WELCOME TO SEASON 7 OF BUSINESS OF CRAFT
Welcome to Business of Craft, a show designed to help entrepreneurs with fabric or fiber businesses become more successful. Our guests share best practices and teach effective marketing skills, that help crafty business owners learn to grow and scale. Let’s start crafting a better business together!
Today we have Richard Parker, the President of Diomo Corporation, who has dedicated his career to advising and mentoring people who want to buy or sell a business. He has purchased and sold 13 of his own companies and understands firsthand the emotional journey that buyers and sellers experience. Richard writes a series of guides titled “How to Buy a Business at a Great Price” at diomo.com and is a regular contributor to Forbes.com.
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[1:57] Before we start, could you tell us a little bit about your story – buying and selling 13 businesses! Why did you start your company, Diomo?
[7:31] We have a lot of clients who start out as a hobbyist– they love to make things and then they want to do what they love… and the next logical step is to buy a craft business. What would you say to a listener who is on that path?
[11:20] Do you have any advice for how do you do sort of that self skills assessment? What if you’re somebody that doesn’t really know what your strongest skill is? How do you figure that out if you’ve got a good match there?
[16:35] What would you say is the best approach to finding a business to buy?
[20:52] What would you say that you see are the most common pitfalls in the buying process?
[26:08] What if you don’t get all the due diligence information back before the deadline?
[30:52] How do you go about positioning your business for sale when it comes to that?
[38:19] You mentioned employees earlier and I know that that’s another really big, important component of selling your business successfully is having the right folks in the right seats on the bus, that you have a fully functioning team. What would your advice be to somebody that might be thinking right now, well, I don’t really have all the seats full, or I have someone that’s not quite right, or I need to fire that so -and -so, or I need to hire such -and -such. What do you say about that?
[40:30] How do you know when it’s time to sell?
[43:28] Can you say just a little bit more about what you offer that might help some of our listeners with finding a buyer or preparing a seller?
