Business brokers will learn how to set up their practice, identify and define their market, identify clients, conduct feasibility studies; recruit, supervise and train staff, and the ethics of different broker models, in this July 13 class presented by the Georgia Association of Business Brokers.
Business Broker Models will be offered both in person and via Zoom on July 13, and is part of the GABB’s Board-Certified Broker credential program. Students who successfully attend all three hours of the class and pass the test will be eligible for credit through the Georgia Real Estate Commission.
The class will be taught by former GABB president Michael Ramatowski, CBI, chief executive of RamBizGroup Business Solutions, a specialty M&A business brokerage firm. Mr. Ramatowski’s business brokerage profession began in 1992.
Mr. Ramatoswki’s clients include general brokerage and candidates for merger by acquisition from manufacturing, distribution, and service businesses. A longtime member of the GABB, he has owned and managed businesses that included a real estate master franchise, a property management networking company, and a service business. As COO of a banking conglomerate, he managed brokerage operations, title companies, home and service warranty programs, and a relocation company. Mr. Ramatowski has served on the board of directors of eleven different organizations with diverse specialties including real estate brokerage, mortgage companies, title insurance, banking, health care, and office supply operations. He served as an Electronic Specialist in the U.S. Navy Submarine Service. He attended Cleveland State University and Baldwin Wallace College. He has been awarded the Certified Business Intermediary professional designation by the International Business Brokers Association.
The class (GREC #73239) will be held from 9:30 a.m. until 12:30 p.m. at the classroom of the Georgia Association of Realtors at 6065 Barfield Rd, Sandy Springs, GA 30328. Per GREC rules, students who arrive promptly and stay for the entire class are eligible to earn three hours of continuing education credit through the Georgia Real Estate Commission and the GABB’s Real Estate School, GREC #8074. Students who prefer to attend via Zoom must remain on camera; the link will be sent after you register.
The class will cover the sole proprietorship and enterprise business models of business brokering; market analysis; defining business buyer and seller clients; defining business types; and defining the overall market. Students will learn how to conduct a feasibility students of the financial health of a prospective business to be sold, including examining the income statement, as well as identifying areas where the prospective business could build wealth. In the final hour of the class, Mr. Rawatoswki will teach students how to conduct a feasibility study of the financial health of a prospective business to be sold, including examining the income statement, as well as identifying areas where the prospective business could build wealth.
The class fee is $49 for GABB members, $75 for non-members, and $225 to register for the BCB program and one class. Note that the BCB program is only open to GABB members. Contact GABB Executive Director Diane Loupe at email@example.com or text her at 770-744-3639 for more information.
GABB BCB ClassesForm for GABB BCB Classes
After a year of virtual meetings, the Georgia Association of Business Brokers is thrilled to host an in-person meeting at 10 a.m. June 29.
However, due to capacity limits set by the venue, all attendees must register at the form below. We will give priority to GABB members for the in-person meeting, and we will stream the meeting via Zoom for those who may prefer that option. Please register at this link to attend the meeting via Zoom. NOTE, this does NOT register you for the in person meeting. The GAR says masks are voluntary in all areas of the building.
The sponsors of the June meeting will be GABB Affiliate Board representative Kim Eells and Susan Kite, both of whom are Senior Vice President and Small Business Administration (SBA) Business Development Officers for Georgia Primary Bank.
The primary focus of the meeting will be networking, but the GABB Board may discuss the results of the recent member survey and upcoming classes planned for the GABB’s Board-Certified Broker program.
The meeting will begin at 10 a.m. with coffee and light breakfast snacks, followed by a brief meeting and then more networking. Register at the link below. The meeting will be held in the classrooms at the Georgia Association of Realtors at 6065 Barfield Road, Sandy Springs, GA, 30328. The GAR headquarters building is a two-story building located in Sandy Springs near the intersection of Hammond Drive and Barfield Road.
The GABB is Georgia’s largest and most respected association of professionals who help in the purchase and sale of businesses and franchises. Our association includes business brokers, lenders, appraisers, attorneys, business consultants and others who help business owners and entrepreneurs in many ways. Please review our directory if you are seeking a business broker or other professional.
For more information about the GABB, contact GABB President Judy Mims at 404-918-3666 or firstname.lastname@example.org, or GABB Executive Director Diane Loupe at email@example.com or text her at 770-744-3639.
GABB Meeting RegistrationSign up here to attend a GABB Meeting
When buyers are looking to make a purchase, the most important step they can take is to perform due diligence on both the business and the seller. And yet, many sellers don’t their due diligence on buyers.
Deals fail all the time. Sadly, this means that all parties lose a tremendous amount of time and effort. Additionally, sellers not only waste time, but often lose money due to business disruptions while working with a prospective buyer.
Let’s look at a few warning signs that might identify a troublesome buyer. The sooner you spot these red flags, the sooner you can avoid potential problems.
Sellers should ask several key questions of buyers:. The list includes:
-What, if any, other businesses have you considered to date?
-How much equity will you be committing?
-Do you have any experience with my kind of business?
Sellers should look for warning signs early on to avoid wasting considerable time. Listen to your gut instincts. If you feel that a prospective buyer isn’t serious and may only be window shopping (or if you feel that the buyer is looking for a far greater deal than you are willing to provide), then simply move on. When you cut your losses early on, this frees you up to focus on prospective buyers that are a better fit.
What if your intermediary informs you that there has been no communication from the prospective buyer after they received the memorandum? Simply stated, this lack of communication could mean that the prospective buyer has changed their mind, or was never that serious in the first place.
Another red flag you might see is when the process is turned over to a junior member of the prospective buyer’s management team. Another is when the prospect doesn’t provide details or information concerning their financial capability to successfully complete the deal. If any of these three red flags pop up, you should consider being proactive. You and your broker might want to reach out to the prospective buyer and ask to meet to discuss the situation.
Warning signs can also occur just prior to closing. Even after the letter of intent has been signed, problems may arise. An inexperienced attorney representing the buyer, one that simply doesn’t understand what is involved in a deal, can doom what could have otherwise been a good deal. The same is true for an over aggressive attorney. One potential remedy for this situation is for your own attorney to intervene and discuss the situation.
Spotting warning signs is about more than not wasting everyone’s time. When you can observe these indicators and act effectively to address them, it can help keep deals on track. Working with a business broker or M&A advisor is an excellent way to not only spot red flags, but also to know how to respond appropriately. The end result will be more successfully completed deals.
Selling your business is likely to be the single most important financial decision you’ll ever make. Therefore, you must prepare far in advance. Let’s look at some of the key items you’ll want to consider before placing your business on the market.
Settle Legal Issues
When it comes to selling a business, legal issues should be at the forefront of your thoughts. After all, selling your business does involve the creation and execution of a complex and detailed legal agreement. There are many times in life where it is possible to cut corners, but hiring a good lawyer or law firm is not one of those times. Moreover, you’ll want to settle all litigation, environmental issues or other issues that could potentially derail a sale.
Deal with Serious Buyers
Working with a good business broker or M&A advisor is an essential part of the selling process, as these professionals will help you to weed out “window shoppers” as well as prospective buyers who are simply not a good fit for your business. Any serious buyer should be willing to submit a Letter of Intent. Everyone should be on the same page as far as price and terms as well as what assets and liabilities are to be assumed. This second point reinforces the first point. An experienced lawyer is essential to help guide you through various aspects of the sales process.
Be Flexible on Price
Be prepared to accept a lower price than you might ideally want. There are many reasons that this may occur, ranging from a lack of management depth and a lack of geographical distribution to a dependence on a limited number of clients. Reliance on a small number of customers and/or clients can give potential buyers pause, as it could raise concerns regarding the stability of your business. Addressing these issues years before placing your business on the market can help you achieve the price point you desire. This is yet another reason to work with a business broker in advance.
Improving Your Chances for Success
The are other steps you can take to enhance the value of your business. Increasing the visibility and profile of your business is always a savvy move. Consider attending trade shows, boost your online profile by stepping up your social media game and explore creating a coherent public relations program.
Finally, selling a business is often a waiting game. You have to be psychologically prepared to wait a considerable period of time before your business is sold. Most businesses sit on the shelf for a considerable period of time before they are sold.
Preparation, patience and good organization will dramatically increase your chances of selling your business and achieving a satisfying price. The sooner you begin organizing your business and working with experienced professionals, the greater the chances of success will be.
The post How to Optimize Your Chances of Selling Your Business appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
Up your level of professionalism and impress your clients! Earn the Board-Certified Broker certification, developed to improve the knowledge and professionalism within the business brokerage community.
By earning this certification, you will tell potential clients that you are an expert in buying and selling businesses in Georgia. The certification program was developed by the GABB under the direction of GABB Board Vice President Judy Mims and GABB Executive Director Diane Loupe. The GABB operates a Real Estate School, license #8074 from the Georgia Real Estate Commission, specializing in training business brokers.
The BCB certification program will consist of 40 hours of training in the profession with hands-on teachers active in the industry.
Two classes will be offered during the GABB’s Oct. 27-28 Fall Conference that will be part of the BCB curriculum, although brokers may enroll in the class without being part of the BCB program. The first two classes are:
BUSINESS VALUATION BASICS, GREC Course #72444– Oct. 27, 9 a.m.-Noon. Students will learn how the market value of a business is determined and study fair market value, strategic or synergistic value, the market and income approaches to valuation, understanding ethical dilemmas in business valuation, and other concepts. Approved by the GREC for 3-hours of CE credit.
Instructor: GABB Affiliate DAN BROWNING, founder and President of DB Consulting, Inc. He holds a Master Analyst in Financial Forensics (MAFF) from the National Association of Certified Valuators and Analysts, originally awarded August 1999; he is Accredited in Business Appraisal Review (ABAR) from the National Association of Certified Valuators and Analysts, originally awarded March 2010; he is a member of the State Bar of Georgia (Active Member; Eminent Domain and Nonprofit Law Section Memberships); and was a member of the Editorial Board, Business Appraisal Practice (IBA Journal) 2013-2015.
BUSINESS BROKER PRACTICE APPROACHES, GREC Course #72445 – Oct. 28, 9 a.m. – Noon. Students will learn about the advantages and disadvantages to specializing in a particular field or being a business broker generalist, including identifying industry specializations, understanding and resolving ethical issues that may arise, and understanding how professional business brokers structure their practices. The GREC has approved this class for 3-hours of CE credit.
ROBIN GAGNON, Co-Founder of We Sell Restaurants and wesellrestaurants.com, the nation’s largest restaurant brokerage firm and the only national franchise specializing in restaurant sales. One of the most prolific restaurant brokers in the industry and a franchise resale specialist, she holds the Certified Business Intermediary (CBI) designation from the International Business Brokers Association or IBBA and is an MBA. She has also achieved the Certified Franchise Executive (CFE) designation from the International Franchise Association. Robin oversees the development and training of Restaurant Brokers nationwide and has created the industry’s only Certified Restaurant Broker coursework and testing program.
J. SNYPP III, a former GABB Board member and a life member of the Million Dollar Club, lives in Dunwoody, grew up in Atlanta and graduated from Georgia Southern University with a degree in marketing. Mr. Snypp spent more than two decades in the office furniture business before becoming a Business Broker and has been with Preferred Business Brokers, Inc. for more than 10 years. He has found success selling businesses in a variety of industries most recently selling a day care center, landscape company and distribution business.
Each class will be offered online via Zoom link. Students must be present for the entire class to get CE credit.
To enroll in the BCB Certification Program
Application to enroll in the GABB’s Board-Certified Broker Program: $195 + $40 for classes.
Cost for both classes for GABB Members – $75
Cost for both classes for non-GABB members – $100
GABB FALL Conference 2020Form for GABB Fall Conference