American Business Brokers & Advisors - May 2019

American Business Brokers & Advisor Founder & President PROFESSIONAL INTERMEDIARY & MARKET MAKER FOR PRIVATELY HELD COMPANIES Advisor • Consultant • Speaker Market Valuations Involved in Closing 500+Business Transactions & Over $500 Million Author of “The Art of Buying and Selling a Convenience Store”

MAY 2019



The Best Advice You Can Get “If you’re at a turning point with your HowMy Experience Helps You Buy or Sell a Business

B usinesses are a lot like relationships: easy to start but hard to end. Before I became a professional intermediary for businesses, I was a business owner myself. In fact, I owned 40 of them, including 10 national franchises. I had what I call “deal-itis.” I loved making business deals and buying all these new businesses. Because of how many I could buy and how easily I seemed to acquire them, I overestimated how great I was as a business owner. It was only after experiencing some operator errors that I realized I might not be as great as I thought I was. Through my experiences, I found that what I was actually good at was brokering the deals in which I had, for so long, played either the buyer or the seller. I loved the process of managing transactions, and I found that I could really help business owners by advising them whenever they were

biased against would-be buyers from the start. If a buyer points out something that’s wrong with the business, the seller might feel insulted. This is understandable. No one wants to hear something is wrong with their child; they’ll deny it as long as possible. Here’s what I’m getting at: If you want to sell your business, you need to have access to an objective opinion throughout the process. At first, I thought all it would take to be a successful broker was just be good with numbers. But what I found is that people’s feelings, their very livelihoods, are wrapped up in these transactions. They won’t just be thinking about the numbers. As someone who has been both a buyer and seller, I can empathize with both parties’ situations, and I still keep an objective viewpoint on how to achieve the best outcome for my clients. To date, I’ve sold over 500 businesses and worked with over 1,000 buyers. What I love about my job is that I get to guide people through one of the most significant decisions of their lives. A lot of the people I work with have run their business successfully for years. When they decide to sell, they’re stepping out of their comfort zone for the first time in a long time. Knowing this, I don’t sugarcoat my advice to my clients. If I think they should take a certain deal, I’ll tell them. If I think they’ll be better off keeping their business, I’ll tell them. If you’re at a turning point with your business, you deserve to be given the best advice, even if it’s hard to hear. At American Business Brokers and Advisors, we can be your voice of reason.

business, you deserve to be given the best advice, even if it’s hard to hear.”

buying or selling a business. When you’ve had a career as a business owner as long as I have, you somehow manage to make every mistake there is and navigate every difficult situation possible. It puts me in an ideal spot to help my clients to know what to do in those same situations. One thing I learned is that, as a business owner, you can form an irrational attachment to it, almost as if it were your child. That means that when they’re ready to sell, many business owners are

—Terry Monroe




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