American Business Brokers - July 2019

American Business Brokers - July 2019

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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800.805.9575

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 >Page 1 Page 2 Page 3 Page 4

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