GABB Welcomes New Board Members for 2025
Atlanta, Georgia – November 26, 2024 –
The Georgia Association of Business Brokers (GABB), the state’s premier organization for business brokerage professionals, proudly announces its newly elected Board of Directors for 2025, these individuals, chosen by their peers, represent the very best in Georgia’s vibrant business brokerage community. This diverse and talented group will lead GABB in its mission to advance the interests of business brokers throughout Georgia in 2025.
The 2025 GABB Board of Directors is as follows:
• President: Dave Chambless, a veteran in business brokerage and a proven track record in leading industry initiatives, Dave’s leadership will be pivotal in driving GABB’s mission and vision forward.
• Vice President: Gene Wright, known for his strategic thinking and unyielding commitment to GABB’s success, Gene will be an invaluable partner to Dave in shaping the association’s future.
• Secretary: Pino Venetico, his attention to detail and passion for maintaining GABB’s high standards ensure that our association’s records and communications are always accurate and on point.
• Treasurer: Vivek Patel, with his financial acumen and business savvy, Vivek will oversee GABB’s fiscal management, ensuring our decisions are sound and our resources are maximized.
• Member at Large:
+ Tom Crumpton, a respected business broker with a deep understanding of our membership’s needs.
+ Shelly Gibson, celebrated for her innovative approaches to business brokerage and networking.
+ Solomon Padilla, recognized for his dedication to professional development and mentoring.
+ Brian Judson, admired for his leadership in industry advocacy and public relations.
Affiliate Chair:* Thomas Rockwood, his expertise in guiding affiliate relationships will fortify our association’s support network and drive mutual benefits for Members and Affiliates.
Under the stewardship of this dynamic team, GABB members and affiliates can expect enhanced resources, increased opportunities, and a strengthened collective voice in the industry. Some of the key benefits include
• Professional Development:
Access to cutting-edge training programs and workshops, designed to elevate your brokerage skills and keep you informed about market trends and industry best practices.
• Networking Opportunities:
Expanded networking events and platforms, fostering meaningful connections among members and with affiliate partners, as well as opportunities to engage with industry leaders and potential clients.
• Industry Advocacy:
A stronger presence in state and national policymaking, as the new board champions the interests of business brokers and promotes the essential role they play in driving economic growth.
• Affiliate Support:
Enhanced services and resources for affiliate partners, promoting mutually beneficial collaborations and fostering a thriving ecosystem for business brokerage in Georgia.
A Bright Future Ahead
As we bid farewell to 2024, we embrace the promise of 2025, confident that the new GABB Board of Directors will capably steer our association and industry toward unparalleled success. Together, they embody the spirit of GABB’s mission: “To promote the professionalism and integrity of the business brokerage industry while fostering a collaborative environment for our members.”
We extend our heartfelt congratulations to the new board and express our unwavering support during their productive and successful tenure. We are excited to embark on this journey with them and look forward to the bright future that lies ahead.
About GABB
The Georgia Association of Business Brokers (GABB) is a non-profit trade association made up of professional, licensed business brokers who help owners buy, sell, and value businesses primarily in Georgia. GABB maintains high professional standards while providing valuable resources to business brokers and the business community. With a focus on excellence, education, and collaboration, GABB serves as a catalyst for growth and success in the business brokerage community.
Media Contact:
Laura Goe, GABB Administrator
(770) 744-3639
admin@gabb.org
For more information about GABB, visit www.gabb.org.
This press release is issued on behalf of GABB on November 26th, 2024.
Simple Tips for Being a More Efficient Business Owner
As a business owner, one of your ongoing priorities should be finding ways to save money. Ultimately, this will boost your bottom line and make your business more attractive to buyers. Let’s take a look at some strategies to run a more efficient and cost-effective business.
1. Consolidate Services for Better Deals
There are many clever ways to save money, and some are easier than others. One simple strategy is to consolidate your service providers. By choosing one provider to handle a specific service and sending all of your business their way, you may be able to negotiate reduced fees or discounts. Additionally, asking for a discount or an added perk from your most loyal service providers is often well-received.
2. Reduce Energy Consumption
Energy costs are rising steadily, and depending on where you live, the time of year, and the nature of your business, energy expenses can make up a significant portion of your operating costs. By running machinery or equipment during off-peak hours or investing in low-cost insulation, you could see significant savings. It literally pays to be proactive and look for ways to reduce your energy consumption.
3. Shop Around for Financing
It always pays to shop around, especially when it comes to financing. If you need to take on additional debt, take the time to compare financing rates and terms from multiple lenders. Meet with at least two banks or financial institutions before making a final decision on a new loan. This effort can help you secure the best possible deal for your business.
4. Go Directly to the Source
Another way to save money is to go directly to the source for what your business needs. Whether it’s equipment, supplies, or services, eliminating the middleman can lead to substantial savings. You may also discover more options and greater flexibility when dealing directly with suppliers or manufacturers, which could improve both your operations and your ability to serve customers.
5. Understand Deductible Expenses
It’s important to remember that deductible expenses aren’t a form of “free money” — they’re still costs. The only benefit is that your specific tax rate allows you to reduce the amount of taxable income. Don’t fall into the trap of seeking too many deductible expenses without evaluating whether they are truly necessary. Before making a purchase, consider how much additional revenue you need to generate to justify the cost.
6. Offer Early Payment Discounts
A little creativity can go a long way in saving money. If you offer early-payment discounts to customers, you’re essentially “borrowing” from them rather than a bank. Unlike a bank, which charges interest, your customers are essentially providing you with interest-free financing. Early-payment discounts are one of your business’s best financial tools!
7. Regularly Review Your Business Expenses
Perhaps the most important step any business can take to save money is to periodically pause and assess how money is being allocated. Running a business can be hectic, and it’s easy to get caught up in day-to-day operations. However, failing to review your spending and identify missed opportunities can hurt your bottom line. Make time to regularly evaluate where your money is going, and find ways to optimize your business’s financial efficiency.
Copyright: Business Brokerage Press, Inc.
The post Simple Tips for Being a More Efficient Business Owner appeared first on Deal Studio.
GABB 2024 Fall Conference: Equipping Business Brokers
Equipping Business Brokers for Success in Georgia’s Thriving Small Business Market
As a Business Broker here in Georgia and a proud member of the Georgia Association of Business Brokers (GABB), I cannot overstate the numerous benefits of being part of this esteemed organization. One of the highlights of our professional development is undoubtedly the annual Fall Conference, which took place on October 22, 2024. This year’s event featured two informative sessions focusing on critical areas of business brokerage that are essential for our ongoing success.
Insights from Industry Leaders
The morning session, Understanding Tax Returns, was expertly delivered by John Carroll, CPA, owner of Carroll & Company Certified Public Accountants. John’s firm is renowned for its commitment to professionalism, responsiveness, and quality service. The insights provided insightful guidance on the critical process of recasting financial statements. Mr. Carroll’s expertise shed light on the nuances of tax return preparation, arming business brokers with the knowledge to effectively evaluate business performance.
A few key takeaways included fascinating statistics about small businesses in the U.S. For instance;
– Georgia is home to 6% of the nation’s small businesses, offering ample opportunities for our members, understanding this demographic’s financial nuances is essential for brokers looking to guide their clients effectively.
– Women-owned businesses account for approximately 26% of all small businesses in the U.S.
– Larger banks approve only 25% of SBA loans, compared to the 49% approval rate of small banks, making familiarity with lending practices a valuable asset for business brokers.
Legal Perspectives for Business Brokers
Following this, we were fortunate to have Philip Stewart, a Senior Associate with the Transactional/Corporate Group of Blue Sky Law, lead the afternoon session. Philip’s extensive legal background and active involvement in various legal associations brought a wealth of knowledge about the legal considerations crucial for business transactions. His presentation underscored the importance of understanding legal frameworks that impact business sales and acquisitions.
The afternoon session, hosted by Philip Stewart, Senior Associate with Blue Sky Law, offered a comprehensive exploration of the transactional aspects of business brokerage. Mr. Stewart’s presentation reinforced the importance of understanding the intricacies of business law and the value of having a trusted advocate in the industry.
He understands that oftentimes an innovative approach is needed to overcome unique challenges that a business can experience. Philip takes a practical, business-minded approach to support the needs of the businesses he represents. From initial formation of an entity to its exit strategies and winding down, he is driven to support his clients because he understands what it takes to make a company successful.
Continuous Learning, Career Growth
Attendees of the Fall Conference earned 6 hours of continuing education credits toward maintaining their Georgia Real Estate License. This commitment to continuous learning is a hallmark of GABB membership and a driving force behind our success.
Beyond the exceptional educational content, the conference provided six hours of continuing education credits, a testament to GABB’s commitment to supporting its members’ professional development. This commitment to ongoing education and professional development is just one of the many advantages of being a part of our esteemed association.
So, what does GABB membership offer?
The GABB Advantage
Membership in the GABB connects business brokers to a network of experienced professionals and provides access to exclusive events like our Spring and Fall Conferences. These gatherings are not just about education; they are opportunities to build relationships, share experiences, and foster collaboration within our industry.
In addition, the GABB offers resources such as the GABB Businesses for Sale portal, which lists numerous businesses available throughout Georgia. This platform is a fantastic tool for brokers and clients alike, providing visibility and access to a broad range of business opportunities. If you are exploring the market or looking to sell your business, I encourage you to visit the portal: GABB Businesses for Sale.
Key Benefits of GABB Membership:
1. Professional Development and Designation: Access to industry experts and thought leaders through regular conferences and events. Pursue the Board Certified Business Broker (BCBB) designation, a mark of distinction that sets you apart in the industry. GABB provides pathways and resources to help you achieve this sought-after credential.
2. Expert Guidance: Learn from seasoned professionals and gain insights into the latest success strategies, trends, and best practices in business brokerage.
3. Networking Opportunities: Connect with experienced business brokers, lenders, attorneys, and other professionals who share your passion for business brokerage. These strategic relationships can open doors to new opportunities and collaborations.
4. Enhanced marketplace exposure: Showcase your business listings on the GABB website, the go-to platform for buyers seeking businesses for sale in Georgia. Visitors can browse our comprehensive directory featuring diverse opportunities across various industries at https://gabb.org/businesses-for-sale/.
5. Industry Insights: Stay current with market trends and best practices through expert presentations and peer networking.
6. Industry Leadership and Mentorship: Contribute to the advancement of business brokerage by participating in GABB committees, advocating for industry-related initiatives, and helping shape the future of our profession. Benefit from the guidance and expertise of seasoned professionals who are dedicated to helping you succeed.
7. Exclusive Access to Resources: Gain access to valuable tools, forms, templates, and resources designed to streamline your business brokerage processes and enhance your productivity.
For those unfamiliar with GABB, this organization is a vital resource for anyone involved in buying or selling businesses in Georgia. Their website, https://gabb.org, offers a wealth of information, including a comprehensive listing of businesses for sale in Georgia: https://gabb.org/businesses-for-sale/ .
Join the GABB Community
By joining the Georgia Association of Business Brokers, you’re investing in your career, expanding your horizons, and becoming part of a dynamic community dedicated to your success. Our member testimonials speak volumes about the transformative impact of GABB membership on their business brokerage journeys.
Don’t miss out on the opportunity to take your career to the next level. Become a GABB member today and unlock the countless benefits that await you. Together, we can Transform Your Business Brokerage Career: Experience the GABB Advantage.
Join the GABB community now at https://gabb.org/membership/ and witness the difference it makes in your business brokerage journey.
About the Author:
Dean Burnette is a seasoned Business Broker and Past President of the Georgia Association of Business Brokers (GABB). He is also the Broker in Charge with Best Business Brokers (B3) Business Brokerage and Commercial Real Estate Firm. With extensive experience in the industry, Dean is passionate about promoting excellence in business brokerage and fostering the growth of the industry in Georgia.
How to Know You’re Charging Enough
Most business owners fret about whether they are asking too much or not enough for their goods or services. This dilemma keeps many prospective sellers up at night. Ask too much, and you may fail to attract enough customers; ask too little, and you’re cutting yourself short. In this article, we’ll examine how to determine if you are charging the right amount for your goods and services.
Many business owners begin working with an M&A advisor or business broker only to learn that a small increase in their pricing can lead to substantial increases in profit. Best of all, with the right pricing strategy, it is possible to raise your prices without your customers noticing. The fact is, you may be leaving a significant amount of money on the table right now. Having a coherent and well-thought-out pricing strategy is the first step to boosting your profits, and it can be done in surprisingly little time.
In Rafi Mohammed’s book “The Art of Pricing,” he observes that a key fallacy in business is that a product’s price should always be based on its manufacturing cost. Mohammed offers several interesting observations and suggestions. One suggestion, specifically aimed at restaurants, is that they should keep their entrée prices attractive and expect their profits to come from items like drinks, desserts, or other add-ons. He notes that McDonald’s profit margin on hamburgers is small, but they have a considerable profit margin on French fries and drinks. In short, profits and pricing should be viewed as part of a larger overarching strategy.
Another example can be found in the world of investment banks, which charge a relatively modest accomplishment fee as a percentage of total consideration. However, they then insert a substantial minimum fee.
Better pricing and better pricing strategies lead to more profits. Through better pricing, Mohammed argues that companies can increase their profits and achieve growth. He notes, “Smart pricing is like hidden profits.”
The more time you, as a business owner, invest in your pricing strategy, the greater the chances are that you’ll boost the value of your business. The facts are that small pricing increases can significantly enhance overall profits. Don’t be afraid to adopt a new pricing strategy. If your new pricing strategy fails, you can adjust your plan. The benefits of exploring new pricing options are simply too great to ignore.
Copyright: Business Brokerage Press, Inc.
The post How to Know You’re Charging Enough appeared first on Deal Studio.
Navigating the Decision to Sell Your Business
For many business owners, deciding to sell their company is one of the most significant financial decisions they will ever face. This choice not only alters their financial situation but also impacts their lives as a whole. Life after selling a business can be vastly different, so it’s essential for owners to consider what their future might look like post-sale.
Sellers must carefully contemplate both the financial and personal implications of selling long before they put their business on the market. Too often, owners dive deep into the sales process only to realize, painfully, that they are not truly ready to sell. For many, their business is completely intertwined with their identity and sense of self.
There are circumstances where selling becomes a necessity—such as health issues, partnership conflicts, or marital problems. In these situations, selling may be the most viable option, despite the emotional toll it may take. That’s one reason why so many experts advise business owners to prepare for the sale of their business well in advance. That way if some sort of unexpected situation were to occur, they would have a degree of protection.
Another common reason for considering a sale is the desire to retire or feelings of burnout. However, these emotions can often be temporary, leading some sellers to contemplate a decision they might regret later. It’s crucial for sellers to ask themselves important questions: “Am I really ready to sell?” “Why do I want to sell now?” and “What will I do after I’ve sold the business?” The answers to these questions have significant financial and personal implications for the owner, their employees, and their family.
Before attempting to answer these vital questions, business owners should discuss the idea of selling with their families and professional advisors. There are several ways to explore readiness for selling. Reading relevant literature and consulting with a business broker or M&A advisor can be particularly helpful. An experienced brokerage professional can greatly assist owners in evaluating whether they are truly prepared to sell, and if they are not ready yet, they can at least gain insight on the sales process for the future.
Copyright: Business Brokerage Press, Inc.
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