourself to explore it because there\u2019s no risk, right? And so at least go through the process of understanding what\u2019s involved and whether or not you can deal with it or want to deal with. I mean, you really owe it to yourself. If not, you spend your whole life, and at the end of your life, you never gave yourself that opportunity. And I\u2019m not trying to stand up here and preach like motivational talk. But the reality is, if you have any inclination that you\u2019d like to be in your own business, for goodness sakes, at least explore it, right? Like, you owe that to yourself. And the other part, which is people should understand they\u2019re buying benefits. When you acquire a business, and that\u2019s why I\u2019m such a huge believer in buying an existing business that has everything in place, that you can get the keys on Monday and take a paycheck on Friday because that\u2019s the way to do it. I don\u2019t believe in buying garbage businesses or distressed businesses. Those are nothing but heartburn. But in a good existing business, you take it over and you hit the ground running, everything is in place. Sure, there\u2019s a little bit of problems, but you deal with that. But think of the benefits that you get. You immediately have what I believe is job security because you know exactly what\u2019s going on versus waking up one day working for a publicly traded company. They wanna improve their numbers. They lay off 10,000 people, even though they\u2019re profitable. When you own your own business, you can improve the lives of other people. You can have a terrific team around you and you gain great gratification knowing that you\u2019re bringing up a lot of people with you. You have an opportunity to grow and build something. You have the opportunity to build something so that down the road, this is your retirement, that you can sell it for a multiple of the profits that you\u2019re generating. Every bit of your hard work should result for the most part in increasing the business. And during this whole path, you\u2019re getting paid. Like, the benefits involved with it, it\u2019s like a no-brainer, right?<\/p>\n<h3 class=\"wp-block-heading\"><strong>\u201cHow to Buy a Good Business at a Great Price\u201d Program Offers Comprehensive Guidance for Buying Businesses<\/strong><\/h3>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Yeah, 100%. I can see that. Program is called \u201cHow to Buy a Good Business at a Great Price.\u201d You\u2019ve got a lot of great takeaways in the program. At the, you know, end of our chat, we usually try to leave one or two key points with our audience. Are there a couple key insights from the program that you want to leave people with?<\/p>\n<p><strong>Richard Parker:\u00a0<\/strong>\u00a0There\u2019s a couple things. First of all, the hardest thing that we have, and I\u2019ve been in this business for 30 years. Our guide, we sold over 100,000 copies. We have clients in 80 countries. We\u2019re sincere people. I went into this business, I never had any thoughts that this was gonna turn into a business. It\u2019s still a shock to me every day. Our only goal is to help people. I would really love to be able to help people accomplish what I\u2019ve been able to achieve. We make our product incredibly affordable, under $200. It\u2019s a 500-page manual with all of the workbooks and all of the ancillary resources that takes people through the entire process, teaches people what they need to know, what to do, and exactly how to do it. And the other thing was, you know, it\u2019s very important to me that people understand, you know, if people buy information products all the time and when you get the information, it\u2019s nowhere near what it was represented to be. So, of course, if anybody\u2019s never happy, we always give them their money back, which is very, very rare. But I make myself available. Anybody who has a question, you\u2019re going through the process, you can email me anytime. I answer hundreds of emails a day. I jump on the phone with people who bought the product. My only agenda is to help. You know, that\u2019s the only mission that I\u2019ve had from the beginning. I never thought this was even gonna turn into a business.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Connect with Richard Parker through his Website,\u00a0<\/strong><a href=\"http:\/\/www.richardparker.com\/\"><strong>richardparker.com<\/strong><\/a><\/h2>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Richard Parker, it\u2019s been a fantastic few minutes sitting down and chatting with you, getting to know you a bit and hearing some of the insights that you have about M and A. If people wanna continue the conversation and get ahold of you, how do they reach out?<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0The easiest way is just through our website, which is\u00a0<a href=\"http:\/\/richardparker.com\/\">richardparker.com<\/a>.<\/p>\n<p><strong>Jeff Tomlin:<\/strong>\u00a0Fantastic. Richard Parker, it\u2019s been an absolute pleasure. Thanks for joining us on the Conquer Local Podcast and we hope to see you back sometime.<\/p>\n<p><strong>Richard Parker:<\/strong>\u00a0Thank you. I appreciate you having me. It\u2019s been great.<\/p>\n<h3 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h3>\n<p><strong>Jeff Tomlin:\u00a0<\/strong>What an interesting conversation! A key lesson that Richard highlights here is that uncertainty favours the Buyer in Mergers and Acquisitions. He emphasizes that uncertainty in the M&amp;A process can be advantageous for buyers. Factors like inflation, interest rates, and economic fluctuations can create favourable conditions for buyers, potentially leading to much better deals.<\/p>\n<p>Another key lesson is that effective Due Diligence and Business Preparation Are Critical. Parker underscores the critical importance of thorough due diligence before engaging in M&amp;A activity. This includes investigating various aspects of the target business, such as competitors, suppliers, leases, employees, and contracts. Proper due diligence helps mitigate risks and ensures smooth transitions to the acquisitions and sales process. In other words, he advocates for a proactive approach to M&amp;A, emphasizing preparation and the need to run a business as if it\u2019s always ready to be sold.<\/p>\n<p>If you\u2019ve enjoyed\u00a0<strong>Richard Parker\u2019s<\/strong>\u00a0episode discussing\u00a0<strong><em>Mergers and Acquisitions\u00a0<\/em><\/strong>keep the conversation going and revisit some of our older episodes from the archives: Check out<strong>\u00a0Episode 635: Streamlining Business Operations with Virtual Personnel,\u00a0<\/strong>with<strong>\u00a0Barry Coziahr<\/strong>\u00a0<strong>or Episode 618: Mastering Partnerships and Go-To-Market Success\u00a0<\/strong>with\u00a0<strong>Barrett King<\/strong><\/p>\n<p>Until next time, I\u2019m Jeff Tomlin. Get out there and be awesome!<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>October 18, 2023 Today, we have industry expert\u00a0Richard Parker\u00a0joining us to chat about\u00a0Mergers and Acquisitions. With over three decades of experience, Richard has been turning business aspirations into reality, leaving a significant global impact through his renowned program, \u2018How To Buy A Good Business At A Great Price.\u2018 This transformative program has made its mark [&hellip;]<\/p>\n","protected":false},"author":161,"featured_media":23396413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1864],"tags":[],"class_list":["post-23396412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key Steps and Strategies to Prepare Your Agency for Sale<\/title>\n<meta name=\"description\" content=\"Learn the key steps and strategies to prepare your agency for sale with M&amp;A expert Richard Parker on the Conquer Local Podcast. 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