Buy-Side Business Brokering: GABB Class April 27
Learn the fundamental skills a business broker needs to work with business buyers at the GABB’s April 27 class on Buy-Side Business Brokering.
Martin J. Rueter, Executive Vice President at Coldwell Banker Commercial Metro Brokers, will teach a class titled “Introduction to Buy-Side Business Brokering” from 9 a.m. until noon. The Georgia Real Estate Commission has approved the class #72874 through the Georgia Association of Business Brokers’ Real Estate School.
At the conclusion of this class, students should have better understanding of:
- The impact of small business on local and national economies
- Why most small businesses fail
- Financial and other considerations when evaluating a business
- Converting buyer inquiries into buying clients
- Qualifying and engaging prospective purchasers
- The Buyer Brokerage Agreement
- Assisting buyers in finding and evaluating a proposed business
- Presenting and negotiating offers (LOI)
- Managing financing, due diligence and other pre-closing activities
This class qualifies towards the GABB’s Board-Certified Broker program, a new certification designed by the GABB. The BCB program is the state’s only certification program for professional business brokers. The GABB operates a Real Estate School, license #8074 from the Georgia Real Estate Commission, specializing in training business brokers.
The class will be $49 for GABB members, and $75 for non-GABB members. If you want to register for the GABB’s Board-Certified Broker program, the class and BCB registration will be a total of $225, which includes the $195 BCB registration fee. The three-hour class will start at 9 a.m. and conclude at noon. After you have registered for the class, you will get the Zoom link to join the class. The GREC requires that you attend the entire class to receive credit towards renewing your real estate license. GABB requires that you pass an end-of-course test to receive credit.
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GABB Class: Introduction to Sell-Side Business Brokering April 29
Introduction to Sell-Side Business Brokering will be offered online on Thursday, April 29, by the Georgia Association of Business Brokering.
The class will qualify towards the Board-Certified Broker designation, the state’s only professional certification for business brokers.
THIS CLASS, THURSDAY, April 29.
Georgia’s top-selling business broker in 2020, C. David Chambless, president of Abraxas Business Services, will teach the online class which will cover the many skills business brokers need when selling an existing business. Those who successfully complete the class, #72873, will earn three continuing education credits from the Georgia Real Estate Commission through GABB’s Real Estate School #8074.
The class will cover confidentiality, non-disclosure agreements, engagement agreements, analyzing the business you’re selling, identifying and marketing to potential buyers, negotiating various agreements, working with the buyer’s bankers, due diligence, closing documents and closing the deal.
This class qualifies towards the GABB’s Board-Certified Broker program, a new certification designed by the GABB. The BCB program is the state’s only certification program for professional business brokers. The GABB operates a Real Estate School, license #8074 from the Georgia Real Estate Commission, specializing in training business brokers.
The class will be $49 for GABB members, and $75 for non-GABB members. If you want to register for the GABB’s Board-Certified Broker program, the class and BCB registration will be a total of $225, which includes the $195 BCB registration fee. The three-hour class will start at 9 a.m. and conclude at noon. After you have registered for the class, you will get the Zoom link to join the class. The GREC requires that you attend the entire class to receive credit towards renewing your real estate license. GABB requires that you pass an end-of-course test to receive credit.
GABB BCBB Classes
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INSTRUCTOR: C. David Chambless, president of Abraxas Business Services, was the top-selling broker in the Georgia Association of Business Brokers’s 2020 Million Dollar Club. Chambless’ company provides integrated services to sellers (and buyers) of businesses with revenues of $5-to-$30 million, with a focus on businesses in the manufacturing, distribution, healthcare, technology, and services industries. He has been president of GABB twice, is a lifetime multi-million-dollar member of the Million Dollar Club, and has earned the prestigious GABB Phoenix award for a decade of reaching the Multi-Million Dollar Club. Prior to Abraxas, he held various positions in sales, marketing, and executive roles in technology firms; as CFO for Aaron Rents as well as for private companies; and as a management consultant. Mr. Chambless has a Master of Business Administration in Finance from the Wharton School of the University of Pennsylvania and a Bachelor of Industrial and Systems Engineering degree from Georgia Tech. He is an inactive certified public accountant. Prior to graduate school, Mr. Chambless commanded components of a U.S. Army Pershing Missile unit in West Germany. Mr. Chambless is very active in his communities. He is a member of Business Executives for National Security (BENS), the Association for Corporate Growth, and a longtime member of the International Business Brokers Association (IBBA). He serves on a fundraising committee of the Atlanta Area Council of the Boy Scouts of America and on the board of the Callanwolde Fine Arts Center. In his involvement with the Technology Association of Georgia, he served as a member of the TAG board of directors and its executive committee as well as the chairman of TAG’s Leadership Council; he was a founder and the chairman of TAG-FinTech; he chaired TAG-Finance for seven years.
Read MoreHow to Manage the Buyer-Seller Meeting: Advice from a Top Broker
Meeting a business buyer or seller for the first time is a critical moment for a business broker, which is why a business broker should learn how to best manage it, an industry expert told the Georgia Association of Business Brokers on March 30, 2021.
Peter Goodman, owner of Goodman and Company Business Brokers, says a successful business sale often hinges on this critical meeting, establishing trust, and instilling confidence. His presentation was praised as extremely useful for business brokers, business seller and business buyers.
View his presentation here:
https://studio.youtube.com/channel/UC9RjcBNR4waLTQoZlqvMhwQ
The buyer-seller meeting is an opportunity for the seller to learn why the buyer is interested in the business, to learn the buyer’s plans for the business and allow the seller to answer questions.
Don’t allow the buyer and seller to exchange contact information, and the broker should not allow the buyer to negotiate price or anything else during this meeting, Goodman said.
The broker’s role is to listen for problems that arise, correct misunderstandings and gauge the buyer’s interest. The broker should review with the seller what the seller should cover in the meeting. Remember, Goodman said, what the seller says will be worth ten times what the broker says.
The goal of the meeting is to be sure the buyer still wants to buy the business after the meeting. Goodman also lists some questions and issues to be covered, gives the parties an agenda o things to be covered, and suggests limiting the meeting to 30-60 minutes.
Sellers should avoid mentioning anything negative about their business that is no longer relevant, such as a dishonest employee who is no longer working there. The seller should discuss competitive advantages and missed opportunities, or ways a new owner can make more money from the business with marketing or new revenue streams.
On the other hand, the seller shouldn’t make the buyer think they cannot be replaced. Remember, it’s the business that makes the money, not the seller. The seller must make the buyer feel confidence that they have the ability to run the business successfully.
And after the meeting, Goodman always sends thank you notes to all participants.
Goodman holds the designation of Certified Business Intermediary (CBI) through the International Business Brokers Association (IBBA), the largest and most well-respected business brokerage organization in the United States. Mr. Goodman has been a full-time business broker for 17 years. During his brokerage career, he has personally sold over 100 businesses from main street to lower mid-market in various industries. His emphasis is on working closely with business owners as agent, advisor, confidant and friend has been the foundation of his success.
The Georgia Association of Business Brokers is the state’s largest and most respected association of professionals who broker the purchase and sale of businesses. The GABB also operates the state’s only real estate school dedicated to training business brokers. For more information about GABB, contact Executive Director Diane Loupe at diane.loupe@gabb.org or 770-744-3639, or GABB president Judy Mims at 404-842-1997 or judy@childcare.properties.
Read MoreA Private Equity Firm Veteran’s Advice for Business Owners Preparing to Sell
What kinds of insights about selling a business might come from experts at private equity firms? This article includes advice for sellers from industry veteran Lamar Stanley. Stanley is a Director at Gen Cap America, which is a lower middle market private equity firm in Nashville, Tennessee. Since 1988, Gen Cap America (GCA) has made 60+ investments across seven committed private equity funds.
Before joining GCA, Stanley was with the Nashville based private-equity strategy group, Diversified Trust Company. Stanley holds a B.A. degree from The University of the South and an M.B.A. from The University of Chicago.
Understanding Small Business
Over the decades, Stanley has amassed a considerable amount of knowledge and expertise. He points out that it is easy for people to lose sight of the fact that many so-called “overnight successes” are actually the result of ten or twenty years of hard, thankless work. It is through these years of laser-like focus that entrepreneurs are able to bootstrap their business. Additionally, these business owners need to not only have a vision, but also the insight to bring on great people to help build their business.
The Benefit of a Deal Attorney
Stanley feels that working with a deal attorney can make a tremendous amount of difference, as it can increase the chances of a successful transaction taking place. Deal attorneys understand the deal process, which can make all the difference when it comes to streamlining the process.
“Deal fatigue” can derail what would otherwise be a good deal. This term applies to how deals can sometimes drag on for months. Working with an experienced deal attorney can help expedite the entire deal process. In turn, it can help to avoid the dangers typically associated with deal fatigue.
Preparing in Advance for a Sale
Stanley believes that it is critical for a business owner to think about selling as soon as possible. Ideally, a business owner should be thinking about selling when they start their business. He realizes that most business owners can’t hope to prepare for selling as soon as they create the business. But the point is clear, the sooner they begin the process the better. Business brokers and M&A advisors can best serve business owners by helping them understand that they shouldn’t wait until a month or week before they are ready to sell their business to get their respective houses in order.
There are so many important factors involved in getting a business ready to sell. They range from customer concentration and diversifying suppliers to preparing financial statements and working capital estimates well in advance.
In particular, Stanley points to the danger of business owners having to deal with preparing their business for sale while continuing to operate the business during the sales period. What must be avoided is for business owners to essentially have two jobs at the same time, as this increases the odds of deals falling apart from deal fatigue. The sooner a business broker is involved in the process, the better.
Copyright: Business Brokerage Press, Inc.
The post A Private Equity Firm Veteran’s Advice for Business Owners Preparing to Sell appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans
WASHINGTON – The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.
“More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access,” said SBA Administrator Isabella Casillas Guzman.
Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
This new relief builds on SBA’s previous March 12, 2021 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021.
Questions about SBA COVID-19 EIDL and disaster loan payments can be emailed to DisasterCustomerService@sba.gov or directed to SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).
The Georgia Association of Business Brokers has many members who are experts in SBA loans. Consult our affiliated professionals directory for help.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
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