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Richard had many activities, what were they?
Richard's Work
Richard worked 12 to 18 hours every day in order to accommodate the needs of his business, and there was plenty of it. During his academic study in business he was convinced that diversification is a key for survival in a highly competitive environment, so he diversified his business as much as he could. He had public accounting business, aircraft brokerage and aviation business, used car dealership, real estate brokerage, jewelry business, and swimming pool business.
The accounting practice was his main activity and it provided a steady, predictable, and definite stream of income which was all he needed to pay bills, employees’ wages, rents, etc. The practice had two employees and more than five hundred clients; technology was a great substitute for high number of employees and it worked like a dream. His client base extended throughout Texas and as far as Virginia, New York, and California. Richard was a certified public accountant and received his masters’ degree in accounting and audit from the University of Texas. He had two accounting practices, one in Richardson and the other in Grand Prairie.
As a CPA Richard always advised his clients to stay away from the stock market. As a conservative person he believed that real estate was a better venue for investment. Richard's desire to explore and provide counseling, and to participate in managing real estate required him to obtain licensing in the state of Texas, so he studied real estate in Richland College and obtained a license. His activities were limited to serving his accounting clients and every here and there helping himself to a good deal. Subsequently, he purchased few rental properties and used them to supplement income.
Richard started the aviation business with aircraft brokerage in a niche market. He developed an interest in aviation industry while serving in the United States Armed Forces; there he received formal education and training in air traffic control and aviation operations, in addition to receiving the related FAA certification. Richard further studied aviation at Embry-Riddle Aeronautical University, and earned an MBA in aviation. Soon his discharge from the US Army, his credentials and expertise in the financial and aviation fields, and ability to communicate in several languages landed him a senior airport position in the United Arab Emirates. Upon his return to the US, Richard started the aircraft brokerage business. He brokered several deals and then ended-up buying an aircraft, and creating an air transportation company to capitalize on the available opportunities in Iraq.
The car dealership was a wholesale dealership specializing in the export of motorcycles. As a motorcycles enthusiast, this was a part-time fun activity which involved buying repo bikes from bank auctions held every quarter, repair and manicure the bikes, and then export them for sale overseas to markets in Europe, Asia, and the Middle East.
Richard's other businesses were ancillary or seasonal, and they were not as successful. He ventured into the wholesale jewelry business after realizing the huge profit it provides based on what he saw in his accounting practice. Unfortunately, he seems to have underestimated the amount of time the business needs, so he ended up with inventory he could not sell. The pool business was fun, and it provided a venue to helping school kids getting work during summer by providing pool maintenance services. It was very successful seasonal business; however, managing teenagers was not an easy task.
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