American Business Brokers - July 2020

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American Business Brokers & Advisor Founder & President PROFESSIONAL INTERMEDIARY & MARKET MAKER FOR PRIVATELY HELD COMPANIES Author of ‘The Art of Buying and Selling a Convenience Store’ & ‘Selling with Certainty’ Involved in the Sale of 800+ Businesses Advisor • Consultant • Speaker

JULY 2020

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Are You Addicted to Your Business?

“I understand the challenges of uncertainty associated with exiting a business — especially after becoming so accustomed to the challenges, excitement, and chaos of running a business.”

Why It Might Be Hard for You to Exit

For all human beings, certain experiences lead to certain emotions. This has been proven on a scientific level. Our brains register experiences though charges in our neural networks, which cause chemical reactions that we feel and describe as emotions. By studying and understanding these chemical reactions, we can discover which experiences cause certain emotions. For business owners in particular, understanding the link between our business experiences and our emotional responses to those experiences can help us determine whether or not we have an emotional addiction to our business. Addictions occur when the brain habitually delivers certain peptides to the cells of the body. Over time, our cells begin to expect this level of peptides and begin to crave more. When the body does not receive the expected dose, it craves what it is used to. Being driven by emotions, we will actually create situations to feed the body experiences it is accustomed to. We may not even be aware that we create situations to feed our emotional addictions — thus they unwittingly drive our behavior. Because of this, many business owners may know they need to sell or transfer their business but will fail to move forward. Subconscious addictions prevent them from protecting the wealth they have accumulated over many years. If you’ve procrastinated on moving away from your business, it might be because you’re addicted to it. This resistance will only increase when you’re planning your exit and proposing radical changes to your future.

they felt. As a former business owner and operator myself, I understand the challenges of uncertainty associated with exiting a business — especially after becoming so accustomed to the challenges, excitement, and chaos of running a business. If you’ve been a business owner for a while, you understand that anything can happen unexpectedly. Someone could drive a car into your building, a customer could slip and fall on your wet floor, employees could be feuding with one another — the list goes on and on. Even though none of that sounds appealing to deal with, after a while it can become normal, exciting, and even addicting to tackle those challenges. But when you exit your business, you say goodbye to that rush. When it came time for me to sell my businesses, I was reluctant to do so, but I knew financially it was the right decision and the right time. I did not know I was addicted to the thrill of running a business, but looking back, I can see that I was. Even today, when I see an opportunity to acquire or become involved in a business or project, I’ll ask myself: Am I doing this because I need an adrenaline rush? What is the upside of becoming involved in this? It pays to ask oneself these questions, because often there is no upside, and I am glad I passed on the opportunity and devoted my time and energy to what I do best. And that is helping business owners determine what their businesses are worth and advising them on their options going forward.

–Terry Monroe

I have seen this type of behavior in many clients I have worked with over the years. I can relate to how

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Beware of These Coronavirus Email Scams

They’re Still Around!

While it seems like the worst of the COVID-19 pandemic might be behind us, that doesn’t mean we should let our guard down completely — especially when it comes to internet scams designed to prey on the fear and uncertainty brought on by the pandemic. It’s no surprise that scammers have found ways to use the coronavirus scare as an opportunity to steal personal information from the vulnerable. Fortunately, you can spot coronavirus scammers using the same techniques that help identify otherwise run-of-the-mill phishing scams. Requests for Personal Information When the federal government started distributing relief checks, several scammers sent out unsolicited emails, disguised as legitimate instructions, asking for personal information from people in order to receive their $1,200. Since many people have now received their checks, this particular scam may become less common, but always be suspicious of emails that ask for personal information, no matter the circumstances. Suspicious Links and Email Addresses During the past few months, people’s email inboxes have been littered with advertisements for fake coronavirus tests and cures, fake alerts from government agencies like the Centers for Disease Control and Prevention, and fake coronavirus updates. If you get an email containing an unusual

link in your inbox, do not click on it — even if the email address looks legitimate. Scammers use links to spread malware on computers, which helps them get your personal information. Spelling and Grammar Mistakes This is usually a dead giveaway. While genuine, official updates about the coronavirus will be meticulously checked for spelling and grammar, scammers aren’t as careful. Missing periods, misspelled words, and wacky syntax errors are all hallmarks of scam emails. Make sure you carefully read any email you’re not sure about. If you can spot spelling and grammar mistakes, delete the email. Much like the coronavirus will remain in the American psyche long after cases and deaths have peaked, scammers will continue using it as a means to steal from honest, hardworking Americans. But, if we keep our guard up, we can make sure they get absolutely nothing from their efforts.

WHY IDLENESS IS BETTER FOR YOUR PRODUCTIVITY It’s Okay to Be Lazy Sometimes

As businesses open back up and things seem to be getting back to normal, you might be happy just to have opportunities to be productive again at work. The quarantine left everyone a little stir-crazy, but it also left us with some important lessons about a productive mindset — mainly, that it’s not always beneficial to have one. Millions of business owners across the country had to close up shop for several weeks, or even months, without any other way to fill that time. If you were one of those business owners, what did you do during that time? Did you spend hours every day fidgeting, wondering if you were doing everything you could to make sure your business came out of the pandemic okay? If so, you weren’t alone. That stress was most likely a result of your mind trying to be productive at a time when nothing was on your to-do list. A productive mindset is a great asset in the workplace, but it can become

a burden when there’s nothing to do. So, the next time you find yourself in a productive mindset with nothing to do, remember this: It’s okay to be intentionally lazy sometimes . This advice comes straight from productivity expert Chris Bailey, the author of “Hyperfocus: How to Be More Productive in a World of Distraction” and “The Productivity Project: Accomplishing More by Managing Your Time, Attention, and Energy.” That’s right — a productivity expert is advising you to do nothing, or be intentionally lazy. Bailey’s logic is as follows: When you’re properly idle, your mind can wander and, according to researchers, become better at problem- solving and creative thinking. You can use your idle time to plan for the future and come up with new ideas you otherwise might not have thought of.

It may seem counterintuitive, but it works. So, while no one is hoping for another reason to involuntarily close down their business, if it does happen, you can rest easy knowing you don’t have to feel anxious. Just let your mind wander and see what happens!

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Take a Break!

All of You Should Read This Book ‘THE FIVE SECRETS YOU MUST DISCOVER BEFORE YOU DIE’ BY DR. JOHN IZZO

WORD SEARCH

When I find a good book, I like to share it with as many people as I can. One of the books I have shared with friends and clients is “The Five Secrets You Must Discover Before You Die” by Dr. John Izzo. He interviews over 200 people, ages 60– 106, including town barbers, Holocaust survivors, Aboriginal chiefs, and CEOs. It will make you laugh, bring you to tears, and inspire you to discover what matters long before you die. Below is a sample of what you will discover. The First Secret: Be true to yourself and live with intention. Am I following my heart and being true to myself? Is my life focused on the things that really matter to me? Am I being the person I want to be in the world?

CAESAR FIREWORKS GRILLING INDEPENDENCE

LARKSPUR PEACHES PICNIC POPSICLES

RUBY SPARKLER SUNGLASSES SWIMMING

SUDOKU (SOLUTION ON PG. 4)

The Second Secret: Leave no regrets. Live with courage and move toward what you want rather than away due to fear. Every time you play it safe, you move further away from your truest self. The Third Secret: Become love. Be a loving person and begin by loving yourself. Act with love toward those closest to you and make loving relationships a priority in your life. When we choose to love, we change the future. The Fourth Secret: Live in the moment. Do not focus on the past or the future; experience each moment with gratitude and purpose because each day is a gift. You must live in the present moment because it is the only moment where you have power. When you wake up each morning, you should be thankful for one more day and not waste it. The Fifth Secret: Give more than you take. We have control over what we can give. Each day, you have the power to give without limit. We can choose kindness, love, and generosity. We want to somehow leave the world better than we found it. The best time to plant a tree was 20 years ago, but the second-best time is today. The legacy you leave is the life you lead. Love what you do and do what you love.

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INSIDE 7824 Estero Blvd., 3rd Floor Fort Myers Beach, FL 33931 1 2 Are You Addicted to Your Business? How to Spot a Coronavirus Scam Email It’s Okay to Be Lazy Sometimes

Sudoku Solution

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The Book Everyone Should Read Before They Die Take a Break The Secret to Leading in a Crisis

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On Feb. 22, 2020, David Ayres was sitting in the stands next to his wife watching a Carolina Hurricanes hockey game. By the end of the night, this 45-year-old Zamboni driver would be the first emergency goaltender to record a win in the history of the NHL. After the Hurricane’s first two goalies were taken out of the game due to injuries, Ayres was called onto the ice. He stopped eight out of 10 shots, helping the Hurricanes claim victory. This isn’t the first time an emergency goalie has been called in to help win an NHL game. When Scott Foster, a 36-year-old accountant, was called in as an emergency goalie for a 2017 Blackhawks home game, he didn’t let a single puck past him. How are ordinary men like Ayres and Foster able to go from sitting in the bleachers to crushing it on the ice at a moment’s notice? They have the remarkable ability to thrive under pressure by not overthinking their situation. A good goalie cannot overthink anything. They must be able to assess the situation and react instantaneously to block a speeding puck. Physical training is only half the battle. Achieving true success means mastering the psychological game. This kind of mental fortitude can be valuable in business, too.

“The key difference between those who get the gold medal and those who don’t is between the ears,” says Martin Turner, senior lecturer in sport and exercise psychology at Staffordshire University. “Business leaders can learn to develop robust psychological skills to help them fulfill their potential under pressure, and importantly, help others around them fulfill their potential.” How can you learn to stop yourself from overthinking during high-pressure situations? Don’t view those high-pressure situations as life or death. “It was wild; it was fun,” said Ayres after his historic win. “These guys were awesome. They said to me, ‘Have fun with it, don’t worry about how many goals go in. This is your moment — have fun with it.’” “Have fun” is exactly what Ayres did, and the Hurricanes won the game. When you find yourself overthinking a high-pressure situation, remind yourself that no matter what decision you make, it’s not the end of the world. That moment is just one of many opportunities you’ll be presented with. Above all else, keep a positive outlook. Win or lose, success or failure, being positive will always take you far.

Overthinking Undermines Your Success

How NHL Goalies Live in the Moment

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