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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”
JULY 2019
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Don’t Let Your Buckets Spill Over Compartmentalization is Essential to Success
“Keep your work life at work and your home life at home. Wherever you are, focus on the matter at hand, and keep those buckets from spilling over.”
L ately, I’ve been thinking about the central characteristics of successful people. One characteristic that I keep coming back to is the ability to compartmentalize. Compartmentalization is the ability to separate all the different aspects of your life into different categories, so they don’t bleed together and cause mayhem. I like to think of those different categories as buckets. Having a different bucket for work, family, finances, and any other important piece of who you are, and not letting them interfere with and detract from one another, is crucial to being a successful business owner. Compartmentalization is even important for people who aren’t business owners. For years, I played guitar for a rock ‘n’ roll band. I remember constantly telling my bandmates that while we’re on stage, the audience owned us and we had a responsibility to give them a great show. It didn’t matter if one of
was howling and whistling through the cockpit, she screamed at me “What are you going to do?” over and over. I answered, “I’m going to fly the plane!” which was the correct answer. Pilots aren’t supposed to worry about anything except flying the plane, no matter what sort of chaos goes on in the cockpit. In that scenario, successful compartmentalization could mean the difference between life and death. If you don’t compartmentalize your buckets, the contents will all spill out and melt together in a big mess. You start making excuses. Maybe you missed a call with a client because you said you would get lunch with a friend at the same time. Maybe you worked late and missed dinner with your family for the fourth night in a row. Whatever the case, taking care of your own life ensures you can properly take care of your friends, family, and colleagues as well. It’s not always easy. Within each bucket, you might need smaller, more specific buckets. For example, your finance bucket might have buckets for investments, real estate, business costs, or other categories. Our lives are complex, and keeping every category separate is hard — but essential. Keep your work life at work and your home life at home. Wherever you are, focus on the matter at hand, and keep those buckets from spilling over.
my band members had a fight with his wife or girlfriend right before the show — on stage, we had a job to do.
Similarly, when I was learning to be a pilot, my instructor
once opened the passenger door of my little high-wing plane mid-flight, and while the wind
–Terry Monroe
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Beware These Retirement Spending Mistakes
Common Financial Pitfalls
The bulk of retirement planning is spent discussing how you will save money in the years leading up to the end of your career, but that’s only half of the picture. Once you enter retirement, your focus shifts to the smartest way to divest your money for both your own enjoyment and your continued financial security. There are countless ways to wisely spend your nest egg, such as taking trips, providing for the education of your grandchildren, and more. However, this article isn’t about good ideas. Instead, let’s talk about some of the worst ways to spend your retirement funds. Timeshares The appeal of a timeshare seems obvious. It’s a space of your own for a few weeks of the year, and you get to enjoy a nice
change of pace from your regular environment. The problem is that these properties are full of hidden costs and have been outpaced by other vacationing options. In a world where you can book an Airbnb with just a few clicks, timeshares are poised to become a relic of a past age. Online Scams Hackers and cyberscammers love to prey on the elderly. As gross as it may sound, they know that older generations tend to be less tech savvy than their younger counterparts. You should be wary of online offers that look too good to be true. If you have even the slightest doubt, have a loved one take a look at the offer to ensure you’re not being scammed. Never provide your private financial data to a source you don’t absolutely trust. Tchotchkes Many of us have walked into the house of an older relative to find a room full of American Girl dolls or a display case of Candlewick glassware. Collecting can be a rewarding hobby when done in moderation, but amassing junk simply for its own sake is a waste of money and space. Make sure you’re acquiring objects because you truly want to treasure them. Rushed Relocations In general, real estate-based purchases can be extremely beneficial for retirees. The exception to this rule is a spur-of- the-moment relocation in order to be closer to your family or a retirement community. Because real estate transactions are so expensive, it’s best to approach them with extreme care and due diligence.
What Is That Thing?!
MY LATEST AUTOMOBILE PURCHASE
I couldn’t help myself — I did it again. For those of you who don’t know, I like to buy old cars, mostly old muscle cars from the 1960s and 1970s. I think it might be out of some desire to relive my late teenage years (I owned 17 different cars and trucks by age 19). Whatever the case, I think they are fun to look at and definitely fun to drive. Recently I got the urge to acquire another car again, but this time I was on the hunt for something different. I wanted a car that would be fun to drive during the summer and one my grandkids would get a kick out of. Of course, entertaining my grandkids might just be an excuse to justify this latest purchase! I went on Craigslist to see if anything for sale there would tickle my fancy. I knew from the start I didn’t want something that was going to be a project to get up and running. I also knew I didn’t want a Camaro, Corvette, or anything as common as that, even though they are neat cars. I visit a lot of convenience stores in many states on business, so I had a wide search area. Lo and behold, I found the car I was looking for in Missouri. As soon as I saw the ad, I knew I had to own the “Volkswagen Thing.”
For those of you who may not know what this Thing is, it is a yellow Volkswagen Type 181. Originally developed for the West German Army, this two-wheel drive, four-door convertible was manufactured by Volkswagen in Mexico and sold in the U.S. from 1973 to 1974. Google describes it as a slow, unattractive, and dangerous vehicle — but an absolute hoot to drive! The four-door convertibles are very utilitarian, and they ride rough like a log wagon. So, if you see a bright yellow Volkswagen Thing on the road this summer, be sure to wave and honk, because it may be me behind the wheel!
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Take a Break!
The Pingpong Table vs. the Conference Table HOW CREATING A FUN WORK ENVIRONMENT INCREASES PRODUCTIVITY
WORD SEARCH
About 10 years ago, Volkswagen set up a simple psychological experiment in a subway in Stockholm. One night, they turned the steps of a staircase right next to an elevator into piano keys. The next day, when researchers observed what happened, they found that 66% of commuters used the musical stairs despite the greater physical effort. From their results, the Volkswagen researchers concluded that people will naturally choose a more fun environment. So, what does this mean for business owners and managers? It means there is scientific evidence, through this and other research, that indicates fun work environments are more conducive to productivity than you might think. It turns out that the solution to your productivity problem might be better solved with a pingpong table than a conference table. So, what does a “fun” workplace look like? While it might vary from workplace to workplace, some examples include having a games area for employees on break, going out together as a team, taking part in fun team-building exercises, or even just decorating the office. It’s really up to you what environment you think employees would enjoy the most. All in all, creating a more fun work culture and environment has benefits. Happy employees are more engaged according to a Harvard Business Review study. The same study also showed that disengaged workers are more likely to be absent from work and more prone to accidents and errors by wide margins. While it may sound counterproductive, spending money on ways to keep your team engaged with your business and with each other could actually save money in the long run. So, talk to your employees and staff. Find out what engages them and make your business a place they look forward to working at every day.
BARBEQUE CAMPFIRE CAMPING FIREWORK
HOT INDEPENDENCE JULY
SUMMER SUN SWIMMING TANNING UFO VOLLEYBALL WATERMELON
LEMONADE OUTDOORS SANDALS SKEWERS
FISHING FRIENDS HIKING
SUDOKU (SOLUTION ON PG. 4)
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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
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INSIDE P.O. Box 810 Effingham, IL 62401 1 2 Successful People Have This Central Characteristic The Worst Retirement Spending Decisions
Sudoku Solution
What Is That Thing?!
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How to Increase Productivity in Your Business
Take a Break!
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Are You Ruining Your Brand?
T he value of a strong brand cannot be companies excel at creating memorable, trusted brands that consumers can rely on. There’s no recipe for creating a brand so strong that the name of your product becomes common vernacular, but developing a strong, consistent brand is within the reach of every business owner. Business owners often deprioritize branding in the early stages of their company, but that’s a dangerous mistake. If a potential customer interacts with your brand and it doesn’t resonate with them, it’s going to be hard to win them back. By avoiding these common errors, you can create a brand that people will support and interact with. Bland Branding “Branding is deliberate differentiation,” says author and consultant Debbie Millman. In other words, don’t create your brand by copying somebody else’s. The best brands stand out. Think about the iconic Nike swoosh, one of the greatest logos in business overstated when it comes to growing your business. We call adhesive bandages Band- Aids and cotton swabs Q-Tips because those This is why it’s frustrating to see companies hurt their branding through easily avoidable mistakes.
history. There was nothing like it at the time, and there’s little like it today. Sloppy Copy Branding is far more than just a cool logo and a flashy website. The words you use to convey your values — and the value you offer customers — are crucial. Bad grammar, weird word choices, and other linguistic faux pas can make you look silly. Make sure you have professional editors look over your copy to ensure it relays the message you want it to. Platform Inconsistency Have you ever logged onto a mobile version of a website and wondered if you were in the wrong place? When that happens, it’s because a company hasn’t made the effort to mirror their branding across all platforms. It’s one thing to have an irreverent online presence — look to MoonPie’s Twitter feed for an example — it’s another to have such disparate branding that you leave customers confused. A great brand synergizes all aspects to create one indelible image for consumers. Share your values, convey clear messages, and provide a professional image. Once you’ve done that, you’re on the road to building a brand that people want to support.
Common Branding Mistakes That Can Torpedo Your Company’s Image
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