Crisis Averted: 11 Steps to Help Your Business Survive and Thrive
The Georgia Association of Business Brokers held its March 31 meeting online with more than 60 participants.
If you missed the meeting, you can view the recording here.
Business coach Russ Hall, our guest speaker, came to us using the Zoom virtual meeting platform. Mr. Hall offered advice on how small business owners can weather the current economic and health crisis. GABB affiliate and attorney Wendy Kraby talked about how loan closings are happening online, and SBA lenders discussed SBA loans available during the crisis and loan extension options.
The presentation from Russ’s excellent webinar, Crisis Averted,: 11 Steps To Help Your Business Survive and Thrive, is linked here: CRISIS AVERTED Webinar by Russ Hall for GABB
Since 2003, Mr. Hall has been a part of ActionCOACH, a global organization that helps the owners and teams of small businesses improve performance so that they can improve their lives. He spent his first seven years after university as a US Naval Aviator, and he piloted SH-3 Sea King anti-submarine warfare helicopters. He also spent 21 years with a Fortune 100 company in the Healthcare Technology sector, leading and managing national award-winning teams in Sales and Customer Service for most of that time. As a part of his development as a coach, he earned a Master’s in Industrial-Organizational Psychology from the University of Georgia.
Joining a Zoom Meeting
How do I join a Zoom meeting?
You can join a meeting by clicking the meeting link or going to join.zoom.us and entering in the meeting ID.
How do I join computer/device audio?
On most devices, you can join computer/device audio by clicking Join Audio, Join with Computer Audio, or Audio to access the audio settings.
Can I Use Bluetooth Headset?
Yes, as long as the Bluetooth device is compatible with the computer or mobile device that you are using.
Do I have to have a webcam to join on Zoom?
While you are not required to have a webcam to join a Zoom Meeting or Webinar, you will not be able to transmit video of yourself. You will continue to be able to listen and speak during the meeting, share your screen, and view the webcam video of other participants.
For more information about the GABB, contact GABB President Dean Burnette at dean@b3brokers.com or (912) 247-3209; or contact GABB Executive Director Diane Loupe at georgiabusinessbrokers@gmail.
Temporary Electronic Notaries
By Wendy W. Kraby, Attorney, GDCRlaw.com
For closings or other documents that require the signature of a notary (and/or a witness), Georgia’s governor today has issued an executive order allowing remote notary (Order No. 03.31.20.01).
Witnessing of a signature by a witness or notary may be satisfied by “the use of real-time audio-video communication technology or any similar real-time means of electronic video conferencing that allows all of the parties to communicate with each other simultaneously by sight and sound.”
Such order is only in effect as long as the Executive Order #0.3.14.20.01 declaring a Public Health State Emergency in Georgia is in effect (currently through April 13, 2020), or as may be extended.
However, an electronic notary is only helpful if it is accepted in the marketplace. Will it be accepted by courts, title insurance companies, lenders, or private business?
For instance, one title company will only insure title on recorded title documents under the following ADDITIONAL conditions (above and beyond the limitation placed by the State of Georgia). Some of those requirements include, but are not limited to:
- The lender in any transaction must give written authorization and instructions from any lender and all parties to a transaction.
- Transaction must be 1 to 4 family residential property in Georgia with title insurance not to exceed $2 Million.
- The Notary must be registered in Georgia and physically located in Georgia while witnessing the signing.
- The Notary must sign a certification form issued by the title company
- The document shall be dated by the Notary the date of the signing, not the date the Notary received the original-signed documents.
- The only audio-video technology allowed is Zoom Pro, Zoom Executive or Microsoft Teams.
- A signer must place the signed original documents (and photo ID copy) in an overnight package to the closing Attorney during the audio-video conference in the presence of the Closing Attorney.
- No disbursement of money can occur until the original signed documents are received by the Closing Attorney.
Keep in mind that different title insurance companies and lenders may have different requirements.
It is important that anyone planning to sign remotely when a witness or notary is needed should coordinate with all parties ahead of time, especially with the closing attorney and any lender that may be involved. For more information on how my firm is handling real estate and business closings, see my previous blog post.
Wendy W. Kraby is a business and land development attorney at Gregory, Doyle, Calhoun & Rogers, LLC in Atlanta and is an affiliated professional member of GABB. https://www.gdcrlaw.com/wendy-w-kraby
Read MorePrepare an Exit Strategy Sooner than you Think
When preparing to leave a company as the business owner, most people tend to take on their exit in the fashion that’s most fitting for them. Some help to prepare their successor for the role before leaving, and some just decide to sell the company as a whole and settle for money. But how many can say they’ve created an exit strategy based on the reasoning for their exit?
The Atlanta Small Business Show recently interviewed former GABB president Michael Ramatowski to learn the significance of implementing an exit strategy for a business. Michael is the CEO of RamBizGroup, LLC.
In the interview. Michael explains that exit strategies can be used for personal and business-related relations. He focuses on businesses, as business exit strategies are his expertise, and emphasizes that the majority of businesses do not have a strategy in place, and the ones that do are not funded as they should be. When asked when is the best time to create a strategy, he says at the beginning! “I have an attitude- in everything you do, you do with the end in sight,” Ramatowski advises. “The first day they start thinking about doing a business” is when people should also begin to plan out their strategy.
Another key component of creating an exit strategy is confidentiality. You do not want your competitors to be aware of what’s happening. It may also be important to keep that confidential information from key employees and even customers or clients as well because it has the ability to install fear within them and create the myth that something could be happening to the company. In reality, selling a business could be the best thing for the company, not something to be afraid of.
Hear Michael’s interview online.
Read MoreShould You Sell Your Family Business?
When the complicating variable of family is added to the equation of selling a business, the situation can get rather messy. Family usually complicates everything and businesses are, of course, no exception. Ken McCracken, a family business advisor with KPMG in Ireland, recently explored the complexities so often associated with family businesses in an article for the Irish Times. In the article, “Family business: to sell or not to sell?” 6 questions to help you make the right decision,” McCracken notes that “There’s so much emphasis on the notion of a family business continuing for generations, that the idea of selling could be seen as a failure, which of course is not true.”
Here’s what he suggests family business owners consider.
Is now a good time to sell?
The market will determine whether it’s a good time to sell or not. Are members of the next generation interested in running the business? If not, maybe you could transition into a business owned by your family, but not run by family members. Can you harvest wealth from the business without selling it?
What’s my business worth?
Determining how much your business is worth is a key variable in any decision to sell. The best way to determine the worth of your business is to have an outside party, such as a business broker or a professional business valuation expert, evaluate your business. What you believe your business to be worth and what the market dictates could be, and often are, very different. You may discover that your business does not have the value that you hoped for. If this is the situation, then selling may not be an option.
What are my non-negotiables?
Do you want the new owner to keep all your employees? Must a new owner keep the company name? Is relocating the business off the table? These things are often part of the negotiations, but McCracken says: “Always remember to start out by identifying your best outcome.”
What’s next for me?
What will you and any family members who work for the business do after the sale goes through? You may discover that the sale could be very disruptive for you personally. All too often, people fail to recognize the emotional and mental stress that comes along with selling a business. Many owners begin the selling process only to discover that they are not emotionally ready to do so. While everyone wants to be unemotional in making their business decisions, this is not always the case.
Have I done my Due Diligence?
Not only will prospective buyers investigate your business, you may want to vet prospective buyers ahead of time, which can save you a great deal of aggravation and wasted time. Working with a business broker is an excellent way to handle the due diligence process.
McCracken believes business owners should investigate how the prospective buyer handled previous acquisitions. How well did the prospective buyer honor previous commitments? Do you trust them?
Who will negotiate the sale?
Finally, McCraken believes it is essential to know who will oversee negotiations. Many deals that might otherwise have been successful, fall apart due to poor negotiations. A business broker is experienced in negotiating the sale of the business, with dozens, perhaps hundreds, of successful transactions.
“Whether or not to sell the family business is one of the most important decisions an owner will ever make,” McCracken says. These questions will guide you to make the right decision.
Copyright: Business Brokerage Press, Inc.
Read More2019 A Boom Year for Georgia Economic Development
Georgia enjoyed an excellent year for economic development in 2019. The Georgia Department of Economic Development released an online “Year in Review” highlighting the state’s accomplishments.
In January 2020, Georgia was named No. 1 for workforce development in Site Selection Magazine’s 2020 Workforce Development Rankings for the South Atlantic Region.
Record job and employment numbers were announced for 2019, too. Georgia set a record for total number of jobs at 4.65 million, our unemployment rate reached another historic low of 3.2%, and our workforce reached 5.13 million – another record high. Take a look at a digital copy of our FY19 Year in Review for more GDEcD highlights and success stories.
These accomplishments are clear evidence that Georgia’s comprehensive, team-focused approach is working. Our status as the No. 1 state to live, play and do business has been well-earned!
Read More