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American Business Brokers & Advisors Founder & President MERGERS & ACQUISITIONS BUSINESS VALUATIONS
MAY 2023
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What Can I Do for You ?
Working as a Broker/Middleman/Intermediary/Advisor
Okay, I admit that I am a broker, middleman, intermediary, negotiator, and advisor and, admittedly, have been called some other things too. But after cutting through all the rhetoric, let me state my case as to what I believe I bring to the party when working with a business owner and why it behooves a business owner to work with someone like me if they are going to be selling their business. First, selling your business is probably your life’s most important financial event. You wouldn’t dream of representing yourself in a lawsuit or completing a complex tax return without the help of a CPA. Why, then, do so many business owners feel that they can sell their business without the assistance of a professional? I think there are several likely reasons why most business owners don’t hire a broker or intermediary to sell their business. First, they believe they are best equipped to sell their business because they know it better than anyone. So, they choose to sell the business themself. Let’s look at the “I know my business best” argument. What do you expect from the attorney if you are involved in litigation? He obviously doesn’t know the circumstances of the lawsuit. He learns them from you. He doesn’t make the decisions. You are the client and will determine whether an offer or statement is acceptable to you. The attorney helps you analyze the facts of your case and uses his experience to suggest the points that should be emphasized or downplayed. He organizes your materials and puts them in an
understandable order to others (a judge or jury). He anticipates what the other party will do based on his knowledge of how others in a similar situation have behaved. Everything I have just mentioned is similar or identical to the skills I must have when working with my clients to help them sell their businesses. As a broker, middleman, intermediary, negotiator, and advisor, I am also responsible for the following:
businesses, I am familiar with what information is needed and what needs to be done in due diligence. I know what buyers want and when to give it to them. POSITIONING: I know how to position the business in the best light and target the right buyer. Remember, I am as motivated as the business owner because I only profit after a successful negotiation and sale. DISTRACTION: The process of selling a business is time-consuming and attention-consuming. It is impossible to serve two masters. The business making money and supporting your family is the top priority, and not trying to appease a buyer with the time you should spend with your business is essential. I sell
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ACCESS: I provide access to multiple avenues and methodologies for marketing your business. Understanding what the market is paying for businesses in a particular industry. And finding the right buyer for your business. (There is a difference in buyers.) CONFIDENTIALITY: I don’t put a “for sale” sign on the front of your business. Instead, I treat confidentiality as a sacrament that should be held in the highest regard. A breach of confidentiality can reduce the value of a business overnight if employees or the wrong party should learn that the business is for sale. OBJECTIVITY: Selling and buying are very emotional decisions. I am objective and understand how personal the process of selling is. Sellers are guilty of talking too much and sharing information that is not relevant and sometimes damaging to the sale of the business. FAMILIARITY: I am familiar with the process, and the industry, of most businesses. After selling over 877
businesses 100% of the time and give my clients my undivided attention so they can focus on what matters. So, I am guilty of being considered a broker, middleman, intermediary, negotiator, and advisor. But I am also guilty of being very fortunate to have worked with many wonderful business owners I now consider friends. And not one of them has ever returned to me to say they regretted having me sell their business, but many of them have told me they wished they would have sold their business sooner. To find out some of the wonderful people I have worked with and helped sell their businesses, please go to https://terrymonroe.com/ testimonials. –Terry Monroe
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It’s Never Too Late for a Good Life!
3 WAYS TO DEEPEN YOUR RELATIONSHIPS
KEEP IN CONTACT. You can’t become closer to someone you never see, so the easiest way to deepen your relationships is to see people more often. If you have a friend you don’t talk to as much as you’d like, ask them to set a standing coffee date every Saturday or even just once a month. By seeing someone more, you’re more likely to form a deeper connection and become closer over time. But what Waldinger emphasizes is this won’t always happen on its own, so don’t be afraid to ask your friends to meet up more often! OPEN UP. Another way to nourish your relationships is to open yourself up to the other person. You don’t have to share your deepest secrets right off the bat, but try to be vulnerable a little more with the ones you care about. Next time someone asks, “How are you?” when you meet up, don’t lie and say “good” when you’re not. It’s okay to lean on a friend if you’re going through a tough time! This will result in you and your friend wanting to spend more time together because of the support and relief you feel from the relationship. BE PRESENT WHEN WITH YOUR FRIENDS. We’ve all been there: A friend is talking to us about something, but we’re miles away, lost in thought. While this happens to everyone and is normal, try not to make it a habit. Waldinger says that by really making an effort to be present with your loved ones, you can make a deeper connection and have a more fulfilling relationship.
Robert Waldinger, M.D., a professor of psychiatry at Harvard Medical School, may have cracked the code on what constitutes a “good life.” Yes, he says eating healthy and avoiding cigarettes matter, but what is more important is actually nurturing your relationships with others, especially when aging. And if you think it’s too late for a good life, Waldinger disagrees. According to him, you are never too old to have a good life, and there are many things everyone can do to deepen their relationships and bring joy into their lives. So, if the relationships we have in our life hold the key to happiness, how do we even go about boosting them?
A 3–5-Year Strategy
Could Help NEW BUSINESS VENTURE ANXIETY
I have read dozens of books and articles about long-term planning and goal setting, and I am a big believer in both concepts. I honestly believe they work and have seen them work for me. I was recently working with a friend who was changing businesses and starting a new one. They were concerned about making a long-term commitment, the money they were investing, setting up the new office, hiring employees, signing a lease on office space, and the other items that accompany this type of new venture. They were so concerned, as a matter of fact, that they were worrying themselves sick. Now keep in mind that this individual is talented and experienced enough to know how to do the things I have mentioned, but
the new business venture — as a permanent change in their life. They believed the new business would be their permanent career for the rest of their lives. What a bizarre and crazy thought.
To begin with, nothing in this life is permanent. It is all temporary, and change is the only thing in life that is certain.
Having recognized this issue with my friend, I gave them the same advice I’ve given myself for years and have given to clients and friends in the past. And that’s when entering a new business venture or buying a business, you should have plans and goals, but those plans and goals should be based on a 3–5-year period. And at the end of those 3–5 years, you should take the time to sit down and ask yourself pertinent questions like: Am I enjoying what I have been doing? Has this venture been as profitable as I thought it would be? Does the future look like things will be getting better or worse? Do I want to continue doing what I am, or is it time for a change? By looking at new ventures with a 3–5-year period, you allow yourself to think freely, and you’ll have more vigor and excitement toward the business, knowing that there is a light at the end of the tunnel. Can you
they were still in a tizzy about this new venture.
After talking with them for a while, the problem causing all their anxiety became clear. They were concerned about making this commitment because of how they looked at
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SUDOKU (SOLUTION ON PG. 4) Take a Break!
"HIDDEN WEALTH" The Secret to Getting Top Dollar for Your Business
imagine coming into your workplace or business thinking that this was it forever? There probably are some vocations like that in government work or something similar, but as a business owner, you need energy and vision, so thinking that you are stuck doing the same job forever is depressing and unproductive. Burnout is the top reason people sell their businesses. After I explained this to my friend, they began looking at the new venture as a 3-5-year project instead of something permanent. They became more excited and began planning and discussing everything they wanted to do for the business. Remember, life is a journey, and there are many stops along the way that are not planned, and once you get into the game, especially with the 3–5-year mindset, you’ll be surprised as to what may come your way. –Terry Monroe TERRY’S QUOTE FOR THE DAY “Be a creator, not a reactor to life — creator & reactor are the same letters, only spelled differently.” –Jack Canfield ► 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.
WORD SEARCH
BLOSSOM DERBY EMERALD FERTILIZE
GEMINI HORSE LIGHTSABER MOTHER
NATURE PARADE
SEEDLING VETERANS
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INSIDE 7824 Estero Blvd., 3rd Floor Fort Myers Beach, FL 33931 1 2 6 Ways We Fight for Your Business How to Nourish Your Relationships for a Good Life
Sudoku Solution
How to Ease New Business Anxiety
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Thinking About Selling Your Business in 2023?
What Your Sales Team Needs to Succeed
Setting Up Your Sales Team for Success RESULTS START AT THE TOP
Before letting them fend for themselves, your new reps must be fluent in your company’s customer base, value proposition, and offerings. Otherwise, they’ll try to sell the wrong things to the wrong people. RESOURCES Your sales team shouldn’t stop learning after a few weeks. Sales is a complex field, and new issues arise all the time. Where can your reps go for help, and how can they find solutions? Your team needs mentorship and participation from management; nothing will doom your company faster than employees who are afraid to ask questions. Every business should also invest in its sales playbook as a comprehensive guide. Unfortunately, only 29% of surveyed companies say theirs is accurate and updated. EXPECTATIONS No one can live up to your standards without understanding them. The expectations
and metrics you give employees should be unambiguous. Think carefully about what you expect before you announce it. Transparent expectations motivate employees, but shifting goals demoralize. Expectations will change over time, but adjustments should be rare and clearly communicated. Further, ensure your team knows why the change is happening so they can feel like a part of the company’s new vision. FEEDBACK Don’t leave your sales reps in the dark. There’s nothing worse than thinking you’re doing everything right and learning the opposite during your annual review. It’s also incredibly frustrating for employees to fail but not understand why. Be consistent about telling each team member what is and isn’t working, and follow up to celebrate improvements. Your reps will feel valued — and more motivated to close the next big deal!
Is your sales team not getting the results you’d like? It’s easy to criticize their performance, but success starts at the top. Your sales team needs leadership, guidance, resources, and training to succeed. Here are some areas where your business may need to step up to the plate to improve sales numbers long term. ONBOARDING Before a sales representative can be successful, they must understand what they’re selling and who they’re selling it to. That may seem shockingly simple, but countless companies get it wrong, with 66% of the top-performing sales organizations reporting that they struggle with onboarding.
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