SUDOKU (SOLUTION ON PG. 4) Take a Break!
Get the Wisdom of Other Business Owners’ Mistakes FROM TERRY MONROE’S ‘HIDDEN WEALTH’
Are you planning on selling your business in the next 1–2 years? If so, you need to start planning now. But where do you even start? Selling a business is a massive undertaking. With so many things to consider, some confusion is understandable, but if you don’t get the right kind of help, you could end up selling your business for far less than top dollar and leave tens of thousands of dollars on the negotiating table. These are the kinds of cautionary tales that market maker and four-time author Terry Monroe shares in “Hidden Wealth: The Secret to Getting Top Dollar for Your Business.” While we’d like to hope we’re accomplished
and savvy enough to sell our business without any help, the uncomfortable truth is that tons of successful business owners have lost out on millions of dollars in selling their businesses — all because they didn’t know exactly what they were doing. Sometimes, contemplating the financial implications of selling your business and dealing with the strain and grief that comes with doing so are worse than actually selling the business. So, what then? Well, in Terry Monroe’s “Hidden Wealth,” you’ll also learn how to realistically assess your situation, deal wisely with the business that you’ve built over the years, and maximize the money you’ll receive when you decide to sell. It has been said that we learn from our failures, not our successes, but the true sign of a successful individual is to learn from someone else’s failures and not your own. “Hidden Wealth” seeks to do just that: give every business owner access to the lessons learned from the mistakes of other business owners so they can avoid the setbacks and reap all the rewards. Find out how you can get a copy today by emailing Terry@terrymonroe.com .
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There are two employee categories. The first category of employees is made up of those who are part of your senior management team: your chief financial officer, controller, HR director, and general manager. Chances are, this group of individuals will be the first people you will tell that you are selling the business. In my past experiences, I have learned it helps if you can have one or two people with whom you can trust and can maintain confidentiality once you are in the due diligence process. These people can be offered a bonus if they will stay either through or past the closing date. The second category is made up of your rank-and-file employees who can be told shortly before the closing of the sale of the business or on the date of the closing of the sale of the business. Yes, the news at this late stage will ruffle some feathers and may damage some relationships, but in the end, it is worth the price of getting the deal done. Overall, I have learned that unless you need a senior employee to help you provide the needed information to get the sale consummated, it is best to only share these details with a minimal number of people. Basically, your employees are in a need-to-know situation.
AQUARIUM BALLOON BICYCLE CHILDREN
FATHER FLAG GRILL MOONSTONE
PRIDE ROSE WATERMELON WEDDING
–Terry Monroe
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