Earn the credits you need to renew your real estate license and learn about leases without having to fight the traffic at the Georgia Association of Business Brokers’ Spring Conference to be held via Zoom Livestream on May 19 and 20th, 2020. The conference will be live-streamed online via Zoom.
We have room for ONE MORE STUDENT for the May 19 program is “Everything is Great Until it Isn’t – License Law” which satisfies the Georgia Real Estate Commission’s requirement that you must have a 3-hour license law class every four years. The class is GREC Course #67741, a three-hour class and is being held through the Georgia Association of Realtors’ Partners in Education program, GREC School Code #271.
But CAN STILL TAKE REGISTRATION for the Wednesday, May 20th, 3-hour class titled “Evaluating Lease Issues when Buying or Selling a Business” through the GABB’s Real Estate School, Class code #71908, GREC School Code #8074. This course will receive three hours of CE credit through the GREC.
Registration for the conference will be $49 for GABB members, and $99 for non-GABB members. Scroll to the bottom of the page to register. Both classes will be held from 9 a.m. until noon.
Requirements for participating in a virtual class:
- Your device must have a video webcam, microphone, and speakers. (Students are required to enable video so that we can monitor attendance.)
- You need to set up a free Zoom account (https://zoom.us/) prior to the class. (Your free 40-minute account will allow you easy access to our ZOOM Classroom account.)
- Students are expected to attend the entire class session (except during the 15-minute break) just as if they were sitting in a classroom.
- After the class, you will be emailed an electronic affidavit and an electronic class evaluation. To receive CE credit, you must complete both.
A link to participate in Tuesday class has been sent to registered students on Monday, May 18. If you did not get it, email firstname.lastname@example.org or call 404-374-3990.
Everything is Great Until it Isn’t – License Law – GREC Course #67741
THIS COURSE SATISFIES THE GREC REAL ESTATE LICENSE LAW EDUCATION REQUIREMENT. Students will review and be able to apply License Law to daily business with a focus on handling transactions as a licensee and a licensee acting as a principal, understand Unfair Trade Practices to improve licensee’s skills in normal business activities, demonstrate advertising compliance in all media, be better equipped to serve and protect clients and customers and improve knowledge and skills in brokerage actions. This is an interactive course suitable for commercial and residential agents. (This course provides both Real Estate Licensee CE credit and Real Estate Instructor CE credit.)
Instructor: Ann Cyphers, President of Cyphers Brokerage Associates, Inc., has been extremely active in the Atlanta commercial real estate sector for many years completing hundreds of sale and lease transactions for local and national companies during her 30-year career. Prior to forming her own company, Ann was Vice President of Jones Lang LaSalle, with responsibilities that included training, new business development and the marketing and leasing of Class A office buildings. Ann has been a GREC-certified instructor for more than 20 years teaching sales and broker prelicensing courses, post license courses and continuing education. She earned her CCIM (Certified Commercial Member) in 1998 and is a graduate of Georgia State University. Ann has served on several real estate boards and received numerous awards including the Commercial Real Estate Women Development of the Year Awards and Shining Light Award.
“Evaluating Lease Issues when Buying or Selling a Business”
LEARNING OBJECTIVE: Attendees, all of whom are licensed real estate agents, will learn how about leases, including Georgia law, types of leases, the value of the lease to a business, common lease terms, franchise issues, assets attached to the property, subordination, below-market leases and common lease issues faced by business buyers and sellers.
Wendy W. Kraby, Attorney, GDCR Law. Ms. Kraby is a University of Georgia graduate who was the managing editor of the Red & Black student newspaper, she went on to become a writer and editor at CNN before earning her law degree at Georgia State University’s College of Law. She has been admitted to the State Bar of Georgia, the U.S. District Court for the Northern District of Georgia, the Georgia Court of Appeals and the United States Tax Court.
Jon Roman, treasurer of the GABB, is the owner of Transworld Business Advisors of Atlanta Perimeter, an award-winning group of five agents, an office manager and a marketing sales specialist. For nearly 18 years, prior to Transworld, Mr. Roman had helped entrepreneurs to obtain funding when acquiring, selling or franchising businesses. He established, acquired, operated and sold his own businesses for more than 20 years. Mr. Roman is a former commercial banker with experience in a multitude of deals. Throughout his career, Jon financed mergers and acquisitions, business expansions, construction and development projects. He evaluated businesses, built and consolidated financial records and shared opinions regarding business plans, and/or exit strategies. Mr. Roman is a lifetime million-dollar member of the GABB and is currently serving as the group’s treasurer. Among other qualifications, Jon is a Certified Commercial Investment Member (CCIM), a (Certified Exit Planning Advisor (CEPA) and a member of the Entrepreneur’s Organization.
NOTE: You may still register for the WEDNESDAY, May 20, class, but we have only ONE SPACE left for the TUESDAY, May 19 class. Please call 404-374-3990 to confirm that we still have space if that’s the class you want.
During this international crisis, things change rapidly and frequently. To help our members, small businesses, and others, GABB has created a COVID-19 page with the best information we have about what is happening in Georgia. The GABB also plans to hold weekly 30-minute Q and A sessions on Tuesday mornings at 10 a.m. to take stock of what is happening in our world. Information on how to join the meeting is listed below. Also, if you miss a meeting, you can view a recording of the meeting at the link posted below.
If you are NOT getting emails from GABB about these meetings, and you want to, please email Diane Loupe at email@example.com. Please check your spam filter to be sure our emails aren’t being sent there.
PAST GABB ZOOM Meetings
- May 12, 2020 Meeting Recording
- GABB Board member Kim Eells, Senior Vice President, SBA Business Development at Georgia Primary Bank, discussed the PPP program including spending requirements. She also said that money was still available, although her bank isn’t taking new applications. A GABB member said that a client had taken advantage of loan forbearance and had been rejected for a home loan as a result.
- May 5, 2020 Meeting Recording
- SBA Banker Thomas Rockwood discussed updates to the PPP program, Shannan Collier Stalvey talked about new liability waivers, several GABB lawyers talked about the limitations of force majeure clauses, Bob Smith talked about insurance, Russ Hall said now is a terrific time to market and get people on the phone, and other GABB members added their questions and experiences.
- April 21, 2020 Meeting Recording.
- Password: 2w=!WrX@
- Topics discussed: Remote closings, PPP loans, applying for loans, best strategies for business brokers, healthcare options.
- SBA Banker Leigh Milton shared the following documents related to several SBA programs
- April 14 Meeting Recording:
Access Password: Y2*@&Ikt
- Topics discussed: Applying for SBA loans, healthcare options, best strategies for business brokers.
GABB’s invitation to a scheduled Zoom meeting.
Topic: GABB COVID-19 Meeting
Time: Apr 28, 2020 10:00 AM Eastern Time (US and Canada)
Apr 28, 2020 10:00 AM
May 5, 2020 10:00 AM
May 12, 2020 10:00 AM
May 26, 2020 10:00 AM
Jun 2, 2020 10:00 AM
Join Zoom Meeting
Meeting ID: 955 0652 0094
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The second round of the SBA’s Paycheck Protection Program funding, released Monday April 27, is being distributed by SBA lenders, and is expected to be depleted within just a few days, David Brindley, VP of Small Business Lending at Live Oak Bank, told the GABB in a Zoom meeting on April 28.
Brindley also said the new round of PPP funding is tied to the SBA’s 7(a) loan program, the SBA’s primary program for providing financial assistance to small businesses. The 7(a) program will also be depleted when the PPP runs out of funds, although he anticipated that Congress would approve additional funding in the near future, although “we don’t know when for sure.”
Hear what Brindley had to say at the meeting at this link.
Many other SBA lenders in the GABB told us that they were extremely busy working on PPP loan applications that had been submitted earlier. “For the last month, it has been all hands on deck as everyone in the bank jumped in to help process PPP loans,” Brindley said. Like many other banks, Brindley’s bank “took the approach that we would take care of existing customers first and then open up for new customers.”
His bank temporarily paused most other lending in March to focus on the relief lending through the CARES Act. When the 7A program resumes, Brindley says he expects the SBA to guarantee 90 percent of the loan, as opposed to the 75 percent they have covered in the past. Lenders are going to take a new approach to due diligence, he said. Live Oak looks favorably upon businesses with a strong cash flow and good management.
“We will also require projections from buyers,” Brindley said, to make sure they really understand the cash flow and working capital needs of the business. Also, as part of the CARES Act, the government will make the first 6 months of payments for new SBA loans that close before September 2th.
He ran down a list of potential questions for future SBA loan applicants, including whether the business closed during the quarantine, were customers and suppliers significantly impacted by the shutdown, what disaster funding did the business receive, and why does the buyer think it’s prudent to go forward with a business purchase in the midst of uncertainty.
“We’re going to do even more due diligence than we did before,” Brindley said. “We want to make sure there’s more working capital built into our projects.” Toward that end, his bank — the largest SBA lender in the country — will add additional working capital into loans so that businesses have adequate operating capital in reserve.
“We are open for business right now,” Brindley said. “for historically strong transactions and we are willing to use a common-sense approach to mitigate a Q2 Covid 19-related impact to the business. If we can see that a seller’s revenues are trending back to historic levels and there is sufficient working capital built into the deal structure, we will look at transactions today.”
Attorney and GABB Affiliate Lawrence Domenico, a partner in the law firm of Mozley, Finlayson & Loggins LLP, discussed potential liability as businesses prepare to reopen fully or partially. The Georgia Governor has issued specific guidelines for businesses to safely open, as has the CDC.
“I’ve never said ‘it’s not clear, or I don’t know” so many times in my practice of law as in the last couple of weeks.” Language within the gubernatorial order appears to exempt reopened businesses from liability, but it isn’t clear that will give businesses blanket immunity. If a business misses covering one of the safety items listed in the order, maybe you don’t get protection from liability. Traditional body of common law considers whether an entity acted reasonably, and there is varying advice on that front.
“Every business owner is going to have to decide for themselves what is reasonable,” said Domenico. “I think if you try to follow the CDC guidelines, try to follow the governor’s orders, you will have a pretty good defense, but I’m not going to be able to tell you you’re in the clear no matter what.”
The GABB plans to have weekly Zoom meetings on Tuesdays for updates on aid available during the COVID-19 crisis. Check our blog for information on joining future calls.
Georgia Department of Labor Employer Update
The CARES (Coronavirus Aid, Relief, and Economic Security) Act
Tips for Filing Successfully
- You must file your claims each week for benefits to be paid to your employees. Your employees do not request their weekly payments. Do not file subsequent claims less than 7 days after the week ending date (WED) of the previous week’s claims. Claims submitted for a WED that is less than 7 days after the previous week’s WED will not be paid.
- You must use the GDOL Excel template for multi-claim upload. Do NOT alter the template.
- You cannot submit claims for a future WED. The earliest you can file is the 8th day after the previous WED.
- Verify employees’ earnings for other employment and report combined gross earnings for each WED submitted, if applicable. Failure to do so could result in an overpayment.
- Enter the employees’ names as First Name Last Name. The first name must be entered first to match their GDOL wage record.
- Try to limit the Mailing Street Address to 25 characters. Do not use periods when abbreviating. Use # instead of “Apt.”
- If you answer “Yes” to the question “Did the employee earn at least $7,300 in your employ?”, do NOT enter an amount in Question 15 on Single Entry or Column R on the Excel spreadsheet.
- If you answer “No” to the question “Did the employee earn at least $7,300 in your employ?” enter the amount as four (4) characters, disregarding cents.
- Enter the employee’s gross weekly earnings in Question 16 on Single Entry or Column S on the Excel spreadsheet as five (5) characters with the last two (2) characters representing cents. Example: earnings are $125.75, enter as 12575. If the employee earned $1,000 or more during the week, enter 99999 ($999.99).
- Report all gross earnings, including any earned from another employer. Earnings over $50 will be deducted dollar for dollar from your employee’s benefit payment for weeks ending on or before March 28, 2020. Earnings over $300 will be deducted from the benefit payment for weeks ending April 4, 2020 or later.
- if you make an error on a claim, resubmit the claim for the individual as soon as possible with the corrected information.
What to Tell Your Employees
- Email the link to the COVID-19 Individual FAQs to your employees and review it yourself to help answer their questions.
- When you file the first week of claims, they will receive a Georgia Way2Go Debit MasterCard® within 7-10 days loaded with their first payment, unless they have direct deposit information on file with GDOL from a previous claim within the last 18 months.
- After the first week of claims, they can expect payment within 24-48 hours of you submitting their weekly claims.
- Do NOT tell your employees to claim their weekly benefits with GDOL. You are claiming their weekly benefits for them by filing each week.
- They can create a PIN online using UI Benefit Payment Methods after their claim is processed by GDOL.
- They can check the status of their claim and payments using My UI (Check My UI Claim Status). Their PIN is required.
- They can enroll in direct deposit using Benefit Payment Methods.
- They cannot enroll in direct deposit until AFTER the first claim is processed by GDOL.
- They can reset their PINs using Reset Your PIN
- They are exempt from work search requirements.
- eliminating mail delivery.
- ensuring complete information is provided the first time.
- reducing the need for phone calls.
- reducing paper handling, staff time, and postage costs.
It’s anything but business as usual in today’s online meeting environment. Employers should keep in mind that the dynamic between you and your employees may be different when you use video conferencing.
A“business-as-usual” approach to the COVID-19 situation can make an employer look both unnecessarily cold and out of touch with reality, opined Rajshree Agarwal, who is a professor of Strategy and Entrepreneurship, in an April 20th, 2020 Forbes article, “Three Keys to Engaged, Productive Telework Teams.”
How you use telework and video conferencing is, in part, about developing the correct balance. On one hand, you’ll want to acknowledge that the situation is serious and must be addressed. But on the other hand, you don’t want to dwell on the pandemic. After all, not effectively handling the work at hand could undermine your business and cause other problems for both you and your employees.
It is in everyone’s best interest to be smart, safe, and acknowledge the bizarreness of the current situation while striving to achieve business goals. The keyword here is “balance.” Agarwal states that “The combination of empathy and purpose unifies individuals, allowing team members to channel their efforts towards shared objectives and values. This is the best antidote for anxiety.”
From Agarwal’s perspective, there are three keys to making telework effective: communication, socialization, and flexibility. First, there has to be good communication. For example, people can’t simply ignore one another’s emails because they are working virtually. She points out that real-time meetings via Zoom or Skype can eliminate some communication issues, but not all.
The second factor to consider is socialization. As Agarwal points out “Engaged, productive teams also take time to socialize.” Working from home alters the typical modes and methods of socialization, but virtual interactions can be used to help people form and develop their social networks.
In short, socialization doesn’t have to end once telework begins. Used judiciously, socializing, and the bonds it creates between co-workers can still continue.
Agarwal’s third key is flexibility. Flexibility is critical, as all team members must adjust to what, for some, may be a fairly radical restructuring of their day-to-day work experience. Those who haven’t worked virtually before may find adjusting to be quite a challenge. Management should strive to be more flexible during telework caused by the COVID-19 pandemic. Trying to maintain the same top-down approach could prove to be problematic.
It goes without saying that telework presents challenges. However, the challenges it represents are not insurmountable. There are benefits to teleworking, and teams can use it to generate solutions that they might have not reached in the typical work environment.
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