Hidden Wealth: The Secret To Getting Top Dollar For Your Business

by Terry Monroe

Having been both a buyer of businesses and a business owner having owned over 40 different businesses Terry knows firsthand what a business owner is experiencing physically, mentally, and emotionally. His experience of selling over 800 businesses and working with over 1,000 business owners and buyers over the past 35 years gives him incredible insight of what really transpires between the business owner and their families and buyers of businesses. Terry’s stories and advice is based on actual people and real-life situations and told from first hand experiences, not from a book smart perspective where the writer is thinking how a situation should be handled. It has always been said that we learn from our failures not our successes, but the true sign of a successful individual is to be able to learn from someone else’s failures and not your own. In This Book You Will · Why business owners are reluctant to sell their business and how to recognize the proper mindset that is needed to be a seller. · Why some business owners are successful sellers and why some sellers end up losing millions of dollars. · Why you do not want to be a “Dismal D’s” business seller, which could cost you millions. · Find out if you are part of the “Rule of 72 Club”, which could be the kiss of death for a business owner or their family. · How to determine the value of what you are selling, which in most cases is the biggest financial asset of your life. · Who are the players you are going to need to put the sale together and get it done properly? It may surprise you as to what players are needed. · Do you go for Top Dollar or Most Money into Your Pocket? There is a difference. · When is the right time to sell your business and how long is it going to take to sell the business if everything goes according to plan (And things never go according to plan) · Learn how to recognize the do’s and don’ts through real life stories about business owners who pocketed millions of dollars while others left millions of dollars on the table. · Have you done enough financial planning for you to get top dollar? · When is the best time to contact your accountant and what to watch out for. · Business Brokers, Investment Bankers and Intermediaries. Which one is right for you? · Have you determined the tax implications of the sale of the business? · Do you have the correct entity structure for putting the most money in your pocket? · Learn the Psychology of Staying Rich after the sale of the business. · What is the difference between appraisals and business valuations? · How to get yourself into the proper mental mindset to sell. · The easy way to obliterate the fear of selling too low. · Why business owners consider selling their business and why they don’t sell. · How to get a solid idea of what it will be like if you sell your business– without actually selling it—to give you a true preview of what it will be like should you decide to sell.

202 pages, Kindle Edition

Published July 28, 2020

Reviews

[Karyn H · Rating 5 out of 5]

Incisive Advice for Business Owners

Hidden wealth is coming just at the right time when it is most needed. A lot of small business owners struggle to keep the business running, pay salaries, and take care of their family needs. Terry Monroe offers a better way out that can help you get good money for your business, especially you finally decide to sell the business.
Terry approaches the idea of selling a business from two angles, why business owners need to sell, and why they should consider not selling their business. Even when you have made up your mind to sell, there is always the right time to sell.
I have gained immensely from reading this book, especially in the area of the process of selling your business. When you talk about selling businesses, many business owners make the mistake of failing to carry out in-depth research of the process, principles, and ways to get the best deals.
Terry Monroe also includes a bonus chapter in this book, which I find very helpful and incisive. The chapter discusses passing the business to the family or considers selling it. The survival of many businesses lies in handing them over to the family. You need to have this book as a business owner.

[Pearl · Rating 5 out of 5]

Enthusiastic and very informative. Hidden Wealth: The Secret To Getting Top Dollar For Your Business by Terry Monroe is a self-help book that targets readers who want to sell their business but getting things right and being successful still. I found this book quite helpful because I have been planning to delve into business in the future and I see that selling a business is also a possibility.

I loved how the author was pretty straightforward in all the things that he tackled in this book. I found it honest and reality-based and I can really say that the author is very knowledgeable and knows exactly what he is talking about. There were plenty of important information discussed in this book such as how the market works, rules about taxes and many other things that you could not easily find in the internet. As a whole, it was very well done!