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American Business Brokers & Advisors Founder & President MERGERS & ACQUISITIONS BUSINESS VALUATIONS
FEBRUARY 2023
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How to Beat a Recession
Let Your Worries Fall Away
Nowadays, we are constantly bombarded, whether it’s by TV, on social media, or in the newspapers, about how we are either in a recession or going into a recession. The media loves talking about a recession because bad news sells better than good news. The more the media talks about a recession, the more of a chance that we will be in a recession. I never did know what a recession was until I read the definition. The definition says, “If your neighbor loses their job, we are in a recession, but if you lose your job, we are in a depression.” All kidding aside, I did some research on the history of recessions, and what I learned was that prior to the 2007-09 recession, the 1981- 82 recession was the worst economic downturn in the U.S. since the Great Depression. The country was experiencing high unemployment and high inflation. Prior to the 1981 recession, interest rates had been lower, and money was cheaper to borrow, which helped to stimulate the economy. But when the 1981 recession started, interest rates soared to an all-time high, with interest rates reaching as high as 20%. For those of us who are over 65 years old, we remember those high-interest rates, and the thought of getting a loan for 10%–11% was considered a bargain. Since that time in the 1980s, things changed, and the Federal Reserve got inflation under control, then reduced interest rates. They say a person can learn by studying history, which always repeats itself, but most people tend to forget history. Thinking about all the talk we are now hearing regarding us being in
a recession or going into a recession led me to think back to where I was in 1981.
each other. All I am saying is I believe we create a lot of our troubles by listening to too many sources of media. I don’t know if we are in a recession or going into a recession, but I believe the best way to beat a recession is by focusing on what you can control. Because you will never have control over things you simply cannot control. You will never be able to control the economy, the weather, or your in-laws. But you can control your actions, reactions, and behavior. I remember when the COVID-19 pandemic hit, I was worried. I wondered how long it would last and what the impact on the economy would be. But after a few weeks of worrying, I came to the realization that none of my worries mattered. I couldn’t worry COVID-19 away, and I couldn’t worry myself into a better economy. What I could do is focus on myself, my business, and my clients. I said, “If I bet on myself and work on growing and prospering despite whatever the economy is doing, that will be significantly more productive and beneficial for my clients, my family, and myself,” and I was right. Beating a recession is not difficult. It is just a matter of focusing on what has worked to create a profit in the past, paying attention to your and your family’s health, and enjoying the journey of life. –Terry Monroe
In 1981 my young family had three little girls, ages 1, 3, and 5. I had a job with a fixed income, so my weekly pay was routinely the same. During the so-called recession of 1981- 1982, I do remember the interest rates going up to 20%, and I remember people getting 15% interest on CDs from the bank. But since I was raising a young family, I wasn’t concerned about what the banks were paying for CDs or how much they were charging for loans because I didn’t have the money to invest or the need to borrow any money other than for a home mortgage. So, overall, I was oblivious to the economy. All I remember is nobody went hungry. We didn’t go on wild vacations, and we didn’t even have a credit card, so our debt was minimal. As far as we knew, we were living pretty well. The girls went to a parochial school and had dance lessons, and I went to work, and if I was lucky, I got some overtime, which added a few extra dollars. I knew nothing about the economy, and life went on. As my mother used to say, “We were as happy as if we had good sense.” My point in sharing this with you is that I think we create a lot of our own problems with all the noise spread by social media, TV, and newspapers. In today’s world, we are too connected and fixated on sharing some news or gossip about what we have heard. Can you imagine a world without Facebook, Instagram, TikTok, and some social media site probably named Okey Dokey, too? Don’t get me wrong. I am not condemning all the ways people can connect and commiserate with
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A Meditation on Movement
THE BENEFITS OF TAI CHI FOR SENIORS Known for its slow, gentle, and simple movements, tai chi is exploding in popularity among adults over 65. Studies have shown significant benefits for all ages, but its accessibility and low impact have made it the martial art of choice among people of retirement age. As a form of exercise, it positively impacts participants’ physical and mental health.
Through its use of soft, deliberate movements, tai chi helps many people restore their physical stability and prevent falls in their golden years. And unlike many high-intensity exercises that encourage participants to work through pain to meet goals, tai chi discourages pushing oneself to the limit and encourages people to modify movements to meet their capabilities. The health benefits of tai chi are impressive, and research indicates that tai chi can reduce a person’s fall risk by up to 50%. A great deal of evidence also suggests that tai chi can help with arthritis and back pain. Like other exercises, tai chi helps promote weight loss and better sleep, increases overall wellness, and can even improve memory. For those who want to try tai chi for themselves, it’s best to seek a professional before you begin practicing. Look for classes in your area (many senior centers offer them). You’ll receive support, coaching, and company while doing your health a favor!
AN INCONVENIENT CONVENIENCE STORE
I was talking with a friend and past client whose stores we had just sold, and I was following up on how he was doing since he didn’t have the daily headache of worrying himself to death about whether the employees were going to show up for work or not. During the conversation, he told me about a customer who had stopped by his store (prior to selling), asking for a certain chewing tobacco my friend’s store did not carry. The customer told
product because if that were to happen, his store would thereby be considered an inconvenient convenience store.
As silly as this example may sound, it was really profound as to why my friend had been so successful in the operations of his stores. He knew and believed with his whole heart he was in the convenience store business. Yes, the convenience store business is not just telling the customer to buy what we have on the shelf. Convenience stores are called convenience stores for a reason, and they are meant to have the items their local marketplace is looking to purchase. If we don’t have what our customers are looking for, we wouldn’t be providing a true convenience store, and the customers will go elsewhere. A true convenience store knows its marketplace and the demographics surrounding its store. They don’t just do a study one time of the marketplace, set their store merchandise, and forget about it. No, they are constantly checking who their customers are and what they want.
my friend it was okay the store didn’t have the chewing tobacco he wanted, and he would buy something else. My friend told the customer there was no way he was going to let him buy a secondary
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SUDOKU (SOLUTION ON PG. 4) Take a Break!
Anyone who has been in the convenience store business for any period of time knows what used to sell five years ago is different from what is being sold today. Wants and needs change constantly. Be sure to do your market survey of what your customers want; otherwise, you could become an inconvenient convenience store and end up wondering why your sales are not increasing. Just like a financial statement is a snapshot in time, the financial health of a person or business is a study of your current marketplace in the area and the products being sold, and the pricing of products you sell inside the store is as important as the daily price checks of gasoline or diesel fuels. Be sure you stay current in your marketplace both outside and inside your store or you may become an inconvenient convenience store without knowing it. –Terry Monroe TERRY’S QUOTE FOR THE DAY “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” – Maya Angelou
WORD SEARCH
AQUARIUS BICYCLE DREAM EQUALITY
FESTIVAL GROUNDHOG KING LINCOLN
MUFFIN PANCAKE
RABBIT ROSES
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INSIDE 7824 Estero Blvd., 3rd Floor Fort Myers Beach, FL 33931 1 2 Worrying Won’t Stop a Recession Why Tai Chi Is Perfect for Retirees
Sudoku Solution
Don’t Be an Inconvenient Convenience Store Thinking About Selling Your Business in 2023?
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Ways to Disconnect From Technology
Return to Work Recharged TAKE TIME TO UNPLUG!
into the office, or step away from your devices for an hour or two during the day. When you start small, you can build from there! SCHEDULE EMAIL TIME. We are all too familiar with an overwhelming email stream. We wake up and fall asleep to it, and if we’re not careful, the constant interruptions can run our entire day! If you want to cut down on screen time, schedule email checks. You can make a commitment to address them in the morning or maybe the late afternoon. But during after-hours, establish a hard cutoff time! Inform your employees and clients of your available time frame — set an expectation for more productivity and communication. CHOOSE A SECOND IN COMMAND. Suppose you’re dedicated to checking out now and then. In that case, it can
be beneficial to have someone handle anything that may arise. Consider someone trustworthy and reliable, and give them an overview of day-to-day operations. You can explain what can and cannot be done and alert other employees that all questions and concerns be directed to this person. MAKE TIME FOR YOURSELF. When you’re at work, your main priority is to focus on your business and clients. But when you pack up and head home, you must take time for yourself! Do activities you love, spend quality time with family and friends, and put away your laptop and phone. That email or call can wait until the next business day begins. Pulling the plug on technology can feel intimidating as a business owner, but give it a try! You may be surprised at how refreshed you feel returning to work.
Though technology makes everyday tasks a bit easier, sometimes, the best thing a business owner can do is unplug and recharge! Running a business is a time- consuming and stressful effort. But by stepping back, you can reset and get a fresh perspective on your work. START SMALL. Create small habits if you can’t go an entire day without technology! Try starting your morning completely unplugged until you get
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