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American Business Brokers & Advisors Founder & President MERGERS & ACQUISITIONS BUSINESS VALUATIONS
MARCH 2024
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Has Your Business ‘Stalled Out’?
If you’re like me, the minute you hear “stalled out,” you think of being in your vehicle at a busy intersection with traffic behind you, and your vehicle has “stalled out,” leaving you stranded with a vehicle that won’t move. It sends chills down your spine just thinking about it, doesn’t it? I know it does for me because once, I was coming out of Chicago and pulled up to the toll booth to pay and continue onto I-80 when the vehicle I was driving stalled out while I was paying the toll, and cars were lined up behind me for a quarter mile honking and waving at me with hand signals all trying to encourage me to get out of the way. I was finally able to get the car started and limp over to the side of the road until a wrecker could come and tow it away. (Just another reason why I am not a fan of Chicago, but that’s a story for another time). Having a vehicle “stalled out” is no different than having a business or a convenience store be “stalled out” too. Because not all businesses or stores will come to a complete stop and stall out. No, it generally happens gradually, and there are telltale signs that it’s happening. Using the automobile analogy, it is like getting in your vehicle, and the motor begins to turn over a little slower than usual, which means it is trying to tell you the battery is about to die and you better get a new one or you will be stuck somewhere where you don’t want to be stuck. Since I travel to a lot of convenience stores, I have gotten pretty good at identifying stores that have begun to “stall out.” The first place I notice where the store is going into the “stalled out” area is at the gas pumps or the MPDs. The gas pumps/MPDs is generally the first thing a customer sees, and what is ironic about this is some stores I go to
have spent the time and money to install video screens into their MPDs to attempt to sell you something (half of the time they scare the crap out of me because my mind was in another place and the thing comes on loud and saying something that has nothing to do with me) and the screens are filthy. All the time and money spent on the screens, and they don’t invest in keeping them clean. This is like having a million-dollar house, and when you walk up to the front door, the welcome mat is filthy, and the door is dirty and unattractive.
business starts to become less profitable, and the owner can’t figure out why. That is because it doesn’t happen overnight, and it just doesn’t happen to independent owner-operators either. It happens to the big corporate stores too. I was taught long ago that the reason your business is doing good or bad today is based on what you did six months ago. If you were derelict in maintaining the marketing and upkeep of your business six months ago, that’s why your business is not doing well today. I talk about “stalled out” stores because sometimes once a store gets “stalled out” for too long, they can’t be brought back to where they were when they were highly profitable. Case in point. I just put a package of 20 stores together and presented them to a very successful client of mine who, after reviewing the package, responded to me with a shocking comment. They said we really like the package you have for sale, however, if we are going to pursue this acquisition, we need to work fast because we can tell over the past couple of years the stores have been in a declining mode of operation, and if we wait too long, they won’t be worth what you are asking for them now. This is after the 20 stores just had their most profitable year. The stores were trending up every year, but my buyer noticed they were beginning to enter the “stalled out” period. Beware of the “stalled out” mode, and even if the numbers look good, there is a good chance your business may need a tune-up as my vehicle did at the toll booth in Chicago! –Terry Monroe
If I’m feeling adventurous, I will go into the store to get my soda and snacks for the next four hours of driving, and if it is a store that is in the “stalled out” mode, it will be noticeable by looking at the gaping holes on the gondolas or racks of where merchandise is supposed to be. Of course, I visit the bathroom, and this is an easy giveaway that whoever owns this store has thrown in the towel and is just taking what they can get until there is nothing left to give. Lastly, I always check the look and feel of the inside of the store and the employees. The reason I bring up “stalled out” stores and businesses is that it’s preventable. The first sign of a “stalled out” store is when the
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HOW TO KEEP YOUR MARKETING RELEVANT IN RECORD TIME Business Lessons From Ryan Reynolds
How is the “Sexiest Man Alive” in 2010 also a genius businessman? Ryan Reynolds has appeared in countless movies and, even more recently, advertisements from his own business ventures. However, while his star power has an impact on his marketing, it’s his strategy that works! Reynolds co-founded his advertising agency, Maximum Effort, in 2018 and has been churning out some powerfully effective advertising. How? A little technique called “ fastvertising .” REYNOLDS’ SUCCESS WITH FASTVERTISING Fastvertising uses rapid-speed news outlets and social media platforms. To be successful with this type of marketing, you need to be quick on your feet, and we mean quick . Once something goes viral and becomes part of the cultural zeitgeist, it’s time to join the conversation and create an ad that plays into this trend.
Do you remember that disastrous Peloton holiday commercial from 2019? The commercial had everyone talking — for all the wrong reasons, as many criticized the ad as sexist. Reynolds immediately stepped in, rode the wave of frenzy, and pushed out a sequel to the saga. Maximum Effort was able to conceptualize the ad’s plot, hire the ad’s star, Monica Ruiz, produce the video, and release it to the world in only 72 hours — and it went viral. The advertisement’s success led to his $610 million deal selling Aviation to Diageo. But Reynolds wasn’t done just yet. He teamed up with fellow actor Rob McElhenney to purchase a fifth-tier Welsh soccer team, Wrexham AFC, for $2.5 million and then used his studio to create a docuseries highlighting the team’s history and the process of resurrecting the team. As a result, the
team gained a massive following, countless sponsorship deals, and increased ticket sales.
THE ESSENTIALS OF FASTVERTISING Clearly, the key to succeeding at fastvertising is releasing content as quickly as possible. You need to be able to plan, produce, and release an on-topic commercial in less than three days. Any longer, and the trend loses its virality, and your ad loses its relevancy. But before you move at lightning speed, you need to actually be in the know. Follow trending hashtags, videos, news headlines, and whatever other new sensation hits the cultural scene. Once you spot something that everyone is talking about, it’s time to get started. It seems like we can all learn a few things from Reynolds!
A STORY ABOUT LIFE, PERSPECTIVE, AND HOW THINGS COULD ALWAYS BE WORSE
I hope the following story will help you learn how to keep things in perspective and not let the little things in life cloud your perspective on enjoying every day, as we and our family members and loved ones are alive and healthy. Because every day is a great day, and every day of your journey should be enjoyed.
A young college co-ed writes to her parents:
Dear Mother and Dad,
Since I left home for college, I have been remiss in writing, and I am sorry for my thoughtlessness in not having written before. I will bring you up to date now, but before you read on, please sit down. You are not to read any further unless you are sitting down, okay? Well, then, I am getting along pretty well now. The skull fracture and the concussion I got when I jumped out the window of my dormitory when it caught on fire shortly after my arrival here are pretty well healed now. I only spent two weeks in the hospital, and now I can see almost normally and only get those sick headaches once a day. Fortunately, the fire in the dormitory and my jump were witnessed by a clerk at the convenience store near the dorm, and he was the one who called the fire department and the ambulance. He also visited me in the hospital, and since I had nowhere to live because of the burnt-out dormitory, he was kind enough to share his apartment with me. It’s really a basement room, but it’s kind of cute. He is a very fine boy, and we have fallen deeply in love, and we are planning to get married. We haven’t got the exact date yet, but it will be before my pregnancy begins to show.
–Terry Monroe
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SUDOKU (SOLUTION ON PG. 4) Take a Break!
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"HIDDEN WEALTH" The Secret to Getting Top Dollar for Your Business
► What is the value of what you are selling? ► Want to make sure the sale is confidential? ► Want to sell everything together & fast? Terry has sold over 857 businesses. His book tells you what to do and more importantly what NOT to do when selling one's business. GET YOUR FREE COPY TODAY! Email Terry@TerryMonroe.com Put FREE COPY in the subject line for your free copy of "Hidden Wealth", a ForbesBooks publication.
Yes, Mother and Dad, I am pregnant. I know how much you are looking forward to being grandparents, and I know you will welcome the baby and give it the same love, devotion, and tender care you gave me when I was a child. The reason for the delay in our marriage is that my boyfriend has a minor infection that prevents us from passing our premarital blood tests, and I carelessly caught it from him. Now that I have brought you up to date, I want to tell you there was no dormitory fire, I did not have a concussion or skull fracture, I was not in the hospital, I am not pregnant, I am not engaged, I am not infected, and there is no boyfriend. However, I am getting a “D” in American History and an “F” in Chemistry, and I want you to see those grades in their proper perspective. TERRY’S QUOTES OF THE DAY “If you could kick the person in the pants responsible for most of your trouble, you wouldn’t sit for a month.” –Theodore Roosevelt “People often say that motivation doesn’t last. Well, neither does bathing— that’s why we recommend it daily.” –Zig Ziglar “By working faithfully eight hours a day you may eventually get to be boss and work twelve hours a day.” –Robert Frost
WORD SEARCH
AQUAMARINE BASKETBALL BUTTERFLY CLOVER
DAFFODIL GREEN IDES LEPRECHAUN
MADNESS SPRING TANGERINE WOMEN
Your loving daughter,
–Sharon
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INSIDE 7824 Estero Blvd., 3rd Floor Fort Myers Beach, FL 33931 1 2 Signs of a ‘Stalled Out’ Store Ryan Reynolds’ Secret to Viral Marketing
Sudoku Solution
Things Can Always Be Worse
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Thinking About Selling Your Business in 2024?
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Reshaping Sales Conversations
MASTER THE ART OF CONVERSATION AND SALES
Have you ever encountered a salesperson who launched right into their spiel without talking to you first? If so, you know the importance of listening first. Not only do salespeople like this make you feel like a commodity, but it often leads to misaligned sales attempts. The secret lies in asking the right questions. Start by asking about their business. “Why” questions are particularly powerful. For instance, why are they launching a new product, or what prompted them to add staff? These questions show your interest in their business and give insight into their motivations and challenges. To ask meaningful questions, you must come prepared. Visit their website, read their “About” page, and familiarize yourself
with key staff members. This background information equips you to ask relevant questions and demonstrates your genuine interest in their business. Being a good conversationalist leaves a positive impression and makes you memorable. Through these interactions, you lay the foundation for relationships — and as we know, people do business with those they know and trust. How can your prospects know and trust you if you don’t take the time to know and trust them? The art of conversation in sales and life is about finding a balance between being informative and attentive. It’s about listening and understanding the prospect’s unique needs and goals. Embracing this will grow your sales and strengthen your
business relationships, turning them into long-term clients. Let’s step out of the traditional sales script and start listening. We can transform our sales tactics one conversation at a time.
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