GABB Fall Conference Oct. 30: Business Broker Training
Earn six education credits towards your Georgia real estate license while learning skills that will make you a more effective and successful business broker.
Registration, which includes breakfast and lunch, is $100 for GABB members and $150 for non-members until Oct. 23, when registration will be $150 for everyone. The Oct. 30 conference will be held at the Atlanta Realtors Center at 5784 Lake Forrest Dr. NW, Atlanta, GA 30328.
Schedule:
8:30 – 9 a.m. Registration
9:00-10 a.m. Legal Topic: How business brokers can keep themselves out of trouble and protect their commissions. Presenter: GABB Affiliate member and attorney Larry Domenico. He practices in the areas of estate planning and probate, commercial and business litigation, and general litigation. Mr. Domenico also has extensive experience as a business lawyer in assisting start-up and existing businesses. In addition, Mr. Domenico has broad experience in alternate forms of dispute resolution including arbitration and mediation.
10-10:30 a.m. Break and networking. Breakfast will be provided by attorney John Herbert of the Herbert Legal Group.
10:30 a.m.-11 a.m. GABB meeting: introduction, announcements, business. No charge to attend this portion of the meeting.
11-12 noon- Advertising Rules for business brokers. Presenter: Monica Gilroy, esq., the Gilroy Firm. A founding principal of The Gilroy Firm, Ms. Gilroy is the firm’s managing partner and has over 25 years of experience practicing law. She is an active partner in the Litigation Department as the focus of her national litigation practice includes all aspects of real estate litigation.
12-12:40 Lunch for conference participants
12:40-1:40 Valuation theory. Presenter: GABB Affiliate Dan Browning. Dan has 20 years of experience as a business appraisal professional and holds the Master Analyst in Financial Forensics (MAFF) and Accredited in Business Appraisal Review (ABAR) designations from the National Association of Certified Valuators and Analysts (NACVA).
1:40-2:40 Add-backs from a lender perspective and what issues that create for loan underwriting, loan terms and deal structure; cash injection requirements; business appraisals. Presenters: GABB Affiliate lenders Brian Harper, Leigh Milton, Carolyn Robinson.
Brian Harper works with SBA and government guaranteed lending solutions for small and mid-size businesses at Atlantic Capital Bank.
Leigh Milton, Senior Vice President, Small Business Administration Lending of Charter Bank, has been in commercial lending in Atlanta for 23 years.
Carolyn Robinson is a Senior Vice President at Acclivity Financial, a subsidiary of Citizens Bank, with a demonstrated history of working in the banking industry and 10 years’ experience as business broker. Twenty years in SBA/USDA/ Commercial Lending and Credit Analysis.
2:40-3 p.m. Afternoon break
3-4 p.m. Due Diligence Topics: A broker panel about things that have come up during due diligence and how the broker can help prevent/resolve due diligence issues. GABB Brokers Jeff Merry, Dean Burnette and Jon Roman. All three have been members of the GABB’s Million Dollar Club and are on the GABB’s board of directors.
4-5 p.m. Excel for business brokers: Pivot tables, IF function, rounding, other tips and tricks. GABB Broker and CPA Greg DeFoor, a GABB past president.
For more information about the conference, contact GABB Director Diane Loupe at 404-374-3990 or georgiabusinessbroker@gmail.com
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Key Elements for Every Partnership Agreement
You should never forget that your partnership agreement is, in fact, one of the most important business documents you will ever sign. Many people go into business with loved ones, relatives or lifelong friends only to discover (once it’s too late) that they should have had a partnership agreement. A partnership agreement protects everyone involved and can help reduce problems that may arise. Outlining what will happen during different potential situations and events in a legal framework can help your business keep running smoothly.
What Should Be in a Partnership Agreement?
Every business is, of course, different; however, with that stated, any partnership should outline, with as much clarity as possible, the rights and responsibilities of all involved. A well written and carefully considered partnership agreement will keep small problems and disagreements from evolving into more elaborate and serious concerns.
There are times to take a DIY approach and then there are times when you should always opt for a professional. When it comes to partnership agreements, it is best to opt for working with a lawyer. Finding competent legal help for drafting your partnership agreement is simply a must.
What is Typically Addressed in a Partnership Agreement?
In theory, a partnership agreement can cover a wide-array of factors. Here are a few points typically addressed in partnership agreements.
What Questions Will a Good Partnership Agreement Address?
- Which partner(s) are to receive a draw?
- How is money to be distributed?
- Who is contributing funds to get the business operational?
- What percentage will each partner receive?
- Who will be in charge of managerial work?
- What must be done in order to bring in new partners?
- What happens in the event of the death of a partner?
- How are business decisions made? Are decisions made by a unanimous vote or a majority vote?
- If a conflict cannot be resolved when must the conflict be resolved in court?
Thanks to partnership agreements, all partners involved can proceed and start a new business with fewer areas of concern. The simple fact is that without a partnership agreement, your business can face a range of disruptions; these would be disruptions that could ultimately spell doom for your business.
Copyright: Business Brokerage Press, Inc.
Read MoreBiz Chronicle Publisher spoke to GABB Aug. 28
David Rubinger, publisher of the Atlanta Business Chronicle, spoke on Aug. 28 to the state’s largest organization of professionals who broker business sales and purchases, the Georgia Association of Business Brokers.
The GABB meeting, which is free and open to the public, was held at the Atlanta Realtors Center at 5784 Lake Forrest Dr. NW, Atlanta, GA 30328. The monthly meeting was sponsored by GABB affiliate Andrew Moore, CPA, of Frazier and Deeter.
The publisher’s presentation is here. AtlBizChronPPT
The GABB is an organization of professionals who work with Georgia business owners to help them in the process of evaluating, marketing, financing and selling their businesses. They also work with business buyers including many individuals who have decided not to re-enter corporate America, but want to become their own bosses by purchasing and operating a Georgia business.
David Rubinger has spent the past 30 years as both an award-winning journalist and corporate communications executive. Two years ago, he returned to his roots at Atlanta Business Chronicle to become its Market President and Publisher. The Chronicle is one of the largest and most successful business journals in the United States. It is the flagship for American City Business Journals Inc., which has business journals in 43 markets throughout the country.
Mr. Rubinger began his career in Atlanta with Atlanta Business Chronicle in 1989 to cover banking, investment, and real estate industries. He later served as managing editor and editor of the Chronicle until he joined Ketchum Public Relations as its senior vice president in late 1998. In 2003, he was tapped by Equifax to lead the company’s global communications team, and in 2008 struck out on his own to start Rubinger Inc., a boutique corporate communications firm before returning “home” to the Chronicle in 2015.
A native of New York City, Mr. Rubinger is a graduate of Trinity College in Hartford, Conn., where he received a B.A. in government. He is a member of Leadership Atlanta, the Emory University Board of Visitors and Emory’s Center for Ethics. David is on the board of the Metro Atlanta Chamber and the Atlanta Convention and Visitors Bureau. He lives in Ansley Park with his wife, Hedy, who chairs the healthcare practice at law firm Arnall Golden Gregory. They have four children: Jill, who just completed her second year at UVA law school; Scott, who completed his junior year at UT Austin; and Adam and Eric, who are rising 11th graders at the Westminster Schools.
For more information about the GABB, contact GABB President Mike Ramatowski at 770-634-0428 or rambizgroup@bellsouth.net call Diane Loupe at 404-374-3990 or email director@gabb.org.
Read MoreGeorgia Real Estate Commissioners Discuss Business Broker Licensing
If you’re contemplating buying or selling a business in the Peach State, be sure to check whether the business broker you’re considering using has a valid Georgia real estate license.
Some individuals who are presenting themselves as professional business brokers are not licensed to sell real estate in the state of Georgia, and therefore are probably not operating legally.
On Tuesday, July 31, Georgia Real Estate Commissioner Lynn Dempsey and Deputy Commissioner Craig Coffee spoke at length about real estate licensing to the Georgia Association of Business Brokers. The GABB is the state’s only professional association of professionals who help in the sale and purchase of businesses and franchises.
Watch a video of their presentation here.
The commissioners encouraged attendees to file a complaint against any unlicensed broker who is attempting to buy or sell a business with any real estate interest in the state. Complainants should complete the following form that GABB downloaded from the GREC website, have the form notarized and submit it.
GREC Request For Investigation Form
Georgia law specifies that a business broker must have a real estate license if the sale of the business includes any real estate. GABB believes that there are very few instances in which a business is operating without any leases or real estate. Former GABB member Kathryne Pusch discusses business broker licensing in Georgia elsewhere on the GABB blog. GABB requires all broker members to have a current Georgia Real Estate license to belong to the association.
To determine if a business broker has a valid Georgia Real Estate license, search this link on the Georgia Real Estate Commission website. Note, some brokers may not operate professionally with their given name, so you may need to search with an individual’s license number.
Georgia law limits the Commission’s investigative authority solely to issues related to the real estate license law.
The Commission’s investigations do not determine whether a violation of any other area of the law has occurred. For example, the Commission cannot settle such issues as disputes regarding earnest money, repairs to property, or payments of fees to licensees. The law of contracts controls these issues. If the parties cannot resolve such issues themselves, they should consult an attorney or the small claims court of their county for assistance.
Anyone who files a request for investigation with the Commission and has suffered a financial loss should not wait for the results of a Commission investigation before consulting an attorney. The Commission cannot replace a financial loss. The law allows the Commission only to reprimand, suspend, or revoke a license and/or impose fines, education requirements, and/or require reports from an independent accountant.
The Commission may only investigate licensed real estate brokers, salespersons, community association managers, or unlicensed persons performing the acts of a broker. It cannot take action against an unlicensed individual who may be an owner or builder acting as a principal on his or her own property.
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