GABB Holiday Gala will be Dec. 12, 2019
The Georgia Association of Business Brokers will host the group’s annual Holiday Gala on Dec. 12, 2019.
The annual celebration will be held at the Capital Grill in Dunwoody’s Perimeter Mall area starting at 7 p.m.
Members are asked to bring an unwrapped toy, diapers, child’s clothing item or other donation for the Foster Care Support Foundation, a Roswell-based charity that helps foster children statewide. Visit their website for a complete list of the things they need.
The GABB will also honor the recipients of the 2019 Million Dollar Club. The deadline has passed for members to RSVP for this event, which is full.
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When the Music Stopped: How a Business Broker Found Insight in a Challenge
You may not think that coping with a health challenge compares to selling a business, but former GABB President Eric Gagnon found similarities and grew. Eric and his wife, Robin, are the founders of We Sell Restaurants, the nation’s largest restaurant firm focused on selling restaurants. Both are GABB members and members of the 2019 Million Dollar Club.
Many of you may not know that I have experienced three ear surgeries in the last 12 months, all of which have left me fundamentally without hearing. That creates a pretty large challenge as I LISTEN to people for a living.
I have been without hearing in one ear for my entire life, a fact most of my clients and business associates would have never known. It didn’t stop me from pursuing an amazing career and learning English as a second language. French is my primary language.
How am I coping? I use the same approach for different phases of this challenge that a buyer, a seller or a broker would use to keep marching forward. I also use a lot of prayers and self-motivation, two universal tools that everyone should use daily.
Originally I was told by one of the best ear surgeons in the U.S. that I had an 80% chance my hearing would improve with the first surgery and less than a 2% chance I would go deaf. According to the specialists, the remaining ear issues in my only hearing ear would go away.
Translate this into a buyer’s language: “I’m buying a deal making strong money and proven books.” What can go wrong? Let’s do this!!
We scheduled the first surgery and went through all the testing and pre-op questions. In buyer language, we entered into a “purchase agreement” and did the first surgery. I was told to prepare for the worst — up to three months with no hearing. Once I woke up, to everyone’s surprise, especially the doctor’s, I could hear immediately!! LOUD and clear. In a buyer’s world, this would be equivalent to: “Initial due diligence fantastic. Almost too good to be true.”
Unfortunately, three weeks later, my hearing started to deteriorate. The doctor thought it was probably an ear infection, and said, “Take some meds, it will clear up.” Two weeks later, with no improvement, he says, “come see me.” I drive three hours each way so they can stick needles in my ear, do an audiogram and learn my hearing is rapidly deteriorating. Then the doctor says, “What about wearing hearing aids?” Remember, originally I heard perfectly from my single ear with no hearing aids.
The Broker in me started to kick in and realized this was equivalent to: “Expect some changes in the deal terms.”
Shortly thereafter, once again my hearing deteriorated to the point the hearing aids were useless. Back to the doctor. Read here: “Buyer is very upset with current condition, but due diligence is over so he can’t walk away from the deal and must find a solution.”
Doctor reveals that scar tissue is growing between the bones which impairs my hearing. Solution: Second surgery to laser out scar tissue and rebuild one of the bones. Read here: “as a broker, we’ve got new movement. We find out why we have this problem and the seller is willing to fix it. That’s great news. Buyer is now happy with the offer and keeps moving forward.”
Surgery #2 happens. I wake up with slight improvement in hearing and even back to my best hearing performance with the hearing aids two weeks later. Buyer thinks: “All problems fixed. Everyone is happy and we accept some compromise – let’s go to closing!”
Wait a minute. Four weeks later, back to square one. Hearing has dropped beyond hearing aid capacity and declining. The broker in me is thinking: “Maybe this isn’t the right deal for everyone, but how do we minimize damages?”
At this point the right thing to do was to walk away from this deal and find a new and better one. The new deal for me becomes a new doctor at the University of Arkansas Medical Center thousands of miles from home.
His assessment: Plan A: A new surgery to replace two bones with titanium parts that scar tissue won’t cling to. Success will be hearing well with hearing aids without any loss over time. Plan B: if Plan A fails, we will do a cochlear implant 60 to 90 days later, and this will work. As a broker, I like the “no surprises” approach. Always be ahead of the game, with a backup plan. This was music to my non-hearing ears!
Surgery #3 happened on Oct. 3. I spent two weeks with no hearing at all while my ear healed from the surgery and could not accommodate hearing aids. Once again, that was a little scary but different than the first two surgeries in which I heard quickly but failed in the long run.
Ultimately, hearing aids went back in and the results are not good. The last surgery did not heal the issue. I have now been fundamentally without hearing for the last year. The next step is a cochlear implant. This is a device implanted that goes directly to my brain stem. I will re-learn “hearing” in this fashion after the surgery and therapy.
During this time, I still maintained a full book of business and worked to the fullest of my abilities. Technology has advanced to help me with hearing impairment. I carry two phones. My normal iPhone has a Bluetooth connection to my hearing aids, and my Android that translates voice when I put it near sound (like speakers or a person). Some people did not even notice I was using a device to hear them. Others noticed a delay while I ‘read’ their comment before responding.
It would have been easy to give up and pity myself, but I chose to focus on what I have learned from the experience to make myself better. Here are some of the benefits I gained.
I listen better: At the beginning of this blog I said I LISTEN to people for a living. I used to do two or three things at the time while on the phone. Now I must read the phone so I cannot do any other task. I am now FULLY listening to the buyers and sellers on the phone and it made me a better broker for it. I also restate their comment or concerns which is also helpful to make sure I understood what they said. My results also reflect that this year.
Every call and every interaction must be meaningful, since listening is very tiring. I must make sure that this conversation worthy and productive, and if it’s not, I politely end the discussion and find a productive activity to engage with.
I focus better: My focus is more intense. If you cut out outside noise you will see things much clearer in focus. This applies when I look at financials as well as when I engage in my hobbies. I rely a lot more on visuals now than what I hear.
I write better: I also became a better writer as I have been sending lengthier and more detailed emails.
My interactions with my family have changed. Most couples married for nearly 20 years will just toss out a comment from across the room with music or TV in the background. My wife and I must be very close to one another for me to recognize that she is speaking. Since we run a business together, that means we talk a lot. We have relied on more communication by touch, where she lets me know she’s speaking. I can read her lips somewhat and understand what she’s saying or use my phone. Either way, I’m 100% focused on her and she on me when we are communicating. This is a great tip for any married couple.
My professional life has changed. I cannot sign up for certain functions I would normally attend. Board meetings are tough because so many people are speaking, and I can’t hear what is being said in a large table environment. My wife and I often speak or lead round tables at industry functions and that has not been possible without her picking up on most of the questions and bringing me in on the back end.
Make the Best of Every Single Day. This is part of my destiny and my journey. I am embracing it and making the best of it every single day. In the best-case scenario, I have just a few more months without the music and things will get better by the first quarter of next year with the fourth and final surgery.
Either way, I have spent a year without music and gained a new appreciation for communication.
Eric is an industry expert in restaurant sales and holds the Certified Business Intermediary (CBI) designation from the International Business Brokerage Association (IBBA). A frequent writer and speaker in the restaurant industry, Eric co-authored Appetite for Acquisition, an award-winning book on buying restaurants.
Read MoreHow Not to Fail as a Business Broker
By Lou Vescio, CBI, M&AMI, Managing Partner, Coastal Business Intermediaries & Agency Brokerage Consultants
2017 Chairman of the IBBA, Fellow of the IBBA, Fellow of The M&A Source
Having been part of the Business Broker or Business Advisor Profession for about 16 years, I have seen many new Brokers come and go! I have also seen many grow their practice into very lucrative and profitable enterprises. Why do some Brokers succeed and prosper, while others give up in six months to two years? Having participating in several professions in the past fifty years, from flying jets in the Air Force, to a 15 year career with a Fortune 500 company, to building a couple computer training businesses and selling them, and finally becoming a Business Broker, I believe I have identified a few traits that make the great Brokers great and why some Brokers fail.
Perseverance – If you have ever read anything about Navy Seals, they never give up! The Basic Underwater Demolition/SEAL (BUD/S) school includes some of the most difficult training that exists, and most participants drop out due to the physical and mental stress. Perseverance is the key to their success.
This is not to say that becoming a great Business Broker comes close to becoming a Navy Seal, but all successful Business Brokers that I know exhibit the “failure is not an option” mentality. The Business Brokers workday is not a “9 to 5” type of day; it’s an “I will do whatever work I need to do, whenever I need to do it” type of day!
Education – Great Business Brokers are always learning more about their profession. Education obviously includes taking IBBA and M&A Source courses and workshops attending professional conferences sponsored by associations like the GABB, but it also includes reading everything available that is pertinent to the profession. Great Business Brokers also network with other great Brokers across the country and even across the world. Every business is different, every deal is different, and sharing and networking with other professionals offers new and fresh ideas and concepts.
Learn to say “No” – One of the Brokers I admire is Jim Afinowich, Managing Partner with IBG Fox & Fin in Scottsdale, AZ. Many years ago, he taught a workshop on saying “no” to bad listings. New Brokers tend to take almost any listing just so they have something to sell, but statistics tell us that 75% to 90% of businesses listed by Business Brokers do not sell! On the other hand, great Brokers sell 80% to 95% of their listings. Learning to price businesses properly (that Education thing above), properly analyzing good businesses when writing a great CIM (again that education thing), and walking away from unreasonable sellers by “just saying no” (in a nice way of course) are a few keys to success.
Marketing – While we all like to receive great referrals, most Brokers would go out of business if they did not market their services. Without going into the details of what kind of marketing a Broker should undertake, the key is marketing costs money and it is a requirement to succeed. The IBBA offers courses, workshops and webinars on every type of marketing, and the costs can vary from hundreds of dollars to tens of thousands of dollars. Fifty years ago, Tom West, author of The Complete Guide to Business Brokerage, suggested mailing a hundred letters a week and calling that same hundred business owners a week later. That is probably the bare minimum and may still be one of the most effective tools. Marketing is one of those “just do it” activities, and do as much as you can afford!
Salesmanship – While many people may disagree with me, we are saleswomen and salesmen. If we do not sell, we don’t make money! Some Brokers like to refer to themselves as advisors, consultants, or intermediaries, but in the end, we are still salespeople! More precisely, we engage in consultative selling, meaning we focus on creating value and trust with the prospect and exploring their needs before offering a solution. Our first objective is building a relationship, and then we provide the right solution to the problem. There are many courses and books on how to sell everything under the sun, but one of the best sales books a Broker can read is How to Win Friends and Influence People by Dale Carnegie (1936). It is more about getting people to like you, and that is the first step in selling. You can download and read it here for free.
Find a Mentor – Having a mentor when starting out as a Business Broker is a big plus, and joining a professional association like the GABB can help with this. Having an experienced and trusted adviser who will assist in training can shorten the timeline from “Start” to “Success!” It is also advisable to work in a successful brokerage when starting out to avoid many costly and time-consuming mistakes. Whether it be a franchised brokerage or an independent brokerage, find a mentor that meets the following criteria: 1) knows how to make a lot of money selling good businesses, 2) promotes IBBA education and certification, 3) assists in valuing and critiquing potential listings and 4) assists in negotiating difficult transactions.
Become an IBBA Contributor – One of the best ways to enhance your IBBA experience is to actively participate in the annual conferences, courses and workshops and share your experiences with others. Join a committee or two and be active. The friends you make and the experiences you share with others will enhance your Business Brokerage experience. (Note, the GABB also offers conferences, committees and monthly meetings.)
Finally, to all you Great Business Brokers out there, make friends with a new member at the next IBBA Conference and offer yourself as a mentor. You will find it very rewarding!
Reprinted with the permission of the International Business Brokers Association.
Federal Reserve V.P. To Discuss Economy at Nov. 19 GABB Meeting
Rebecca Gunn, Vice President and Regional Executive of the Federal Reserve Bank of Atlanta, will speak about economic issues during the Tuesday, Nov. 19, meeting of the Georgia Association of Business Brokers. The GABB is the state’s largest association of professionals dedicated to buying and selling businesses and franchises.
The GABB meets at the Georgia Association of Realtors at 6065 Barfield Road, Sandy Springs, GA, 30328, and the meeting will last from 10:30 a.m. to noon preceded by a free networking session at 9:45 a.m. GABB Affiliate Bob Smith, a health and life insurance advisor for North American Health Plans, will sponsor breakfast. GABB meetings are free and open to the public; guests should register at the form below.
In Ms. Gunn’s role at the Federal Reserve, she provides strategic support for the Regional Economic Information Network throughout Georgia, working with other regional executives to provide targeted economic intelligence. She also provides support for public outreach, economic education, and corporate citizenship.
Since 2013, Ms. Gunn has served as assistant vice president and corporate secretary as well as assistant to the president and first vice president. In this role she oversaw governance, planning, reporting, and administrative support for the long-term plans regarding director recruiting across the District. She also provided support to the Bank’s Board of Directors’ Search Committee for the Atlanta Bank presidential search process.
Ms. Gunn joined the Atlanta Fed in 1996 as an analyst in the planning and control department. She was promoted to supervisor shortly afterward and then to senior auditor. In 2005, she transferred to the Retail Payments Office, where she held positions of increasing responsibility, including financial product coordinator and portfolio manager. In 2011, she joined the Human Resources department as a business liaison providing strategic support and guidance to business areas throughout the Bank.
A native of Birmingham, Alabama, Ms. Gunn earned a bachelor’s degree in management from the Georgia Institute of Technology. She is the Atlanta Community Group Leader for the Marfan Foundation and a member of the Foundation’s Patient & Program Services Committee. She also serves on the Finance Committee of Camp Twin Lakes.
The GABB is the state’s largest and oldest association of professionals who specialize in brokering the purchase and sale of businesses and franchises. Broker members help owners determine the asking price of their business, create marketing plans and strategies for selling their business, identify and qualify buyers, and have the knowledge, experience and skills needed to help maintain the confidential nature of the process. The professionals of GABB relentlessly pursue professional development so they can provide superior, ethical services for all customers and clients. Affiliate members include bankers, lawyers, appraisers, insurers and other professionals who work closely with brokers to help owners and buyers get to the closing table.
For more information about GABB, please contact GABB President Dean Burnette at 912-247-3209 or dean@b3brokers.com, or GABB Executive Director Diane Loupe at diane@gabb.org or 404-374-3990.
If you are not a GABB member and wish to attend the meeting, please fill out this form. GABB meetings are free and open to the public.
Read MoreGeorgia Tops Business Ranking for Seventh Straight Year
AUGUSTA, Ga. — Georgia’s business climate has been named No. 1 in the nation by Site Selection Magazine, an internationally circulated business publication covering corporate real estate and economic development, for the seventh year in a row. Georgia is the only state that has received the distinction seven consecutive times in the history of Site Selection’s rankings.
“I am incredibly proud that Georgia has received the No. 1 ranking from Site Selection for the seventh year in a row,” said Governor Brian Kemp, who made the historic announcement at the Georgia Cyber Center in Augusta, Georgia.
Site Selection releases its Top State Business Climate rankings each November. The rankings are 50 percent based on objective criteria and 50 percent on the input received from a survey of independent site location experts who are asked to rank and explain their choice.
“Our readers are keenly interested in our annual state business climate ranking, because they seek locations with the greatest prospects for success,” said Mark Arend, editor-in-chief of Site Selection. “Georgia’s seventh consecutive Top State Business Climate win reminds them that a Georgia location will contribute to their productivity and profitability long term.”
Governor Kemp said Georgia “will continue raising the bar and working with our economic development partners in the public and private sectors to ensure that Georgia stays the best place in the nation to live, work, and raise a family.”
“The nation’s leading site consultants see opportunity for growth across our state,” Kemp said. “Our top-ranked workforce development initiatives – combined with a conservative, pro-business policy approach, world-class higher education system, and a logistics network that puts the global economy within arm’s reach – make Georgia a top competitor for investment from businesses large and small – across the country and around the world.”
Georgia has long received recognition from leading companies and site consultants for its attractive business climate. The state’s workforce training program, Georgia Quick Start, is the top-ranked program in the United States. Logistics hubs like the Port of Savannah and Hartsfield-Jackson Atlanta International Airport connect businesses to their consumers far and wide, and the state’s pro-business policies make Georgia a competitive option for companies looking to locate or expand. In Fiscal Year 2019 alone, the Georgia Department of Economic Development supported the creation of nearly 29,000 new jobs through the location of 332 projects, 74 percent of which were located outside of metro Atlanta.
“We are thrilled that Georgia’s business climate has once again been named No. 1 by Site Selection,” said GDEcD Commissioner Pat Wilson. “Under Governor Kemp’s leadership, our partnership approach to economic development has enabled us to maintain a competitive edge in attracting new business and expanding our existing industries.
“Our world-class team at the Georgia Department of Economic Development is proud to work with our economic development partners throughout the state to make record-breaking achievements like this possible. We look forward to joining with Governor Kemp to continue spreading hope and creating opportunities for all Georgians in the years to come.”
Site Selection Magazine joins Area Development Magazine in naming Georgia the top state for business for 2019 – the seventh and sixth straight year, respectively, that both publications have awarded Georgia the ranking.
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