How I Made It Why Richard White avoids risk at all costs
Jun 16, 2024
Richard White, former AC/DC luthier, shares his journey to becoming Australia's 11th richest person. From music dreams to founding Wise Tech Global, he discusses cash flow challenges, ASX listing, global growth strategies, and reflections on entrepreneurship.
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From Guitar Repairs To Global Lighting
- Richard White moved from playing and repairing guitars to designing stage lighting and manufacturing scalable equipment.
- A backstage connection and tinkering led to the Ray Light and bigger manufacturing opportunities.
How WiseTech Was Born
- Richard founded Clear Technologies after leaving Jans and began integrating software for freight forwarders.
- By October 1994 he and Marie formally launched WiseTech after acquiring small competitors cheaply.
Cash Beats Paper Profit
- Prioritise cash flow over reported profit to ensure the business can pay wages and survive shocks.
- Run the company by the cash-flow statement and keep the business cash positive before scaling.