In this episode, Jonathan talks with Richard Bundock, a successful entrepreneur who shares his journey of buying and growing businesses. Richard’s story begins with his early entrepreneurial ventures, when he sold stick-on tattoos at school. He recounts his experience making three successful acquisitions, detailing the differences between asset and share purchases.
Inspired by his success, Richard plans to make around 18 more acquisitions to become one of the top five independent agency groups by 2026. He encourages listeners to take risks and push forward in their acquisitions, reminding them that time is precious and that they should seize opportunities to create positive change.
[00:44] Richard’s background
[01:21] How Richard got into entrepreneurship
[02:53] The nature of organic growth
[04:46] The sector that Richard specializes in
[06:24] The most stressful deal for Richard
[09:46] The difference between asset and share purchase
[11:36] Richard’s plan for the future
[15:30] The commonalities learned from fellow entrepreneurs
[16:18] Advice to people interested in buying a business but have not made the first step
- I think the main thing is that you have to kiss a lot of frogs before you find your prince, which is the classic thing.
- You got to put the work in to get the result. And we’ve done that. And we’ve made three acquisitions this year; that has been something that has turned things around.
- I think sitting around and talking in a group appears with others that have made acquisitions as well. You start to realize that the only thing holding you back is yourself.
- Doing a good acquisition is feasible. It’s just how hard you are prepared to push and work to get that done.
- I think they need to get an uncomfortable fence because they’re too comfortable sitting on that fence. They put cushions on it and everything, and they need to get a little bit uncomfortable. And they need to realize that if they’re sitting on the fence, stuff is just happening around them, and they’re not going to move forward, they’re not going to get anywhere because they’re going to stay on that fence.
Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you’ve already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on firstname.lastname@example.org for more information.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at email@example.com.
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