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American Business Brokers & Advisors Founder & President PROFESSIONAL INTERMEDIARY & MARKET MAKER FOR PRIVATELY HELD COMPANIES Author of ‘The Art of Buying and Selling a Convenience Store’ & ‘Hidden Wealth’ Involved in the Sale of 800+ Businesses Advisor • Consultant • Speaker
Thinking About Retiring? WWW.TERRYMONROE.COM SEPTEMBER 2021 Why Not Take a ‘Test Drive’ First?
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Everybody thinks about retirement at some point or another. You don’t have to be a certain age to consider it. That said, how do you know if it’s time to retire and start doing the things you enjoy? In my recent book “Hidden Wealth: The Secret to Getting Top Dollar for Your Business,” I explain how you can “take retirement for a test drive” without actually retiring. The following article is an adapted section from that book. What will you be doing after you sell your business? Are you planning to retire and spend more time with your family, play golf, travel around the world, enjoy your favorite hobby, or maybe even work toward another business venture? There is no shortage of possibilities, but you might be hesitant to indulge. How do you know if you’re ready to retire? Here’s my suggestion, which I hope will save you a lot of grief: If you’re planning on selling your business and doing one or some of the things listed above, take a month off from work and do just that. Engage in the activities you think you want to do for the years to come, and think of it as window shopping for your best possible retirement. For several years, I sold businesses in Southwest Florida to people who had moved from up north to spend their days fishing, playing golf, and boating but had discovered, after selling their business and moving to Florida for those reasons, that life wasn’t what it was cracked up to be. In other words, they were bored. If they were married, their spouses were threatening to throw them out of the house if they didn’t find a job or buy a business. So, that’s what I helped them do: Buy themselves a job. These were men who had once been very successful business owners. Now, they found themselves disillusioned with their plans to sell their business and move to Florida to settle down and enjoy the good life. These men found out they enjoyed the pursuit of their retirement better than the retirement itself. It happens to people every day. We chase the things we think we want, that we think we need to be happy — only to acquire it and find out we didn’t actually want those things as badly as we thought we did. That’s why “practicing” retirement can be so beneficial — you can learn if you love the pursuit of it more than the retirement itself and save yourself some disillusionment. When you take a month off and do the things you
want to do in retirement, you will discover one of two things: that you want to keep running your business for longer, or that you want to get the heck out of there! Either way, after doing a retirement practice run, you’ll know your next steps. So, if you’re thinking of selling your business, let the first 30 days of the process be about you. During the first week, take at least one complete day away from anything related to your business. No making or taking calls. Then, work your way up to two days per week. Then three, then a week off. Remember, when you sell your business, it is going to be a life- changing experience. This will be your preview of that change. If after selling your business you will be living in a different part of the country, start spending more time there. Rent or buy a place there in order to see what it’s like to live there, not just vacation there. It might not be easy, but it will help you discover what it’s like to not be a part of the daily grind of your business. To learn the rest of what it takes to retire and get top dollar for your business, send me an email at Terry@TerryMonroe.com. If you mention this article, I will send you a FREE copy of my book “Hidden Wealth: The Secret to Getting Top Dollar for Your Business.” –Terry Monroe
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In an Extreme Seller’s Market Tips for Buying a Home
Search Under Your Budget While this is just a good money-saving tip in general, in a hot market, the likelihood of getting outbid by other potential buyers is high. If you start your offers low, it gives you more room to bid up on a house you like, if you have to. Make Compelling Offers Beyond Just a Higher Bid Sometimes, the best offer on a house isn’t always the higher offer. Depending on the seller’s priorities, they might choose to sell to the buyer who offered a higher down payment or to close the sale earlier. Sellers might find an earlier closing especially compelling if the buyers also offer a rent-back so the sellers have time to find a new home themselves. Hire a Good Real Estate Agent Real estate agents are an essential element of any successful home purchase. Their industry knowledge, negotiation skills, and network connections make them more than worth hiring when you’re just starting out your search.
For the past year and a half, America has been experiencing a housing crisis. There has been a shortage of inventory caused by a lack of new construction for the past few years, but the COVID-19 pandemic has exacerbated these trends, causing house prices to skyrocket in many American cities. If you’re trying to buy a home in this market, you might be wondering how to put your best foot forward in all the craziness and ensure you’ve got a place to live when the dust settles. Well, while nothing is guaranteed in the current market, you can do a few things to ensure you find a house you (mostly) like and can afford. Get Preapproved for a Mortgage This lets sellers know that a lender has verified your finances and credit history and can attest that in your current situation, you’re able to own a home. It will make you a much more favorable potential buyer.
Even though the market seems crazy right now, don’t worry -— with the right tools and a little patience, you’ll find a home you’ll love.
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 business — 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.
someone else’s failures and not their 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.
It has been said that we learn from our failures, not our successes, but the true sign of a successful individual is their ability to learn from
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Take a Break!
Preventing Burnout 4 STEPS TO KEEP YOU IN THE GAME
WORD SEARCH
It’s safe to say that nearly everyone who opens their own business is extremely passionate about what they do. Sometimes that passion takes over and you may find yourself turning into a workaholic. While overworking can certainly help boost your business in the early days, it can also lead to a quicker burnout. If your business continues to grow, it can be hard to slow down. Luckily, you can take four easy steps to prevent burnout in your business. Recognize the effects. You may think everyone feels exhausted while they are at work, especially on a busy day, but how consistent is your exhaustion? If you are feeling run-down or fatigued on a daily basis, you may be working too hard. This could put you on the fast track to burnout, and you’re going to have to make some changes before it gets worse. Stick to your values. Nearly everyone has a core set of values that helps motivate them through the day. When starting your own business or just trying to stay afloat, it might feel like you need to abandon these values to grow. This could not be further from the truth. Abandoning these values can lead to mental health issues and a much faster burnout. Use a calendar. It is of the utmost importance to map out your week. This does not adhere strictly to business, either. Make sure to include time for family or other activities on your calendar so your daily workloads don’t consume you. If you have this time already blocked off, you are less likely to substitute it for work. Continue making improvements. Things are not going to change overnight. It is going to take time and persistence to build new habits. You’ll learn what works best for you and your business as you continue to try different things. Slipping up and making a mistake is expected, but do not let it bog you down. Growing your business is a learning process, and burnout is something every business owner should watch out for. Taking these steps can help, and your local business advisor is always available to answer any questions you may have.
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INSIDE 7824 Estero Blvd., 3rd Floor Fort Myers Beach, FL 33931 1 2 How to ‘Test Drive’ Your Retirement Tips for Buying a Home in a Seller’s Market
Sudoku Solution
Get the Wisdom of Other Business Owners’ Mistakes From This Book
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Preventing Burnout in 4 Steps
Try These Team-Building Exercises ASAP
Team-Building Activities You Might Actually Enjoy
Use Problem-Solving Skills to Help You Escape Escape rooms challenge your puzzle-solving prowess and require teams to work together to solve riddles, puzzles, and games to, quite literally, escape a room. These games can be found at local (physical) escape room sites, but you can also find board games sold online and platforms — like TeamBuilding.com — where you don’t have to leave your home or office to play! (Remember, escape rooms are designed for smaller teams.) Find Out Which Department Is the ‘Smartest’ Whether you opt to host theme-based games with questions based on TV shows or holidays or quiz each other on the history of the company or people in the company, trivia is a great way to learn and problem-solve together. You could host monthly or quarterly events to start a tradition and choose to pit departments against each other or split the whole company up into teams. Ultimately, it’s up to you, but don’t forget to include prizes! Who doesn’t love the chance to win a gift card? Check out Pinterest for great, office-friendly trivia — including trivia from “The Office”!
Here’s something that may shock you: Team-building exercises can be fun!
Often, a symphony of groans accompanies team- building games, and usually, that’s because activities designed to help you connect with others are … boring. As you return to the office, start a hybrid schedule, or continue to work remotely, consider planning the team- building activities below instead of the standard pizza party in the break room. We guarantee you and your coworkers will have a lot more fun and actually bond. Have All the Fun of a Campfire Without the Smoke TeamBuilding.com is a company designed for this very mission, but our personal favorite among their 22 different events is Tiny Campfire. TeamBuilding. com’s hosts will curate the content; all you need to do is task your team with securing s’mores ingredients and one tea light. At the virtual event, the host will lead everyone through camping-themed games and share scary stories. You participate and roast your marshmallows for s’mores. This is perfect for fully remote and nationwide teams!
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