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Get the Wisdom of Other Business Owners’ Mistakes FROM TERRY MONROE’S ‘HIDDEN WEALTH’
Are you planning on selling your business in the next 1–2 years? If so, you need to start planning now. But where do you even start? Selling a business is a massive undertaking. With so many things to consider, some confusion is understandable, but if you don’t get the right kind of help, you could end up selling your business for far less than top dollar and leave tens of thousands of dollars on the negotiating table. These are the kinds of cautionary tales that market maker and four-time author Terry Monroe shares in “Hidden Wealth: The Secret to Getting Top Dollar for Your Business.” While we’d like to hope we’re accomplished
and savvy enough to sell our business without any help, the uncomfortable truth is that tons of successful business owners have lost out on millions of dollars in selling their businesses — all because they didn’t know exactly what they were doing. Sometimes, contemplating the financial implications of selling your business and dealing with the strain and grief that comes with doing so are worse than actually selling the business. So, what then? Well, in Terry Monroe’s “Hidden Wealth,” you’ll also learn how to realistically assess your situation, deal wisely with the business you’ve built over the years, and maximize the money you’ll receive when you decide to sell. It has been said that we learn from our failures, not our successes, but the true sign of a successful individual is to learn from someone else’s failures and not your own. “Hidden Wealth” seeks to do just that — give every business owner access to the lessons learned from the mistakes of other business owners so they can avoid the setbacks and reap all the rewards. Find out how you can get a copy today by emailing Terry@terrymonroe.com .
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Keep in mind that both groups of stores have good real estate locations. Knowing the facts about both groups of stores, which would you want to own?
The answer is the ones that will make you the most money. The six-store chain will always make money but have the issue of competition. However, the 12-store chain has nowhere to go but up. The upside for the 12-store chain is almost unlimited because they started so low. As long as the new owner of the 12-store chain is committed to the convenience store business in the long term and is not a flipper, chances are those stores will give the new owner the most return on their investment. The moral of the story is that opportunity is everywhere. Sometimes you may have to put in some extra work, but the opportunity is there. We should always be looking for the upside, because the upside is where we make the most money. Don’t be turned off because an opportunity may need additional work — those stores that need some extra loving tender care and a facelift may be the jewel in disguise. –Terry Monroe
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