How to Add Your Listings to the GABB Website
One benefit of GABB membership is the ability to add your business for sale listings to the GABB website.
To do that, a GABB member has two options:
Option 1: Link an Existing BrokerWorks account, or
Option 2: Create a BrokerWorks Limited account just for viewing on GABB’s site. (Note! Option 2 will NOT display your listings or profile on the BizBuySell site. This option will, however, let you publish your listings to the GABB site.)
Step 1: The Broker should visit the following site to connect a profile to GABB:
https://bizbuysell.com/syndication/brokerlogin.aspx?J=AP&syn_id=10
Step 2: The broker should log in on the left (Existing) or right (New). (See graphic below)
- If you, the broker, have an existing BizBuySell BrokerWorks account, you should log into their BizBuySell account on the LEFT.
- If you do not have an existing BizBuySell BrokerWorks account, you should contact Diane Loupe at georgiabusinessbrokers@gmail.com to create a GABB profile for you. Please allow a few days, as she is a part-time employee.
- If you experience any problems, you may contact BizBuySell Client Services at (888) 777-9892.
Step 3-N NEW users without a BizBuySell BrokerWorks account: (Existing BrokerWorks Users skip to Step 3-E, below)
- The broker now completes a brief registration form.
- All fields are required unless otherwise noted.
- Once all fields have been completed, click ‘Complete Purchase’ button. Don’t worry, there is no charge for a BrokerWorks Limited account.
Step 4-N NEW users without a BizBuySell BrokerWorks account:
- You will now be given three choices
- If you have existing listings, click the first option
- To manage existing listings, click the second option
- To update your Broker profile, click the third option
Step 5-N NEW users without a BizBuySell BrokerWorks account:
- Once within BizBuySell’s BrokerWorks Dashboard, the broker can update their broker profile, add listings, update listings, etc.
- However, with this BrokerWorks Limited account, the listings and profile will only appear on the GABB web site.
- Additionally, to edit the broker profile or listings, you can simply log directly into the Biz BuySell web site, bizbuysell.com, to manage this information.
- If you experience any problems, you may contact BizBuySell Client Services at (888) 777-9892, or Diane Loupe at georgiabusinessbrokers@gmail.com or 404-374-3990.
PROCESS for EXISTING BrokerWorks Users, such as those who already have a BizBuySell account.
Step 3-E Existing BrokerWorks users:
- After login, the broker will be automatically connected to their BrokerWorks Dashboard.
- In the left navigation, choose Networking Tools then Listing Distribution.
Step 4-E Existing BrokerWorks users:
- Scroll down until you see GABB and select Manage.
Step 5-E Existing BrokerWorks users:
- Click on the “LOGIN NOW” button or the GABB Login link (in the Red Box in the upper right hand corner).
Step 6-E Existing BrokerWorks users: In the pop-up, log in with the GABB credentials provided by the GABB admin.
Note! If successfully connected after log in, the red box that had appeared in the upper right hand corner becomes green and says your account is now linked!
Step 7 : Updating your profile information!
- Go to Account Setting in the left navigation of BrokerWorks Dashboard and select “My Profile” to add a photo or other information for your Broker Profile.
- Go to My Listings in the left navigation of BrokerWorks Dashboard and select Add a Listing to begin adding listings to the directory.
Using Social Media To Improve Business Brokering
Social media expert Dr. Matthew Loop offered practical advice on using Facebook and other applications to boost your business when he spoke to the Georgia Association of Business Brokers (GABB) on June 28.
Loop offered highlights from his book, Social Media Made Me Rich, which offers a quick, practical, easy-to-understand, comprehensive reference guide for small businesses who want to learn how to generate income from the Internet.
Matthew Loop calls himself the highest paid social media revenue strategist in North America. He’s helped brands, celebrities, startups and small businesses increase their income, influence and impact through social media.
Loop discussed the pillars of social media outreach, including:
- Reputation / social proof management (Google Maps, Yelp, etc)
- Facebook organic –
- Pay per click advertising (Facebook, Adwords, etc)
- Search Engine Optimization (SEO)
- Online Video (YouTube) and live streaming apps (Periscope)
- Blogging / Microblogging
- Photo sharing (Pinterest and Instagram)
- Podcasting (iTunes)
- News releases and publicity
Facebook can be used profitably by small businesses who take the time to set up a page. More than 1.5 billion users, creating a page is free, and small businesses can purchase targeted advertisements inexpensively. Loop suggested these action steps”
- Create a Facebook personal account if you don’t already have one (after all, it’s 2016!) Then go to Facebook.com/pages to set up a “fan page” for your business, being very careful to create an accurate and descriptive title.
- Then go to Facebook.com/username to select a vanity URL
- Why is having a lot of Facebook fans important? It’s an indicator of popularity, immediately creates consumer trust in your business, and helps generate more website visits. Fan likes also boost SEO, or search engine optimization.
- To get lots of fans, have a promotion, give away items, or sponsor joint promotions with synergistic businesses.
How to get your first 3,000 fans quickly, according to Loop:
- Invite Your Email List and Subscribers
- Embed Facebook Fan Page Widgets on Your Website
- Add your URL to Your Email Signature Block
- Use Facebook as your fan page to like, comment, etc.
- Run Facebook Ads to a Your Facebook Page
- Run a Contest and Only Members of Your Fan Page can Participate
- Link to your social media profiles and post
- Use Facebook’s check-in feature and incentivize clients to participate
- Use Print Media, TV, or radio
- Timeline graphic branding
Action steps to improve your business’s prominence on social media:
- Update your social statuses on Facebook and other social networks at minimum of four times per day. Post high quality information, quotes of interest, pics, open-ended questions, tips, Facebook videos, blogs, and graphics to build liking and trust.
- GABB recommend members follow the GABB on social media, and you can easily repost information of interest to your clients.
- GABB on Facebook.
- Join GABB’s LinkedIn page
- GABB’s Twitter handle is @GABB_Brokers
- Send your original content to GABB, and GABB will repost it on its Social Media Account. Also, the GABB uses Buffer, (linked here), an application that allows a user to post frequently in minutes per day. Use this Buffer link, and you can get a free trial subscription that allows you to use a limited version.
Loop also said businesses should update your Google Maps profile. Google maps ranks business by the following factors, and a business who updates their status can immediately improve their ranking.
- Profile completed
- Proper category selected
- Keyword in business description
- Listing verified
- Citations
- Reviews
- Traffic to your business website
- Distance to town center
See Matthew Loop’s GABB PowerPoint Presentation.
The Georgia Association of Business Brokers (GABB) maintains a website that lists hundreds of businesses and franchises for sale throughout Georgia in a variety of fields, including automotive, business services, child care, cleaning, construction, electronics equipment, fitness, flooring, floral, food, gas stations, landscaping, manufacturing, medical, shipping, restaurants, retail, security, signs, and businesses related to the internet.
According to GABB President Greg DeFoor, selling a business is a complicated process with multiple steps and a lot of moving pieces. “Our broker members are licensed business brokers, whereas everyone in the industry may not be properly licensed,” said DeFoor, who owns DeFoor Business Services, Inc. “GABB members benefit from continuing education, networking, promotion of professionalism and ethics in the industry, research tools, and forms prepared by a team of attorneys specifically for our association.”
“We are the go-to organization for business sales and acquisitions as a result of our dedication to the profession and our members being among the best in the state at what we do,” said DeFoor. “Our members have represented probably over a thousand transactions, and we have a dedicated membership of business brokers, lenders, attorneys and other professionals to assist business buyers and sellers at every step of the process. We work behind the scenes and go mostly unnoticed, but we’re an integral part of Georgia’s business community.”
For more information about GABB, email georgiabusinessbrokers@gmail.com or call 404-374-3990.
Read MoreSBA Lenders Offer Advice on Getting Loans Approved
SBA lenders Kim Eells, Cheryl Beer and Susan Kite presented at the April GABB meeting.
If you want to get an SBA loan to buy or sell a business, get the information to lenders early, be honest up front about potential problems, and expect to pledge assets, including a home, to secure the loan.
That advice highlighted the presentation by veteran SBA lenders to the Georgia Association of Business Brokers on April 26.
Bob Smith of HealthMarkets.com was the breakfast sponsor.
The program was presented by GABB Platinum Sponsor Cheryl Beer, Vice President of SBA Lending at the Piedmont Bank; Susan Kite, SVP and Managing Director of SBA Lending at Signature Bank ; and Kim Eells, Vice President, Business Development Officer of the Brand Bank.
GABB SBA Power Point Presentation
SBA Loan Program Overview
- SBA 7(a) – $5,000,000 maximum loan amount
- Small by SBA Size Standards
- Operating Company must be “For Profit”
- 15X Debt Service Coverage, “DSC” (including all affiliates)
The SBA 7(a) program has a $5 million maximum, with 1.15 x debt service coverage, and operating company must be for profit.
Equity injection: minimum usually 20%, but other factors may affect the percentage, including cash flow, collateral and experience.
The maximum term of the loan is 10 years for purchase of a business only, 25 years for real estate, and a weighted average for combined business and real estate.
The maximum rate for the loan is prime plus 2.75%
Collateral required includes business assets and personal assets of guarantors.
SOP rules:
- The buyer must purchase 100% of the ownership interest in the business;
- The seller cannot remain an officer, director, stockholder or key employee of the business. If a short transitional period is needed, the small business may contract with the seller as a consultant for a period not to exceed twelve months;
- If the purchase price of a business includes intangible assets in excess of $500,000, the borrower and/or seller must provide a combined equity injection of at least 25% of the purchase price of the business. In order for the seller financing to qualify as equity injection, the seller note must be on full standby of principal and interest payments for a minimum of two years. If the total “equity” is greater than 25%, there can be two seller notes. For example, if the buyer has 20% equity and the seller provides 20% seller financing, there can be two seller notes, one for 5% on full standby for two years and one for 15% with immediate P+I payments;
- If there is business real estate as part of the change of ownership, the real estate cannot be financed separately by a non-SBA guaranteed loan (unless it is an SBA 504 project) to avoid the 25% cash injection;
- The lender must obtain a current business valuation from an independent third party chosen by the Bank to justify the purchase price.
How to get your loans approved quickly
- Get Seller Information as quickly as possible after signing listing agreement
- Last 3 years tax returns (if sole proprietor, get Schedule C)
- YTD interim statement to include Balance Sheet & Income Statement
- Previous year’s interim statement of same period
- Agings of Accounts Receivable and of Accounts Payable
- Listing of all assets being sold – and their market value (with serial numbers for any asset valued at $5,000 or more)
- 4506-T, properly signed
- Letter of Intent or Purchase Agreement
- Manage Seller expectations
- They will likely have to take a Seller Note of 10% to 15% of sales price
- They will need to update Interim Financials and Agings to keep them current (every 60 – 90 days)
Buyer Info
- Get Buyer information as soon as possible
- Last 3 Years Tax Returns – Personal and Affiliate
- Recent Personal Financial Statement – give them form 413
- Business Plan (good template is at sba.gov)
- Financial Projections (monthly for Year 1 / Annually for Years 1-3)
- Manage Buyer expectations
- They will have to put in cash equity of 10% to 25% of sales price
- They may have to pledge their home or other real estate
- They will need to assign us life insurance
- If your buyer has ever been arrested, they need to tell us early so we can get them cleared and processed
- The loan process is not like buying a home – it may take longer than they expect.
Lender Info
- Use a lender that knows business acquisition SOP rules
- Get with us early and use us as a resource
- Realize that to us, DSC is more important than SDI
- Have your Seller and/or Buyer prepared
- with an organized application package
- with realistic expectations about the loan process
- The process will be much faster when information is provided quickly when asked
The Panelists also discussed three examples of loans they encountered.
Example 1:
30 year old niche therapy practice that provides occupational therapy, physical therapy and Speech-Language therapy to school systems.
Buyer has owned a business in home health care.
Total Project Costs of $1,950M included Intangible Assets of $1,600M, Working Capital of $300M, Closing Costs including SBA Guaranty Fee of $50M – Seller Financing of $350M, Buyer’s Cash $100M – SBA Loan $1,500M
Only collateral was a 2nd lien on personal residence.
Example 2:
35-year old Commercial Landscaping company – 3 owners in 60s and retiring. Sales price of $1,605,000 included property, trucks, goodwill. Property valued at $600,000 assets valued at $280,000 with $805,000 goodwill. 2 loans: Building loan at P+2.5% for 25 years and business acquisition at P+2.75% for 10 years with 6-months interest-only for both. Financing structure: $540,000-property, $448,000-business and assets, $136,000-working capital and closing costs, $263,000 – borrower cash, and $360,000 seller note. Buyer was ready to close with out-of-state lender when his partner pulled out, changing deal. We closed 35 days after being notified that the buyer wanted us to consider the deal.
Example 3:
distributor of parts for communications companies that service cell phone towers.
Two husband/wife teams with varied sales and management experience
Total $1,211 included $918 GW, seller 225, equity $269, loan $717, 10 years, P + 2.5, $100 Capline
Collateral included personal assets of Guarantors
Why Loan Applications Get Rejected
Delinquent credit history – 650 minimum score
SBA eligibility issues
- 912 issues
- Presently under indictment, parole or probation
- Ever been charged with and or arrested for any criminal offense other than a minor motor vehicle violation? Include offenses which have been dismissed, discharged or not prosecuted.
- Ever been convicted, placed on pretrial diversion, or placed on any form of probation, including adjudication withheld pending probation for any criminal offense other than a minor vehicle violation?
- Not citizen or permanent resident
- Problems with Franchisor
- SBA failure rate for franchise
- Franchisor has reputation for not supporting its franchisees
- Talk to other franchisees
- Talk to financial institutions who have financed particular franchise
- Unrealistic projections
- Use financial advisor to prepare business plan and projections
- Breakeven analysis
- Other issues
- Insufficient working capital and equity
- Additional support
- Spousal income
- Strong franchisor support
- Strong location
- Strong credit history
- Liquidity
- Management experience
Finally, if you get turned down by a Bank, ask for the reason. The information may help you with another lender or for your next request
Contact information for presenters:
Susan Kite
404-256-7734
Kim Eells
770-339-2088
Cheryl Beer
678-576-9392
Cheryl.beer@piedmontbankonline.com
Read MoreSBA Lenders to Lead April 26 Panel
Bob Smith of HealthMarkets.com will be the breakfast sponsor.
The Georgia Association of Business Brokers (GABB) maintains a website that lists hundreds of businesses and franchises for sale throughout Georgia in a variety of fields, including automotive, business services, child care, cleaning, construction, electronics equipment, fitness, flooring, floral, food, gas stations, landscaping, manufacturing, medical, shipping, restaurants, retail, security, signs, and businesses related to the internet.
According to GABB President Greg DeFoor, selling a business is a complicated process with multiple steps and a lot of moving pieces. “Our broker members are licensed business brokers, whereas everyone in the industry may not be properly licensed,” said DeFoor, who owns DeFoor Business Services, Inc. “GABB members benefit from continuing education, networking, promotion of professionalism and ethics in the industry, research tools, and forms prepared by a team of attorneys specifically for our association.”
“We are the go-to organization for business sales and acquisitions as a result of our dedication to the profession and our members being among the best in the state at what we do,” said DeFoor. “Our members have represented probably over a thousand transactions, and we have a dedicated membership of business brokers, lenders, attorneys and other professionals to assist business buyers and sellers at every step of the process. We work behind the scenes and go mostly unnoticed, but we’re an integral part of Georgia’s business community.”
For more information about GABB, email georgiabusinessbrokers@gmail.com or call 404-374-3990.
Meeting dates for 2016 are planned for June 28, July 26, Aug. 30, Sept. 27, Oct. 25, and Nov. 29, with a May 17 conference.
Noted Economist to Speak to GABB on March 29
Noted Georgia economist Roger Tutterow, a Kennesaw State University Professor of Economics, will speak March 29 to the Georgia Association of Business Brokers.
The GABB, the state’s only professional association dedicating to buying and selling businesses and franchises, will meet at 10:30 a.m. on March 29 at the South Terraces Conference Center. The meeting is preceded at 9:45 a.m. by a free light breakfast and networking session, sponsored by Kim Eells, Vice President and Business Development Officer of the Brand Bank. The South Terraces Conference Center is at 115 Perimeter Center Place, Atlanta, near Perimeter Mall. The meeting is open to the public at no charge.
Dr. Tutterow’s analysis of the economic, business and political environments have been featured frequently in a variety of national and state media. He has served as a consultant on financial economics and statistical modeling for corporate clients ranging from Fortune 500 companies to closely held businesses.
In addition to his professorship, Dr. Tutterow also serves as Director of the Econometric Center, an applied research center affiliated in KSU’s Coles College of Business. He also serves as Chief Economic Advisor for the Henssler Financial Group, an Atlanta-based investment advisory firm and as a strategic advisor to Georgia Oak Partners, a Georgia-focused private equity firm. He has provided expert testimony on economic, financial and statistical matters in state and federal court, before the Georgia General Assembly and before the Georgia Public Service Commission. Dr. Tutterow has given several hundred speeches to professional groups in over 30 states and Canada on topics in the economic, business and political arenas.
For the last four years, Georgia Trend magazine has named Dr. Tutterow as a “notable Georgian.” In 2003, Georgia Governor Sonny Perdue appointed Dr. Tutterow to serve on the Governor’s Council of Economic Advisors, a capacity that he continues to serve in for current Georgia Governor Nathan Deal. In 2010, he was named to the Special Council on Tax Reform and Fairness for Georgians which conducted a comprehensive review of Georgia’s Tax Code.
In addition, Dr. Tutterow has served on the Georgia Child Support Commission, on the Board of Trustees of Berry College, the Board of Directors of Vinings Bank, the Southern Region Board of Directors for the American Red Cross Blood Services and the Board of Directors for Consumer Credit Counseling Service of Atlanta.
A Georgia native, Dr. Tutterow holds a B.S. in Decision Science from Berry College and an M.A. and Ph.D. in Economics from Georgia State University. Prior to rejoining Kennesaw State University, Dr. Tutterow held faculty and administrative appointments at West Virginia University, Georgia State University and Mercer University. He has also served as a visiting professor at the University of the West Indies in Trinidad and at the Institute for Industrial Policy Studies in Seoul, South Korea.
The Georgia Association of Business Brokers (GABB) maintains a website that lists hundreds of businesses and franchises for sale throughout Georgia in a variety of fields, including automotive, business services, child care, cleaning, construction, electronics equipment, fitness, flooring, floral, food, gas stations, landscaping, manufacturing, medical, shipping, restaurants, retail, security, signs, and businesses related to the internet.
According to GABB President Greg DeFoor, selling a business is a complicated process with multiple steps and a lot of moving pieces. “Our broker members are licensed business brokers, whereas everyone in the industry may not be properly licensed,” said DeFoor, who owns DeFoor Business Services, Inc. “GABB members benefit from continuing education, networking, promotion of professionalism and ethics in the industry, research tools, and forms prepared by a team of attorneys specifically for our association.”
“We are the go-to organization for business sales and acquisitions as a result of our dedication to the profession and our members being among the best in the state at what we do,” said DeFoor. “Our members have represented probably over a thousand transactions, and we have a dedicated membership of business brokers, lenders, attorneys and other professionals to assist business buyers and sellers at every step of the process. We work behind the scenes and go mostly unnoticed, but we’re an integral part of Georgia’s business community.”
For more information about GABB, email georgiabusinessbrokers@gmail.com or call 404-374-3990.
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