Richards was born in Manitoba, and trained as a lawyer. He joined Dome Petroleum Ltd. in 1957, and eventually became its president. The company experienced record profits in the 1970s, and was Canada's largest petroleum firm by 1982. Subsequent debts threatened its viability, and the company required a bailout from Pierre Trudeau's federal government to remain solvent. Richards left the company in 1983, and later become president of the Canadian International Centre of Commerce, turning his attention to investment in apartment buildings and shopping malls. He remained a member of the Petroleum Club and the Ranchmen's Club, and continued to do consulting work in oil industry.