In this episode of the Entrepreneurs, Business & Finance podcast, Dallas' Henry Harrison sits with entrepreneur and business broker Bob Fox. Bob shares his journey from aspiring lawyer to finance professional and finally to a seasoned entrepreneur. With a wealth of experience in buying and selling businesses, Bob offers invaluable insights and advice for those looking to venture into business ownership.

Episode: https://henryharrison.com/bob-fox/

Key Topics Covered:

1. Introduction to Bob Fox:

- Bob’s background and upbringing in New Jersey.

- Transition from aspiring lawyer to finance major.

2. Early Career:

- Bob’s initial job at Paine Webber and the challenges of cold calling.

- The humorous story of how his name, Bob Fox, led to confusion with the character Bud Fox from the movie "Wall Street."

3. Transition to Entrepreneurship:

- Bob faced difficulties when deciding to leave his finance job to buy a business.

- The importance of thoroughly understanding the business you intend to buy.

- The reality of the business buying process, including dealing with misleading information.

4. Becoming a Business Broker:

- How Bob shifted his focus to helping others buy and sell businesses.

- The process of finding and evaluating businesses for sale.

- Key advice for prospective business buyers: be passionate about the industry and do not rush into buying the first business you find.

5. Navigating the Oil and Gas Industry:

- Bob’s venture into the oil and gas business, guided by a mentor with extensive experience.

- The importance of dealing with legitimate and reputable partners in the industry.

6. Business Brokerage Insights:

- The challenges and strategies in business brokerage, including the importance of realistic valuations.

- The typical range of businesses Bob deals with, such as gas stations, restaurants, and laundromats.

7. Entrepreneurial Mindset and Advice:

- The necessity of a strong work ethic and the willingness to work beyond traditional hours.

- Bob’s personal experience of taking a business call on a Sunday night that led to a successful deal.

- Encouragement for entrepreneurs to seek and listen to advice from experienced mentors.

8. Key Quotes:

- "Too many people want to buy a business without realizing the amount of work and capital required."

- "You have to be prepared to work 24-7 if you want to be an entrepreneur."

Bob's Contact Info:

‭(201) 233-9652‬

bobfox428@yahoo.com