Episode 94

Published on:

15th Jan 2024

What I Learned (James Richardson)

In this special episode of Passive Wealth Principles, host Jake Harris takes time to reflect on the insightful interview with James Richardson regarding the art of buying businesses. Delving into James's unique background in corporate restructuring, Jake revisits the key strategies and advice offered for successfully acquiring and managing businesses.

Episode Highlights:

1. The Journey of Buying Healthy Businesses:

  • Revisiting James Richardson's approach to applying his corporate restructuring skills to the acquisition of healthy businesses.

2. Avoiding Distressed Business Purchases:

  • Understanding James's advice against buying distressed businesses and the importance of maintaining emotional detachment during the buying process.

3. Importance of Relationships in Business Acquisition:

  • The significance of building relationships with key personnel in the business to facilitate a smooth transition.

4. Structured Meeting Cadence and Business Health Monitoring:

  • Implementing a structured meeting cadence with a scorecard for continuous evaluation of the business's health.

5. Perspectives of Different Buyers:

  • Distinguishing between financial buyers and strategic buyers, with advice for first-time buyers to focus on cash flow.

6. Acquiring from Retiring Owners:

  • The strategic approach of buying from retiring business owners as a means to acquire established businesses.

Key Takeaways:

  • Emphasize the acquisition of healthy, profitable businesses.
  • Importance of emotional detachment and comprehensive due diligence in the acquisition process.
  • Building relationships with key personnel for a successful business transition.
  • Implementation of structured meetings and scorecards to monitor and maintain business health.

Stay Connected:

  • For more insightful episodes and resources, visit Passive Wealth's website.
  • Join the Passive Wealth Tribe Facebook group for engaging discussions and networking opportunities - Passive Wealth Tribe Group.
  • Follow Jake Harris on Instagram @jake.realestate for additional updates and insights.


Tune into this reflective episode where Jake Harris consolidates the valuable lessons from his dialogue with James Richardson, offering a deeper understanding of the nuances and strategies in business buying. Embrace these insights to navigate your own journey in the realm of business acquisition and management.

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About the Podcast

Passive Wealth Principles
Contrarian Investing for Cash Flow and Freedom
You are listening to the Passive Wealth Principles Podcast. Your host; Jake Harris is the founder of an award-winning real estate investment firm and actively investing in commercial real estate all over the country. This show allows you to tune into interviews, dive deeper and deconstruction many passive wealth principles not just from investing but tactics, strategies, and many fascinating ways in which people have achieved levels of passive wealth.

Through my nearly 20 year career as a professional investor, I have built an amazing network of people and come across some super-savvy investors that not only have a unique stance on the marketplace but look at the same problems we all face and many times have come up with a simple but unconventional approach to solving them.

So come be a fly on the wall. Enjoy the conversations and these amazing passive wealth principle lessons.

Learn more: https://www.catchknives.com/

About your host

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Jake Harris

A sought-after expert and gifted story teller with contagious energy, he inspires everyone around him with encyclopedic research. He can take complicated ideas and convey them simply and clearly for everyone to understand. As a founder and managing partner of an award-winning commercial real estate firm, he has authored a #1 bestselling book (CatchingKnives). He has been featured in many publications including The NY Times & Yahoo Finance, he is a frequent speaker, podcast guest, and a highly valued coach. He uses those superpowers to pioneer cutting-edge bold design into an exciting hotel, infill, and adaptive reuse projects across the country. To date has purchased and sold1200+ properties in23 states and amassed a commercial real estate portfolio of iconic properties. He earned a master's degree in International Real Estate, sits on the FIU real estate board, is an accreditedCongress of New Urbanism city builder, a member of CCIM, Urban Land Institute (ULI) and holds a CA real estate brokers license.