Have you thought about buying an existing business? Did you have a plan on what to do? Our guest today is Richard Parker, and he shares with us some insights into buying an existing business and some best practices to help you make the best decision for your business.
TODAY’S WIN-WIN:
There is no perfect business.
LINKS FROM THE EPISODE:
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- YouTube: https://www.youtube.com/@richardparkerdiomo
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- LinkedIn: https://www.linkedin.com/in/richardparkerdiomo/
ABOUT OUR GUEST:
Richard Parker has personally purchased 13 of his own companies plus one co-investment with purchase prices ranging from $50,000 to over $200 million. He was a partner with Ray Dalio and the Dalio family office in an investment firm that was set up for Richard to mentor one of Ray’s sons in the art of buying businesses. Richard has over 200 published articles to his credit on buying businesses and has been featured in Forbes, The New York Times, TheStreet.com, Entrepreneur Magazine, and Inc. and others. During his 30 plus years of buying and selling his own companies, he has also been helping others achieve their entrepreneurial dreams. His ‘How To Buy A Good Business At A Great Price’© program has sold over 100,000 copies in more than 80 countries.
ABOUT BIG SKY FRANCHISE TEAM:
This episode is powered by Big Sky Franchise Team. If you are ready to talk about franchising your business you can schedule your free, no-obligation, franchise consultation online at: https://bigskyfranchiseteam.com/ or by calling Big Sky Franchise Team at: 855-824-4759.
If you are interested in being a guest on our podcast, please complete this request form or email podcast@bigskyfranchise.com and a team member will be in touch.
TRANSCRIPTION:
Dr. Tom DuFore, Big Sky Franchise Team (00:01):
Welcome to the Multiply Your Success Podcast, where each week, we help grow-minded entrepreneurs and franchise leaders take the next step in their expansion journey. I’m your host, Tom DuFore, CEO of Big Sky Franchise Team.
Dr. Tom DuFore, Big Sky Franchise Team (00:13):
As we open today, I’m wondering if you’ve thought about buying an existing business? If you have, did you have a plan on what you might look to do if you were to make that purchase? Well, our guest today is Richard Parker, and he shares with us some insights into buying an existing business, and some best practices to help you make the best decision for your business.
Dr. Tom DuFore, Big Sky Franchise Team (00:36):
Now, Richard has personally purchased 13 of his own companies, plus one co-investment, with purchase prices ranging from $50,000 to over $200 million. He was a partner with Ray Dalio, and with the Dalio Family Office, in an investment firm that was set up for Richard to mentor one of Ray’s sons in the art of buying businesses. Richard has over 200 published articles to his credit on buying businesses, and has been featured in Forbes, The New York Times, TheStreet.com, Entrepreneur Magazine, Inc Magazine, and many others. You’re going to love my interview with Richard, so let’s go ahead and jump right into it.
Richard Parker, Roy Street Advisors (01:12):
Richard Parker. My title is managing director and CEO, and chief cook and bottle washer. The company is Diomo Corporation, D-I-O-M-O, which is the abbreviation for doing it on my own.
Dr. Tom DuFore, Big Sky Franchise Team (01:25):
Wonderful, wonderful. Well, thank you so much for being here. One of the reasons we’re excited to have you on the program was just to talk about buying, selling businesses. Really, this industry expertise you have.
Dr. Tom DuFore, Big Sky Franchise Team (01:38):
I’d like to maybe take a step back and have you just share a little background, and your involvement in business acquisitions and selling, and this broad cross-section you’re involved with here.
Richard Parker, Roy Street Advisors (01:49):
Okay, perfect. I’ve been in the world of buying and selling businesses for 34 years. Hard to believe sometimes. Started out when I was 29-years-old. I was working for a company, and grew up in Canada. Was doing very well, paid very well. I made a terrible mistake in the stock market, blew a ton of money, which I really couldn’t afford to do. I was in a situation where I recognized that I had to put myself in a position where I didn’t have any limit on my income upside, because I would never be able to get out of this hole. I blew $60,000, which at that point in time, and even today is a lot of money. Realized that the only way I was going to get out of that mess and recover was getting into my own business, where again, I wouldn’t have any limit to my upside.
Richard Parker, Roy Street Advisors (02:29):
I started a business first, initially, but for a very short period of time. Because after a few months, I realized … It wasn’t revolutionary, but as far as where I wanted to go with this business, realized that if I could started taking on some additional businesses to my then existing business, it would be a great way to grow quickly. Organic growth is wonderful and sexy, but it doesn’t get you there as quickly as through acquisition. I started buying some smaller companies. My first company I purchased with $30,000. It fit perfectly with what I was doing. I was a manufacturer’s rep, and doing a little bit of importing. That got the bug in me and starting buying a lot of companies over the next several years.
Richard Parker, Roy Street Advisors (03:09):
I’ve since purchased 14 companies, including one co-investment. And a wide range of deal sizes, from again, $50,000, to $208 million. That brought me to different avenues. I did a lot of work related to buy side consulting, and helping people realize their dreams of business ownership, and develop a bunch of programs. That was pretty interesting. And still do sell side representation for businesses looking to exit, and do a lot of consulting work with owners that are looking to package up their business, get it ready for sale, because most small businesses are nowhere ready to sell. I’ve been in all sides, and I was in the investment business for four years, in a small private equity company. I’ve done all facets of it. I don’t think any of those are a diversion, it’s all within the space or the universe of buying and selling businesses.
Dr. Tom DuFore, Big Sky Franchise Team (04:00):
Thank you for that. Listening to you talk through that, one of the things I always find interesting, and this comes up a lot in our line of work, we help companies franchise their business. What I find interesting is that a lot of times, when someone comes to us they say, “Well, I’m thinking about selling my business, or franchising my business.” They seem like polar opposites, but really someone’s trying to get out of the day-to-day operation of their business is really where I think they’re hinting at.
Dr. Tom DuFore, Big Sky Franchise Team (04:25):
As I think about someone looking to sell their business, maybe what are some common mistakes, or pitfalls, or things you might see sellers make as they start to enter into this maybe I’m going to sell my business mode?
Richard Parker, Roy Street Advisors (04:40):
It’s a great question because there are a lot of common issues that business owners have, regardless of the type of business. The overarching theme to the problems, or the challenges, or the issues is the lack of preparation. That’s clearly the issue. The time to get ready to sell it is not when you’re ready to sell it, it’s thinking about that well in advance.
Richard Parker, Roy Street Advisors (05:03):
I always have a few bumper stickers, if you will, related to business owners. And tell them, the first thing is, you want to run your business like you have to sell it. That means not taking your focus away from growing your business, it’s just the opposite. It’s thinking about all the things that you need to put in place, and having for example, flawless books and records. Because that, in smaller businesses, the single-biggest thing that causes deals to not get done. Run it like you have to sell it, with processes, systems, procedures, et cetera.
Richard Parker, Roy Street Advisors (05:31):
The second thing is what keeps you up at night? I always ask business owners to think about this in a way of, “What bothers you about the business? What keeps you up at night?” Because understand, someone come in to buy your business, or someone with whom, an example that you gave, that you may want to franchise your business, well, any problems in your business are going to magnified to the power of at least 10 in the eyes of a buyer who has no intimate knowledge about your business.
Richard Parker, Roy Street Advisors (05:57):
For example, you may have some customer concentration issues, which you’ve learned to live with, or mitigate, or manage. But to the eyes of someone who doesn’t know that business, that’s a big issue. Whatever keeps you up at night is going to really keep a buyer up at night. Think about how you solve for that, and reduce the risk associated with those things that come up at night. For example, in commercial cleaning businesses, recruiting, training, and retaining staff is a pervasive problem for every company in that industry. So, solve for it. How are you going to do this, manage it in a better way? Because again, in the eyes of a buyer, not only is it going to make your business better day-to-day, but when the time comes to sell, that problem is already solved.
Richard Parker, Roy Street Advisors (06:42):
The third piece, or the third bumper sticker, is what happens if you get hit with a Pepsi truck? What’s going to happen to the business? Are there people in place? Are there processes, procedures, systems, second tier management to carry on with that business? As opposed to your family saying, “Oh my God, what do we do now?”
Richard Parker, Roy Street Advisors (06:58):
Getting those things in place, they all drop down from preparation and running it like you have to sell it, but those are the three big things. And they’re very common. Regardless of business size, and I deal with business owners of the full spectrum, they’re very common problems and you want to address those early.
Dr. Tom DuFore, Big Sky Franchise Team (07:16):
One of the things I find interesting that you have an expertise in is how you grow a business through acquisition, but it’s a very different thought process to go through. I’d love for you to share some maybe strategies or best practices that you see?
Richard Parker, Roy Street Advisors (07:30):
Well, I think if you own a business you want to grow through acquisition, the first thing to understand is it’s a lot easier than people think it is. It’s not just reserved for big companies. There’s many more small businesses around the world than there are large businesses. Doing this is definitely possible. You want to do this in a good way.
Richard Parker, Roy Street Advisors (07:50):
The two things that you really need to think about is are you going to buy a company that is strategic, in other words more competitive, or is it ancillary? Meaning it’s something that you can add on to what you currently do. Early on in my career, it’s not a statement from a genius by any means, but it was very apparent to me early on that to grow my businesses, the easiest way is to find more stuff that I could sell to my existing customers because I already had a relationship with them. Whether they were the consumers, or B2B businesses.
Richard Parker, Roy Street Advisors (08:27):
When you look at acquisitions, you have to look at it through that same lens to say should I be considering buying competitors? Where it’s the same product that I could just add on, get rid of the competitor. Then I have some opportunity to have some more efficiencies. Get rid of them, they’re removed from the equation. Potentially even raise prices because I have less competition. Or is it ancillary, where I can add on?
Richard Parker, Roy Street Advisors (08:49):
Using an example of one I was recently helping somebody, they were in property management. They managed a bunch of townhomes for a large company. Then they started looking and said, “Well, maybe I should get into the landscaping business.” They got into the landscaping business, and as they were looking at it and saying maybe they’ll buy some additional landscaping companies. They were in the Northeast. I said, “Well, what about a snow removal company?” There was another service that you can add to your existing suite of services that you could offer your customer base. You have to look at it two ways.
Richard Parker, Roy Street Advisors (09:18):
Now of course, when you’re talking about dealing with a competitor, you have to tread lightly because you want to make sure you’re not divulging information that can come back and hurt you if the deal doesn’t go through. You really want to get to know one another, and really make sure that the fit, culture, product, et cetera, is going to mess well post-acquisition.
Dr. Tom DuFore, Big Sky Franchise Team (09:34):
That makes a lot of sense. As I’m thinking, “Okay, well maybe I want to take this acquisition strategy or explore it more.” Now I’m a business buyer. We talked about some of these mistakes business sellers make. But maybe someone’s listening in, and most of the folks are growth-minded entrepreneurs, they’re expanding. What are some common mistakes you see business buyers make?
Richard Parker, Roy Street Advisors (09:56):
On an individual basis, so individuals looking to acquire a business, the single-biggest mistake that they make is not identifying the type of business that is right for them. They tend to look at a business and say, “Well, is it a good business? Is it the right business?” Well, it may be a good business, but it doesn’t mean it’s right for the individual. Because your greatest skillset has to marry perfectly with whatever drives the revenue and profits of any business you considering purchasing, because a good business run by the wrong person is going to go south in a hurry. It’s not like buying an apartment building where, if you overpay, time will ultimately heal every real estate error. If you buy a business and you’re a wrong person to run it, you’re going out of business in a hurry. That’s one thing, is the marriage of your greatest skillset to a business that needs that specific skill to drive the revenue and profits.
Richard Parker, Roy Street Advisors (10:44):
Second part, and again more from an individual basis, is knowledge. Most people who buy businesses have never bought a business before. You’re not going to just go online, look at businesses for sale, jump into the mix, and think you can count on business brokers to help you. They don’t represent you, they represent the seller or the deal. I do transactions, so if I’m saying anything disparaging, it’s against my own trade. But understand, they’re not on your side. Getting a knowledge of understanding what’s involved, how you value a business, key questions to ask the sellers. How you investigate the business, the industry, the competition. Going through the negotiation process, preparing for due diligence, arranging financing, all these things. Forming your knowledge base is really, really important.
Richard Parker, Roy Street Advisors (11:24):
I suggest to people to align yourself with someone whose already done it. You could have the greatest education from the best business school anywhere in the world, but that does not give you the knowledge to acquire a business. It’s given you an education, it hasn’t given you the knowledge.
Richard Parker, Roy Street Advisors (11:40):
I think the third piece where I see, and again, more so for individuals versus a business owner looking to grow through acquisition, is understand that no business is perfect. Every business has warts, it has blemishes. You’re buying an existing business for all of the benefits that it has. An operating business has revenue, it has profits, it has employees, it has systems, et cetera. But it’s not going to be perfect, there’s certain blemishes. Now you don’t want to make any catastrophic mistakes, but again, understanding that the perfect business is the one that doesn’t exist. Being able to mitigate your risk, and solve for any what look like big issues, that’s very different than saying, “This is not perfect.” You could address what’s not perfect after. The perfect business just doesn’t exist.
Dr. Tom DuFore, Big Sky Franchise Team (12:25):
I will be speaking for myself. When I’ve been looking into opportunities, I have this perfect fantasy vision in my mind of what I expect it to be. And then, wait a minute. When I start looking I say, “Well, it doesn’t check all these perfect boxes that I have in my mind as we’re going through this.” I understand exactly what you’re saying there.
Dr. Tom DuFore, Big Sky Franchise Team (12:46):
One thing I’d like for you to talk a little bit about here. You have a program called How to Buy a Good Business At a Great Price. The title is perfect. It summarizes probably what most people who’d be looking for an acquisition would be looking to find. A good business at a great price. Talk through that.
Richard Parker, Roy Street Advisors (13:03):
Sure, and I’m happy to. Please, I don’t want this to come across as a sales pitch for the program that we offer.
Richard Parker, Roy Street Advisors (13:09):
One of the things that’s really important for people to understand is identify this is a good business. I don’t believe in buying great businesses, I don’t believe in startups, and I don’t believe in buying distressed business. I look at this and I call them the Three Gs on the Hill. Three Gs, like the letter G. At the beginning, whether it’s a startup or a new business, it’s at the bottom of the hill, G stands for garbage because you have no idea what’s going to come of it. At the top of the hill, you have these great businesses. The only thing that could really happen with a great business is go south. That’s the history of a business.
Richard Parker, Roy Street Advisors (13:37):
I like businesses right in the middle. Good businesses, rock-solid, stable. Where you can come in and apply your skillset, and ultimately grow the business and build it to greatness, and then sell it. To me, a good business, a rock-solid business, an unsexy business is what I like. I like a solid platform because I believe with a good business you can get the keys on Monday, and take a paycheck on Friday. That’s the goal.
Richard Parker, Roy Street Advisors (14:05):
A great price is understanding that price has a lot of pieces to it. It’s not just the price you pay, it’s what you get and it’s the deal terms. Great price is … Often times, I’ve had deals where I’ve said, “Look, I’m happy to pay your price, Mr. and Mrs. Seller, you just take my terms.” The terms where you can have a high component of seller financing, what have you.
Richard Parker, Roy Street Advisors (14:27):
The other part to it, related to the program, is I’m not a no money down guy. That’s nonsense. Those businesses, distressed businesses, or buying businesses, you see all this stuff on social media. They’re going to teach you how to buy a businesses, throwing off hundreds of thousands of dollars of profit for no money down, and close deals in 30 days. That’s nonsense, it doesn’t happen in the real world. I deal in practical terms and achievable results through a methodology that has proven itself repeatedly for decades. We have over 100,000 clients and they’ve achieved incredible success. But again, it’s practical.
Richard Parker, Roy Street Advisors (15:03):
That’s why I’m going to start off by saying I believe in a good business. A great price has some drop-downs to it. Understand, don’t get mislead by nonsense about how this can be done. It takes money, it takes a down payment. You want a good, solid business. Again, I just like to breathe oxygen from this planet and give people guidance that they’re going to be able to realize and put to work.
Dr. Tom DuFore, Big Sky Franchise Team (15:25):
Listening to you speak reminds me of a business I bought many years ago, that was one of those businesses, it was close to like you described. Almost no money down, and it was because it was a garbage business. I inherited the garbage and a bad lease, and terms, and lost a whole lot of money over the course. Just let it ride out until the lease was over, and then shut the business down. That’s just sometimes how it goes. I understand full well and good what’s you’re describing there.
Dr. Tom DuFore, Big Sky Franchise Team (15:54):
I’d love for you to share, how can people find out more about you, what you’re doing? If they say, “Boy, Richard, this sounds great. I’d love to learn a little bit more?”
Richard Parker, Roy Street Advisors (16:01):
I built a website and it’s called richardparker.com. There’s tons of free resources on there. I have hundreds of articles, they’re free articles. All of the podcasts that I’ve been on, and I appreciate you having me, and I do these all the time to try to help people and get the word out, so all the podcasts that I’ve been on. And all the videos that I’ve made over the years are all posted there so people can get tremendous education, tremendous knowledge and value. It’s not a sales pitch. All that information is there for them to really determine if this is something that they want to do and start to get familiar.
Richard Parker, Roy Street Advisors (16:32):
Of course, you offer our program on there, which is a drop-down in the courses, where they can acquire the course. We make it very affordable for people. The one thing we do is, it’s all the resources related to valuation spreadsheets, and case studies, and legal agreements, and we give people a lifetime guarantee. Thank goodness, I’ve done very well in my career. I never thought that this course would turn into a business. I did this to just get what I believe was good knowledge out there to as many people as possible, never dreamed it would turn into having 100,000 of these copies sold. They can find it on there as well.
Richard Parker, Roy Street Advisors (17:05):
On richardparker.com, they can get lost. I try to present it as a real knowledge library for aspiring business owners.
Dr. Tom DuFore, Big Sky Franchise Team (17:13):
Well, Richard, this is the great time of the show where we make a transition. We ask every guest the same four questions before they go. The first question we ask is have you had a miss or two on your journey, and something you learned from it?
Richard Parker, Roy Street Advisors (17:24):
If it was only two, I’d be happy. Many more than that.
Richard Parker, Roy Street Advisors (17:29):
I think, going back to what we first talked about, when I made that bonehead move in the stock market, and blew $60,000 at 29-years-old. That was something that I really had to bounce back from. There’s a lot of lessons learned in that. One of them ones I didn’t feel like I had any options. When you have no options, it’s very easy to make decisions. And also, not getting involved in areas where you don’t have expertise, or at least going out and learning from someone who has the expertise to bounce ideas on, as opposed to doing stupid things without a knowledge base.
Richard Parker, Roy Street Advisors (18:03):
That would be right at the top. But again, I wish there were only two of them along the way. There’s been many more, and they’re all good learning experiences.
Dr. Tom DuFore, Big Sky Franchise Team (18:11):
Absolutely. Well, let’s talk about a make or two, a highlight you’d like to share?
Richard Parker, Roy Street Advisors (18:16):
On the business side, I think one of the early acquisitions that I made was a company that I couldn’t afford to acquire. It was in the retail service business. I was doing it in a very small way, and I convinced someone who was in the business in a different part of Canada to throw their lot in with me. I had a vision for this business that we could really take this business national. There was no companies of that nature in Canada. I couldn’t afford to buy their business at what they were asking for, but convinced them to throw in their lot, and had this good vision. We ultimately built that business up to $4.5 million. Which again, in Canada, you multiply it by 10, and 200 employees. It would be like the American equivalent of 2000 employees and $45 million in revenue, and this was 30 years ago.
Richard Parker, Roy Street Advisors (18:59):
That was a real gratifying experience. Not only the acquisition, but the partners that were brought on board, and how we expanded this in a good way. Because collectively, we looked and said, “There’s a real opportunity here, but it comes in with real good execution.” That was something that I was really, really proud about.
Richard Parker, Roy Street Advisors (19:16):
Certainly, on the personal side, it’s easy. My kids and my family. That’s the easy one.
Dr. Tom DuFore, Big Sky Franchise Team (19:22):
Well, let’s talk about a multiplier that you’ve used to growth yourself personally, professionally, any of the businesses you’ve owned along the way.
Richard Parker, Roy Street Advisors (19:31):
Two come to mind. Certainly, the never-ending thirst for knowledge. I didn’t go to university, and I was a young business owner. At the beginning, I always let my ego and insecurity get in the way, and that caused me to not hire people that were bigger, better, faster, and smarter than me because I felt probably intimidated. That was a young age. Once I got over that hump, and putting that ego and insecurity aside, and recognizing that, because I was a young business owner, I was going to always be at a disadvantage unless I made learning become something that was at the top of my pyramid, and having this intellectual curiosity. Not because I’m an intellectual, but just having this curiosity to learn and devour information, and really force myself to align myself with people that were much smarter than me.
Richard Parker, Roy Street Advisors (20:19):
For a long time, when I was much younger, I always wanted to be the smartest guy in the room. As things evolve, you realize, “If I’m the smartest guy in the room, I’m in the wrong room.” The learning piece was really a game-changer for me.
Richard Parker, Roy Street Advisors (20:32):
Then, going back a few years when I started doing work in partnership with the Dalio Family Office, and Ray Dalio, and mentoring his oldest son, Devon, who was a cherished friend of mine and partner. Ray got me into meditation. That’s had an enormous impact on my life. Business and personal. This ability to just process things at a much better speed. Slower speed, not faster speed. Being able to, when faced with something, or a situation, or a decision, to be able to look at it, to digest it, and look at it probably from a more composed perspective, I guess is the way I would describe it.
Dr. Tom DuFore, Big Sky Franchise Team (21:13):
Richard, the final question we ask every guest is what does success mean to you?
Richard Parker, Roy Street Advisors (21:18):
Doing what I want when I want to do it. A statement said that, “Success is having what you want, but happiness is wanting what you have.” For me, it’s the ability to having some freedom, and being able to do things and not be chained to business. And spend time with my family, and do what I want to do, without being reckless, I’m saying. Doing what I want to do when I want to do it, and having the ability, financial and time-wise, to be able to do it.
Dr. Tom DuFore, Big Sky Franchise Team (21:44):
Excellent. Well, as we bring this to a close, Richard, is there anything you were hoping to share or get across that you haven’t had a chance to yet?
Richard Parker, Roy Street Advisors (21:52):
One thing that I’ve been telling people for decades is I’m somewhat of a poster boy for entrepreneurship. Didn’t go to university, I come from a very lower middle class background. Didn’t start off with a lot of money. This is very doable. It’s more doable today than it was years ago, because the information that’s out there. You just got to be careful, because there’s a lot of bad information and misinformation. But this is very doable.
Richard Parker, Roy Street Advisors (22:15):
For anybody, whether you own a business, you want to grow the business, whether you own a business and you want to franchise the business, whether you’re an individual and you want to buy a business, this is doable. At the very least, you owe it to yourself to learn about it and decide whether or not it’s something that you want to do. You don’t want to just sit on the sidelines. Get involved, learn what’s involved. Align yourself with mentors or people that are going to help you along the way. But at the very least, learn about it and then decide.
Dr. Tom DuFore, Big Sky Franchise Team (22:41):
Richard, thank you so much for a fantastic interview. Let’s go ahead and get into today’s Three Key Takeaways.
Dr. Tom DuFore, Big Sky Franchise Team (22:48):
Takeaway number one is when Richard talked about growing through acquisition, and for you to make a key decision. Are you looking to buy something that is complementary to your current business offerings, is it similar to, where maybe you’re able to sell new products or services to an existing customer base? Or are you purchasing a competitor? He said, “Having the clarity on what you’re looking to purchase as you’re going into this really helps in the buying process.”
Dr. Tom DuFore, Big Sky Franchise Team (23:16):
Takeaway number two is that, as a business buyer, there are a few things that he gives for some quick pieces of advice. Number one, he said, where he sees people make mistakes is that they don’t identify the right business for their business. It might be a good business on paper, but not the right one for them. The second one, he said, was knowledge. Most people don’t have a lot of knowledge on buying a business, so get that knowledge. Number three to remember is that business brokers are not on your side. He said that they are looking to broker the transaction or the sale, so he said make sure you’re educated. Number four on that list was just to understand that no business is perfect. I thought that was a great little takeaway.
Dr. Tom DuFore, Big Sky Franchise Team (24:01):
Takeaway number three is when he described the Three Gs for the types of business. He said business one is a garbage business. Number two is a good business, and number three is a great business. He said he likes to buy a good business at a great price. I thought that was a good way to look at it. And that, when he makes an offer, he always makes sure that he puts money down on the purchase. Now it’s time for today’s Win-Win.
Dr. Tom DuFore, Big Sky Franchise Team (24:33):
Today’s Win-Win is to understand that there’s no perfect business. I thought that was a great takeaway and a great win-win for today. If you’re thinking about buying a business, selling your business, doing anything related to that, I think Richard’s point is well-taken. There’s no such thing as a perfect business. Remember that, as you’re going into that process. It’s the right business or the right buyer. Every buyer, every business, every situation has its own unique attributes to it. I think going in with that mindset will be helpful.
Dr. Tom DuFore, Big Sky Franchise Team (25:13):
That’s the episode today, folks. Please make sure you subscribe to the podcast and give us a review. And remember, if you or anyone you know might be ready to franchise their business or take their franchise company to the next level, please connect with us at bigskyfranchiseteam.com. Thanks for tuning in. We look forward to having you back next week.