Richard is the grandson of Jacob Finkelstein and the son of Elliot Finkelstein. Richard was a third generation owner of Jacob Finkelstein & Sons. Richard graduated from Classical High School in 1964 and went on to Brown University in 1968 earning a degree in developmental child psychology. He went on to to attend the University of Alabama enrolling in their doctoral program but ultimately left Alabama in 1970 to work with his Dad, Elliot in the family business.
Garment manufacturing in the United States at this time was being threatened by cheap imports and Rick led the effort to export Finkelstein's products overseas and searched for factories in Asia which might manufacture some of Finkelstein's products as well. The hope was that in taking these steps some of the company's product line would be more competitive in a global market. The flood of cheap imports however became a tsunami making it virtually impossible for Finkelstein's products to compete. Rick was able to successfully liquidate unprofitable operations and sold the Sports Apparel, Inc division intact. He was also able to rent out all available space in their Samoset Mill.
In 1988, with the mill fully rented Rick and Elliot sold the Samoset to a New Jersey investor. After the mill was sold Rick focused on his other business, Richard Elliot Bldrs. Inc., retiring in 2012. In retirement Rick turned to writing and successfully published his first book, "Clem Labine: Always a Dodger" in 2015. He publishes under the name Richard Elliot.