Georgia Real Estate Commissioners Discuss Business Broker Licensing
GABB Board members met with Georgia Real Estate Commission officials. Front left, Deputy Real Estate Commissioner Craig Coffee. Commissioner Lynn Dempsey and GABB board member Judy Mims. Back, GABB secretary Dean Burnette, GABB President Mike Ramatowski, board member Jeff Merry and affiliate member Kim Eells.
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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Hicks, Jay Named Life Members of the GABB
ATLANTA— Henry Hicks, chairman and CEO of Georgia Business Associates, Inc., and Charles Jay, founder and owner of Jay & Associates, LLC of Macon, have been named life members of the Georgia Association of Business Brokers. The association’s board honored the two longtime members for their decades of service to the GABB, the state’s only professional association of professionals who help in the sale and purchase of businesses and franchises.
Both Mr. Hicks and Mr. Jay helped pioneer the profession of business brokering in Georgia. Henry Hicks, CBI, BCB, M&AMI, Fellow of the IBBA is a former president of the International Business Brokers Association (IBBA) and a former treasurer and director of the GABB board. Mr. Jay is a former president of the GABB and is one of the first five individuals in Georgia to be awarded the Certified Business Intermediary (CBI) designation by the IBBA.
The GABB is composed of professionals who work with owners of Georgia businesses. Many of today’s business buyers are individuals who have decided not to re-enter corporate America, but are ready to control their own destiny by purchasing and operating a Georgia business.
Henry Hicks, chairman and CEO of Georgia Business Associates, Inc.
Mr. Hicks has represented sellers and buyers since 1992. His merger and acquisition activities include manufacturing, distribution, and service companies. Successful M&A representations include design/construction firms, business to business distribution, industrial services, temporary placement firms for professionals, food service, and insurance industry services.
Mr. Hicks is an active member of the International Business Brokers Association, which he has served as Chairman of the Board of Directors, Treasurer, and Director. His activities in the IBBA have included Chair of Finance, Chair of Membership, Chair of Government Affairs, and Chair of Publications where he served as Editor of the IBBA News. He has been awarded the professional designation of Lifetime Certified Business Intermediary by the IBBA, recognized for his services to IBBA by being named Fellow of the IBBA, and received the Chairman’s Award. Mr. Hicks currently serves as on the Board of Directors of the Business Intermediary Education Foundation, Inc.
Mr. Hicks has been recognized as a member of the Million Dollar Club of GABB. He was instrumental in the establishment of the GABB multiple listing service that supports co-brokerage and provides greater exposure to available listings and in the establishment of the Business Brokerage Management System. He is a member of the Atlanta Board of Commercial Realtors.
Mr. Hicks has been a CPA in public practice with KPMG Peat Marwick. His clients included an array of manufacturing, distribution, and service organizations. He is a member of AICPA and NC Association of CPAs. He has served as financial officer for an information technology firm and a real estate developer of in-town high-rise mixed use properties. He has served as Chairman of the Board and CEO of a North Carolina savings bank, which he took public with an IPO in the mid-eighties. Mr. Hicks received his undergraduate degree from Georgia Institute of Technology and a Masters degree in business from Georgia State University.
He is a member of the Rotary Club of Roswell where he has served as Chair of the Charity Committee. He has served as President and Chairman of the Board of the Child Development Association of North Fulton, a non-profit organization providing child care services for one hundred forty disadvantaged children. Mr. Hicks has served as a board member of the Georgia Ensemble Theater in Roswell. He served as Treasurer and as a member of Board of Directors of the Chattahoochee Nature Center. He has served on the Planning and Zoning Committee of the City of Roswell. He has been Elder, Deacon, and Treasurer of the Roswell Presbyterian Church. He is a former member and Past President of the Kiwanis Club of Rocky Mount, NC. He was recognized as Jaycee of the Year by the Roswell Jaycees and Boss of the Year by the Rocky Mount Professional Woman’s Club.
Charles Jay, , founder and owner of Jay & Associates, LLC of Macon
Mr. Jay is a Certified Business Intermediary (CBI) based in Macon, Georgia. His company, founded in 1984, works closely with select clients in investments, commercial real estate, insurance, and business acquisitions throughout the State of Georgia.
Mr. Jay is active in both the IBBA and GABB. Through Jay’s affiliation with the GABB, he earned the professional designation of Board Certified Broker (BCB). His CBI and BCB designations show the business community the extra steps and commitment that are synonymous with total professionalism. It denotes a combination of experience and education only a small percentage of business brokers have attained.
Jay has received the GABB Phoenix Million Dollar Club Award, GABB Lifetime Achievement Award and is a Life Member of the GABB Million Dollar Club.
His community activities including serving as a Mercer University Trustee, President of a Financial Institution for 20 years and Chairman of the Board, President or Board member of more than 30 different business, civic or religious organizations in his community and state.
In 1998 Jay & Associates received the Better Business Bureau of Central Georgia Torch Award for Marketplace Ethics. This award recognizes and encourages ethical business practices and the recipient must be a company committed to high standards of behavior in buyer and seller relationships.
Mr. Jay’s extensive list of community accolades includes the United Way of Central Georgia J. Clay Murphey Society Award, the Man of the Year in Macon-Bibb County, Outstanding Georgia Citizen Award, the Service to Mankind Award, the Golden Deeds Award, one of Five Outstanding Young Men of Georgia, the Cherry Blossom Hall of Fame and the Stratford Academy Hall of Fame.
The GABB’s monthly meeting is at the Atlanta Realtors Center at 5784 Lake Forrest Dr. NW, Atlanta, GA 30328. 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.
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Improve your Business Success with Active Listening
- Face your customer and give him, her or them your complete and undivided attention.
- Show you’re paying attention through your own body language. Sit up straight, maintain good eye contact, uncross your legs, unfold your arms, and lean forward slightly.
- Turn off your cell phone.
- Respond appropriately to show that you understand by nodding your head in agreement.
- Encourage your customer to give you more information by using open-ended questions such as “How did you feel when that happened?”
- Keep an open mind and don’t jump to any conclusion or make assumptions. Wait until your customer has finished speaking before deciding that you disagree.
- Don’t interrupt your customer when they are speaking.
- Ask questions for clarification and periodically summarise comments. Paraphrase your customer’s key statements to make sure you didn’t misunderstand their point of view. Start with: “So if I’m hearing you correctly, you’re saying…”
When people are in conflict, they often contradict each other, denying the opponent‘s description of a situation, according to the Colorado consortium. This can make people defensive and shut down or get angry. However, if they feel that they are negotiating with someone who really understands their concerns, they are more likely to explain in detail what they feel and why. If both parties to a negotiation do this, the chances of being able to reach an agreement becomes much greater.
To find out more about being a good listener, visit the International Listening Association.
Judy Mims Joins GABB Board
Judy Mims
Judy J. Mims, the Qualifying Broker for Childcare Properties, LLC, has joined the board of the Georgia Association of Business Brokers, the state’s only organization for professionals who facilitate the purchase and sale of businesses and franchises.
In her capacity on the board, Ms. Mims will work on broker licensing issues with the Georgia Real Estate Commission.
Ms. Mims formed Childcare Properties in 2014 to provide the highest levels of integrity, experience and service for the childcare industry in the greater Atlanta metro area. Childcare Properties, LLC focuses exclusively on the sale of childcare facilities, preschools, Montessori and private schools.
Judy received her real estate license in 2004 and her Broker’s license in 2011. She is an active member of the Atlanta Commercial Board of Realtors (ACBR), the National Association of Realtors (NAR), the Georgia Child Care Association (GCCA), the National Association for the Education of Young Children (NAEYC), and the Southern Early Childhood Association (SECA).
Judy is a member of the Atlanta Commercial Board Million Dollar Club with more than $5 million in sales in 2016 and 2018, and member of the GABB’s Multi-Million Dollar Club in 2017.
Prior to her career in commercial real estate, Judy worked as an independent publisher’s representative, selling advertising space in various trade magazines.
Judy holds a Bachelor of Arts degree in history from Scripps College, Claremont, CA. She is married to Hugh Mims, lives in Brookhaven, and has three grown children and seven grandchildren.
Read MoreGABB Million Dollar Club 2017 Application Due Nov. 8
The GABB is now accepting applications for the 2017 Million Dollar Club, recognizing members who have sold businesses worth at least $1 million in the previous year. The deadline for submitting applications is Nov. 8, 2017.
Awardees will be honored at the annual GABB Holiday Gala on Dec. 7 at Maggiano’s Perimeter Center.
GABB members are eligible for the:
- Million Dollar Club if they have eligible sales from Nov. 1, 2016 to Oct. 31, 2017 of $1,000,000 to $1,999,999.
- Multi-Million Dollar Club members will have eligible sales generated totaling $2,000,000 or more during the same period.
- Life Members of the Million Dollar Club have been elected to the Million Dollar Club for three consecutive years or any 5 years.
- Phoenix Award Member is anyone who has been elected to the Million Dollar Club for any 10 years.
- Silver Phoenix honors a person who has been elected to the Million Dollar Club for any 25 years.
To be eligible for the award, an applicant must be a current member in good standing of the Georgia Association of Business Brokers and only transactions closed after the effective date of membership in GABB will count as Million Dollar Club volume. All transactions must be submitted to Pratt’s Stats to be eligible.
The online application, along with detailed rules about the club, can be found at the GABB website.
GABB 2017 Million Dollar Club Application.
GABB Million Dollar Club rules
Please contact Diane Loupe at georgiabusinessbrokers@gmail.