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American Business Brokers & Advisors Founder & President MERGERS & ACQUISITIONS BUSINESS VALUATIONS
APRIL 2025
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Beware the Disease That Comes From Success
In my book “Hidden Wealth: The Secret to Getting Top Dollar for Your Business,” I talk about when I owned and operated businesses myself, and for a period of time, I had battled a self-inflicted disease. The disease wasn’t anything terminal, and you would not have been able to tell I had the disease unless you watched my actions. The disease I had acquired began when I was in my late 20s and was in full force by the time I turned 40. Fortunately, after many years of battling this disease, I was able to get it under control by the time I turned 50. The disease is not well-known and is hard to recognize in people unless you have been in business for a long period of time. Occasionally, I still have flare-ups from this disease, but overall, it has been subdued. Well, almost. The disease is known as “deal-itis,” and it can be very disruptive if you don’t get it under control. Right after I got into my first business, which was the drilling of oil wells, I was bitten by the business bug of owning and operating my own business. To make matters worse, my first business venture was very successful, which made me think since I was successful at one business, then I would be successful at
other businesses. So, I got into the video rental business when it first came onto the scene. I was in the video business before Blockbuster Video was invented, which meant I had no competition. Therefore, the business did gangbusters and was wildly successful until I sold it after reaching over 150 locations. Now, at this point, I was delusional about business and loved the thrill and challenge of starting new businesses and buying businesses. Over the next several years, I acquired, started and owned, and then operated over 40 different businesses. This included everything from retail clothing to dozens of restaurants, a motel, convenience store, television station, radio station, manufacturing, brokerage offices, and the list goes on. However, I discovered I wasn’t good at everything, and many of the businesses I owned were not successful, so I either sold or closed them. I share this story with you because I often come in contact with business owners who own and operate successful businesses, especially convenience stores. They think since they have a successful chain of convenience stores, they should go and open another type of business, and it will be successful, too. This was the case with Mike, who had a successful chain of convenience stores and wanted to grow his business. Since food service was the up-and-coming thing, he decided to get into the food business. He first started by adding pizza in his stores, which did okay, but he couldn’t understand why his food cost and labor costs were so high even though it appeared he was making some money. (I have owned over 25 restaurants, and there are two things you need to know about the restaurant business: One is that you must control your food and labor costs, or you are going out of business; the other is that the fastest way to make $1 million in the restaurant business is to start with $2 million.) Since Mike thought he was making his convenience stores more profitable by adding pizza, he then decided to buy a sandwich franchise and add it to his stores, too, as if his first venture into the food business was not painful enough. So, doubled down with the addition of the sandwich franchise. Here, again, after much work and financial investment, he was in the sandwich and pizza business, and both were floundering. Continued on Page 2 ...
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... CONTINUED FROM COVER The reason was that Mike didn’t do what I should have done years before, which was to “stay in my lane.” Staying in your lane means doing what you do best, letting others do what they do best, and using the strengths and knowledge of others at what they are good at. Mike had the right idea with the pizza and sandwich additions to his convenience stores, but he neglected to bring in someone who had worked in a profitable restaurant and could implement those skills into the food business. Instead, Mike tried to do it himself. Being an entrepreneur and owning and operating your own business is not for the faint of heart, and it is easy to acquire the “dealitus” disease and become delusional about your capabilities. As a business owner, you will have some great ideas, and some of them will be ideas you will want to implement. But make sure you don’t get involved in something out of your expertise. Instead, find someone in the industry you are thinking about getting into, and pay them to educate you before you leap into the new business with both feet. Otherwise, you will also end up with a case of “dealitus,” and it will be an expensive lesson to learn, as Mike learned the hard way. –Terry Monroe
(HINT: IT’S MORE THAN YOU THINK) WHAT’S YOUR BUSINESS REALLY WORTH?
Let me be blunt: Most business owners die broke.
Here’s what REALLY happens:
more about the industry I work in. When I saw his book being advertised, I couldn’t wait to get my hands on it and read from cover to cover.
1. They get lowballed by buyers who know how to play the game better. 2. They discover their business isn’t nearly as valuable as they thought it was. 3. Then many of them end up accepting deals that leave them shortchanged or with no deal at all. So, how do you avoid this trap? You start building your business to sell now . Not when you’re ready to retire. Not when the market changes. Right. Now. What you just read was written by Dan Kennedy, a marketing guru who is a multimillionaire, a provocative, truth-telling author of the popular “No B.S.” book series and trusted advisor to hundreds of entrepreneurs, and he was advertising his latest book, “The No B.S. Guide to Selling Your Company for Top Dollar,” available on Amazon.com .
Not because they didn’t build something valuable. Not because they weren’t smart, hardworking, or dedicated. They die broke because they never figured out how to sell their business for top dollar. And if you think the sale of your business is automatically going to be your big payday — wake up . It won’t happen by accident.
The book has a lot of information in it, such as:
• How to make your business irresistible to buyers • Inside Secrets to overcome deal-killing obstacles • How to blow traditional valuation formulas out of the water • Identify who the buyers really are (it’s not who you think) • Structure your business so buyers will see future potential — beyond assets • Ditch the traditional valuation formulas that leave money on the table • Survive the “deal-killers” that sabotage most sales The biggest payday of your life won’t come from running your business. It’ll come from selling it.
Too many business owners think selling their business will be simple.
They assume buyers will be lining up at the door.
They think the numbers will speak for themselves.
They believe their “sweat equity” will somehow translate into a massive payday.
Since I work in the Mergers & Acquisitions industry, I am always interested in learning
Wrong.
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SUDOKU (SOLUTION ON PG. 4) Take a Break!
Find out, with just three pieces of information about your business, how we can provide a convenience store operator with a market valuation showing what their convenience stores and businesses are worth in today’s marketplace. Best of all, it costs you nothing and it is entirely confidential. Simply send an email to Terry@TerryMonroe , and in the subject line, put “3 Point Market Valuation” Information is the key to everything. Don’t play a guessing game. Get the information you need. TERRY’S ‘3 POINT MARKET VALUATION’ It also discusses working with the right kind of buyers and not making the mistake of trying to sell the business yourself, therefore leaving money on the table. It is not very often that I recommend another author’s book on how to obtain top dollar for your business, but having been a student of Dan Kennedy for many years and having met him, I know he is the real deal. I think you will learn a few things and enjoy the book. –Terry Monroe TERRY’S QUOTES OF THE DAY “I find it fascinating that most people plan their vacations with better care than they do their lives. Perhaps that is because escape is easier than change.” –Jim Rohn “By working faithfully eight hours a day you may eventually get to be the boss and work 12 hours a day.” –Robert Frost “The best way to appreciate your job is to imagine yourself without one.” –Oscar Wilde
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INSIDE 7824 Estero Blvd., 3rd Floor Fort Myers Beach, FL 33931 1 Beware the Disease That Comes From Success
Sudoku Solution
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What’s Your Business Really Worth?
Discover Terry’s ‘3 Point Market Valuation’
Your Guide to Conquer Anxiety
Simple Solutions for a Calmer Mind MANAGING ANXIETY IN MIDLIFE
As we age, life’s demands shift in ways that can heighten anxiety. Many older adults navigate significant changes — increased career demands, aging parents, and chronic health conditions. Hormonal shifts associated with aging, especially among women, can also amplify stress and unease. Common symptoms include irritability and panic, insomnia, trouble with memory and focus, and digestion problems. Fortunately, there are strategies to help you regain control and maintain your well-being.
feelings of worry. Mindfulness-based practices include meditation, deep breathing, and yoga. Even a few minutes of daily practice can make a big difference. STAY PHYSICALLY ACTIVE. Physical activity releases endorphins, which improve mood and reduce stress. Activities like walking, swimming, and tai chi can be ideal for older adults, as they are gentle on the body while providing mental health benefits. Aim for 30 minutes of activity most days of the week. MAINTAIN SOCIAL CONNECTIONS. Strong social ties are one of the most significant predictors of contentment. Reaching out to friends, family, and
community groups reduces feelings of isolation and can help manage anxiety.
Consider joining a book club, taking a class, or volunteering — these help foster meaningful connections while keeping your mind engaged. SEEK PROFESSIONAL SUPPORT. If anxiety feels unmanageable, speaking with a therapist or counselor can help. Cognitive behavioral therapy is beneficial for anxiety, as it enables you to identify and reframe negative thought patterns. In some cases, a medical provider can prescribe helpful medication. Experiencing anxiety in your 50s and 60s is more common than you think, but it’s also manageable. Taking proactive steps today can lead to a calmer, more confident tomorrow.
PRACTICE MINDFULNESS AND RELAXATION TECHNIQUES.
Mindfulness techniques encourage you to focus on the present moment, which can counteract racing thoughts and reduce
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