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American Business Brokers & Advisors Founder & President MERGERS & ACQUISITIONS BUSINESS VALUATIONS
OCTOBER 2024
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If You Decide It’s Time to Step Away From Your Business Who Are You Going to Call? Ghostbusters!?
Terry found the “Ghostbusters” original Ectomobile alive and well in Gatlinburg, TN.
the call, the business was worth much less than it was a year before, all because the owner of the business didn’t know whom to call and instead listened to and trusted their vendor to perform a job they were not trained to do. The vendor was probably good at selling their product but had never sold a business before, which is why the business owner got the results they did — nothing. The good part of this story is that we were able to clean up the stores’ books and records and sell them, and the owner was able to move forward into retirement without the hassle of operating a dozen stores anymore. The bad part of this story is that the owner waited too long to make the call and ended up costing themselves millions of dollars. So, if you ever have the thought that you might want to step away from your business, one of the first things that may come to mind is, “Who are you going to call” and it ain’t going to be Ghostbusters. Instead, you can call me because I will give you the information you need to know whether you really want to sell your business or not — I have the current information you need. I didn’t say I was going to sell your business. No, I said I was going to give you the information you needed so you can determine whether you wanted to sell your business. I can’t make the decision to sell. Only you can do that. Meanwhile, you may want to sit back and enjoy watching the movie “Ghostbusters” again because it is sure to make you enjoy a good laugh. –Terry Monroe
For those of you who were around in 1984, you will know what I am talking about. “Ghostbusters” was a 1984 American supernatural comedy film written by Dan Aykroyd and Harold Ramis, and it starred Bill Murray, Dan Aykroyd, and Harold Ramis. The movie was the second-highest grossing film of 1984 in the United States and Canada, and then-highest grossing comedy ever for its time. The song by the same name, “Ghostbusters,” went to No. 1 in the United States. I share this movie and song trivia with you because it has been the mantra behind why I decided to transition from owning and operating multiple businesses to becoming a business broker and business advisor, and ultimately working exclusively in the convenience store industry. I know what it feels like to be the owner of a business and enjoy the thrill and excitement of watching your business grow and working with employees, vendors, and customers. I also know what it feels like when the thrill is gone, and you are not enjoying what you are doing, and you know in your heart of hearts that it is time to step away and exit the business. It reaches the point where it’s time to exit the business when the thought enters your mind: “Who am I going to call to help me sell this business?” Having been in this situation myself, wanting to get out of a business, it is confusing and can be depressing because you are not sure what you should do and how to proceed. This is the reason I wrote the book, “Hidden Wealth: The
Secret to Getting Top Dollar for Your Business.” I didn’t write the book to make money because I don’t make any money selling books. No, the reason I wrote the book was to give the business owner thinking about exiting their business a guide for what they need to do and what to expect before they decide to go forward with the sale. I knew what it felt like when I wanted to sell my business and didn’t know where to turn, what to expect, what due diligence was, and what the process was. Most business owners are in the same boat I was when deciding whom to call when it comes time to step away from their business. The only person they generally think of calling is one of their vendors because they think they will know someone interested in acquiring their business, and it will be an easy transition. This is what happened recently when I received a call from the owner of a dozen convenience stores who shared with me that they wanted to sell their convenience stores and retire. They had been wanting to sell their stores for a year and told one of their main vendors they were thinking about selling. He told them not to call a business broker because they would charge them money. Instead, he said, “Let me ask around, and I will find you a buyer.” Well, the vendor may have talked to some of his customers, but a year went by, and the owner still wanted to sell their stores. During the year period (when the vendor was supposedly trying to help sell the stores), the market changed, and the business had deteriorated dramatically, so by the time I got
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Avoiding probate is a common goal for many when planning their estate, and for good reason. Probate is the legal process through which a deceased person’s assets are distributed under court supervision. This process can be time-consuming, costly, and public — all good enough reasons to find an alternative that allows your estate to pass directly to your loved ones. First, understanding what probate involves is crucial. Probate is the distribution of assets in your name at the time of your death. Without proper planning, these assets must go through probate before being legally transferred to your heirs. How to Sidestep Probate SIMPLE WAYS TO AVOID PROBATE WITH YOUR ASSETS
However, several strategies can ensure your assets bypass the probate process, saving your beneficiaries time, money, and stress. Here are three effective ways to avoid probate. BENEFICIARY DESIGNATIONS One straightforward method is to designate beneficiaries directly on accounts such as IRAs, life insurance policies, and retirement plans. Doing so will transfer these assets directly to the named beneficiaries upon your death without going through probate. It’s vital to keep these designations up to date to reflect your current wishes. PAYABLE ON DEATH (POD) AND TRANSFER ON DEATH (TOD) For bank accounts, you can set up a Payable on Death (POD) designation, which allows the account’s contents to be transferred directly to a named beneficiary when you pass away. Similarly, Transfer on Death (TOD) registrations can be used for brokerage accounts and other eligible
assets. These designations are simple to set up and effectively bypass probate by automatically transferring assets to your designated beneficiaries. REVOCABLE LIVING TRUSTS Another powerful tool is creating a revocable living trust. You transfer your assets into the trust, and you can remain the trustee during your lifetime, managing the assets as you see fit. Upon your death, the successor trustee you’ve named will distribute the trust assets to the beneficiaries according to your instructions in the trust document — again, without probate. Incorporating these strategies not only simplifies the distribution of your assets but also provides peace of mind, knowing that your beneficiaries can avoid the complications of probate.
DIFFICULTY IN REMEMBERING? IS THIS THE ONSET OF ALZHEIMER’S? OH NO!
For those of you who have worked with me in the past, you know I have a sense of humor. Sometimes, my sense of humor is a little on the goofy side, but it is still funny. Occasionally, when I have a lot of deals going and things are moving at a fast pace, I forget something I was supposed to do or someone I was supposed to call. Worse yet, I try to think of a word, and it won’t come to me. When this happens, I make a point to go visit a very good friend of mine who owns and operates a Visiting Angels homecare office and is certified in recognizing and caring for people with Alzheimer’s. I share with them how I am having trouble trying to recall a person’s name or something I am trying to explain to another individual and I can’t think of the right word. My friend, who is very good at what they do, always asks me the same question: “Do you think of the word or person you were trying to think of later?” (I respond: Well, yes, I always do.) “Great! You don’t have Alzheimer’s. Now get out of here.” The reason I share this with you is because I have a close relative who is not as fortunate as I am, and they have been diagnosed with Alzheimer’s disease, and having spent time with them, I can tell you it is devasting to both the individual and their family.
I have always been told that a busy mind will help keep you healthy and may play a part in deterring Alzheimer’s. But to help put things in perspective, listed below are 10 things to look for to determine if you or someone you love may be experiencing some issues that could be related to Alzheimer’s. 1. Memory loss that disrupts daily life. One of the most common signs of Alzheimer’s disease, especially in the early stage, is forgetting recently learned information. Others include forgetting important dates or events, asking the same questions over and over, and increasingly needing to rely on memory aids (e.g., reminder notes or electronic devices) or family members for things they used to handle on their own. 2. Challenges in planning or solving problems. Some people living with changes in their memory due to Alzheimer’s or other dementia may experience changes in their ability to develop and follow a plan or work with numbers. They may have trouble following a familiar recipe or keeping track of monthly bills. They may have difficulty concentrating and take much longer to do things than they did before. 3. Difficulty completing familiar tasks. People living with memory changes from Alzheimer’s or other dementia often find it hard to complete daily tasks.
Sometimes, they may have trouble driving to a familiar location, organizing a grocery list, or remembering the rules of a favorite game. 4. Confusion with time or place. People living with Alzheimer’s or other dementia can lose track of dates, seasons, and the passage of time. They may have trouble understanding something if it is not happening immediately. Sometimes, they may forget where they are or how they got there. 5. Trouble understanding visual images and spatial relationships. Some people living with Alzheimer’s or other dementia could experience vision changes. This may lead to difficulty with balance or trouble reading. They may also have problems judging distance and determining color or contrast, causing issues with driving. 6. New problems with words in speaking or writing. People living with Alzheimer’s or other dementia may have trouble following or joining a conversation. They may stop in the middle of a conversation and have no idea how to continue, or they may repeat themselves. They may struggle with vocabulary, have trouble naming a familiar object, or use the wrong name (e.g., calling a “watch” a “hand-clock”). 7. Misplacing things and losing the ability to retrace steps. A person living with
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Alzheimer’s or other dementia may put things in unusual places. They may lose things and be unable to go back over their steps to find them again. They may accuse others of stealing, especially as the disease progresses. 8. Decreased or poor judgment. Individuals living with Alzheimer’s or other dementia may experience changes in judgment or decision-making. For example, they may use poor judgment when dealing with money or pay less attention to grooming or keeping themselves clean. 9. Withdrawal from work or social activities. A person living with Alzheimer’s or other dementia may experience changes in the ability to hold or follow a conversation. As a result, they may withdraw from hobbies, social activities, or other engagements. They may have trouble keeping up with a favorite team or activity. 10. Changes in mood and personality. Individuals living with Alzheimer’s or other dementia may experience mood and personality changes. They can become confused, suspicious, depressed, fearful, or anxious. They may be easily upset at home, with friends, or when out of their comfort zone. –Terry Monroe TERRY’S QUOTE OF THE DAY “If you don’t drive your business, you will be driven out of business.” –B. C. Forbes
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INSIDE 7824 Estero Blvd., 3rd Floor Fort Myers Beach, FL 33931 1 2 Ghostbusters to the Rescue! (Not) Escape Probate With These Estate Planning Tips
Sudoku Solution
Look for These 10 Signs of Alzheimer’s
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Terry’s New Book Is Here!
The Cutthroat Competition Behind Coney Island
STEALING IDEAS AND UNDERHANDED TACTICS Tilyou’s success soon drew the attention of rival park operators. In 1902, he lured away the founders of the popular “A Trip to the Moon” attraction from the upcoming Luna Park. These underhanded tactics were common, as the parks constantly copied each other’s rides and acts to one-up the competition. RAPID INNOVATION DRIVES CHANGE This competitive spirit drove rapid innovation at Coney Island. Over just a few years, the parks introduced groundbreaking new attractions like the Rotating Barrel, Thunderbolt roller coaster, and the world’s largest Ferris wheel. They transformed the public’s perception of amusement parks, elevating them from sideshows to immersive, technologically advanced experiences. THE BIRTH OF THE MODERN AMUSEMENT PARK The era of Coney Island’s dueling theme parks was short-lived, lasting only from 1904 to 1911, but its impact can still be felt today. The parks’ relentless one-upmanship drove the rapid evolution of the amusement park industry, laying the foundation for the iconic destination Coney Island has become. What began as a vulgar locale became a glittering symbol of American ingenuity and the pursuit of wholesome fun. While the tactics of these rival parks may have been underhanded, the lasting legacy of their fierce competition is undeniable. The rapid innovations, technological advancements, and shifts in public perception from this crucible of competition continue to shape the amusement park experience today.
CONEY ISLAND’S CUTTHROAT CARNIVAL
The Rivalry That Redefined Entertainment
In the early 20th century, Coney Island was the beating heart of America’s burgeoning amusement park industry. Three rival theme parks — Steeplechase Park, Luna Park, and Dreamland — engaged in fierce, cutthroat competition that dramatically reshaped this iconic destination. A TAWDRY REPUTATION TRANSFORMED Coney Island’s reputation was once far from wholesome. Known as “Sodom by the Sea,” it was considered a tawdry, vice-filled destination. That began to change in 1897 when Steeplechase Park opened. Its founder, George Tilyou, sought to bring clean fun to the masses, creating a lighthearted atmosphere exemplified by his iconic “Funny Face” caricature.
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