Sign up to Attend the Dec. 9 GABB Holiday Gala
The 2021 GABB Holiday Gala will be held on Dec. 9, 2021, at Villa Christina.
Our annual gala will also be the occasion of presenting the 2021 Million Dollar Club awards to the association’s top-selling brokers. Brokers who qualify have until Nov. 5 to apply.
We ask that every attendee contribute at least $35 per guest (feel free to donate more!) to the Foster Care Support Foundation. This group helps some of the more than 15,000 children in Georgia who are in foster care, not including hundreds of thousands of children being raised by thousands of grandparents, relatives, or fictive kin. They support these children by providing vital, basic needs. Please note in your online donation that you are a member of the GABB.
The Foundation gives out more than $12 million of in-kind items to foster and displaced children each year and their budget is a fraction of that with no government funding. A tax deductible receipt will be sent to you for your donation. Thank you for making a difference!
Read MoreGABB Million Dollar Club Applications Due Nov. 5
The GABB is now accepting applications for the 2021 Million Dollar Club, recognizing members who have sold businesses that added together are worth at least $1 million in the previous year. The deadline for submitting applications is Nov. 5, 2021.
Awardees will be honored at the annual GABB Holiday Gala on Dec. 9 at Villa Christina. GABB board members Jeff Merry and Jon Roman comprise the Million Dollar Club committee and will review the applications.
GABB members are eligible for the:
- Million Dollar Club if they have eligible sales from Nov. 1, 2020 to Oct. 31, 2021 of $1,000,000 to $1,999,999.
- Multi-Million Dollar Club if they have eligible sales generated totaling $2,000,000 or more during the same period.
- Life Membership in the Million Dollar Club when they’ve been elected to the Million Dollar Club for three consecutive years or any 5 years.
- Phoenix Award if they have been elected to the Million Dollar Club for any 10 years.
- Silver Phoenix if they have 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. Each business sold doesn’t have to be worth more than a million, but the total sales price of all businesses sold during the qualifying period must total a million or more. Only transactions closed after the effective date of membership in GABB will count towards Million Dollar Club volume. All Million Dollar Club members must have attended at least three GABB events during the eligible period, such as meetings, conferences, or social events, either in person or online.
The online application, along with detailed rules about the club, can be found at the GABB website.
Million Dollar Club rules:
Please contact diane.loupe@gabb.org or 770-744-3639 if you have any additional questions about this matter, or if you are unable to complete this application online.
Read MoreSecuring Online Transactions: GABB Sept. 28
When you’re transmitting a large sum of money electronically, how can you be sure your money gets to the right place?
Ricky Robertson, Atlantic Capital Bank’s Operational Risk Manager, discussed ways that businesses you can protect themselves and their clients from wire transfer fraud at the Sept. 28 meeting of the Georgia Association of Business Brokers.
A closing should mean that the seller gets paid. Usually, the buyer wires in their down payment, the attorney develops and sends out a closing statement the day before the closing, and everyone agrees with his/her numbers. Unfortunately, a buyer will sometimes send over wiring instructions via email and those instructions get phished and the instructions end up in the wrong place! The buyer or the seller may lose their money; in some cases, millions of dollars.
View the discussion at this link.
Among the horror stories that emerged from the Sept. 28 discussion was that of a payment of more than a million dollars that a bank client asked be electronically transmitted to a vendor. The bank called to confirm that the client wanted to make the payment, but it turned out that the payment was not sent to a vendor but to a third party online thief. Fortunately, Robertson said, the bank was able to recover the money because of a mistake made by the thief.
Lesson learned: if something doesn’t sound right, don’t hesitate to call and double- and triple-check the facts. Too often humans want to be accommodating and agreeable, and thieves exploit that tendency, Robertson said.
Some scam artists gain access to a person’s email account, creating invisible folders, and get to know a target’s email habits. They may learn that a large payment is pending. Then they use their knowledge by sending fake emails with directions for transmitting funds.
Brian Harper, Senior Vice President and SBA Division Manager of Atlantic Capital Bank also talked about his bank’s upcoming merger with SouthState Bank.
Ricky Robertson began his career in law enforcement and spent six years as a detective concentrating mostly on investigating white collar crime. During his time in law enforcement, Ricky completed computer forensic investigations and served as the commander of the crisis negotiation team. Over the past 14 years, Ricky has worked in banking in the Information & Corporate Security fields. As Atlantic Capital Bank’s Operational Risk Manager, Ricky’s main job responsibilities include Corporate Security, Information Security, and Operational Risk. He has a Bachelor’s degree in Management Information Systems and earned the Certified Protection Professional certification from ASIS International.
Mr. Harper has more than 25 years of business banking and lending experience and ample experience handling multi-million dollar transactions. He is a member of the Rotary Club of Dunwoody, Junior Achievement, Georgia Lenders Quality Circle, National Association of Government Guaranteed Lenders, the Georgia Association of Business Brokers, Our Lady of Assumption Church, is a coach for Murphey Candler Baseball and a board member of the Georgetown Recreation Center.
Claudia Wilson, Vice President, SBA Relationship Manager at SouthState Bank, is sponsoring the meeting.
The GABB is the state’s preeminent organization of professionals involved in the purchase and sale of businesses and franchises, and operates the state’s only real estate school devoted to business brokering. For more information about the GABB, contact GABB president Judy Mims at judy@childcare.properties or at 404-918-3666; or email diane.loupe@gabb.org or text 770-744-3639.
Read MoreGABB Class: Securing and Managing Listings, Aug. 17
Whether you’re new to the profession of buying and selling businesses, or have limited experience as a business broker, this Aug. 17 GABB class will teach you the best practices to secure and manage listings for businesses for sale.
Securing and Managing Business-for-Sale Listings (GREC#73352) will also help you when you’re selling someone else’s listing, review marketing strategies, cover ethical issues, help you analyze the financials of businesses for sale, and teach you how to guide a client through meetings with prospective buyers, negotiations, financing and closing. The class will be taught by GABB’s Vice President Matt Wochele, CBI, founder of Preferred Business Brokers, Inc. and a Life Member of the Georgia Association of Business Brokers’ Multi- Million Dollar Club.
This class 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 held both in person and online via Zoom, although the instructor is urging students to attend the class in person.
To encourage students to attend the class in person, the GABB will offer attendees several prizes including a one-year membership to the GABB and Starbucks giftcards. Only students who attend the class in person are eligible for these incentives.
The class (GREC #73352) will be held from 10:00 a.m. until 1 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 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 diane.loupe@gabb.org or text her at 770-744-3639 for more information.
ABOUT THE INSTRUCTOR:
After attending Bucknell University and St Joe’s University Matt Wochele started his professional career as a stockbroker in NJ in 1978. In 1981 he was transferred to Atlanta to head up the firm’s investment banking business in their Atlanta, Jacksonville, and Houston offices. After 18 years working with public companies, Mr. Wochele started Preferred Business Brokers, Inc. in 1996. He has sold more than 300 main street and lower middle market businesses in the past 25 years. Mr. Wochele is a Certified Business Intermediary, a Life Member of the Georgia Association of Business Brokers’ Multi- Million Dollar Club, a GABB Phoenix Award recipient, a member of the International Business Brokers Association and is currently serving as Vice President of the Georgia Association of Business Brokers’ board.
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GABB Member Jim Town Died July 16
Commencing in 1992 when Jim Town sold his last business and affiliated with Prime Business Investments, Inc., one of the oldest business brokerages in Georgia at that time, his practice evolved from intermediary services to a primary focus on finding value to maximize net sale proceeds. In early 2003, Jim moved to the Florida Panhandle and formed Business Evaluation & Appraisal, Inc., as a Florida corporation, while continuing as an associate broker with Prime Business Investments in Atlanta until late 2014. Additionally, he conducted commercial real estate transactions through Commercial Property Investments in Georgia and Florida, which Jim formed in 1992.
Jim had been a member of the International Business Brokers Association (www.ibba.org) since 1997 and became a Certified Business Intermediary (CBI) in mid-1998. He also qualified as an instructor for IBBA on several courses offered nationally, helped write three courses, and served on the Education Committee for 10 years focused primarily on the CBI testing and certification programs. In 2007, Jim’s service to the largest business intermediary organization in the world was recognized when he was appointed a “Fellow of the IBBA.” He was awarded the “Lifetime CBI” designation in 2014.
As a member of the Institute of Business Appraisers from 1996 to 2013, Jim completed the basic 8-day course and examinations, advanced courses and annual continuing education courses.
In addition to being the qualifying real estate broker for commercial real estate firms in Florida and Georgia, Jim also held a Florida Real Estate Instructor license and helped establish the pre-license sales and broker programs at the Florida Panhandle Technical College (Chipley, FL) in 2005.
He served in the U.S. Army and saw active duty as an Infantry officer in Europe and South Vietnam with assignments in Infantry
units and logistics. He was discharged as a Captain (1965 – 1968), and continued his career in the U.S. Army Reserve with
assignments in transportation units, logistics staff positions, brigade commander, and as chief of staff for a command of
about 12,000 soldiers and a budget of over $85 million per year. He retired as a Colonel (1965 – 1995).
He earned a B.A., in Marketing from Michigan State University in 1965; completed the Infantry Officer Basic Course and Airborne Schools, 1965; completed the Transportation Officer Advanced Course, 1974; studied at the U.S. Army Command and General Staff College, 1981; U.S. Army War College, 1986. He held a Commercial Pilot License with Instrument and Multi-engine Ratings.
Town was at the heart of several Washington County economic initiatives, notably assisting in the development and addition of Commercial Intent Overlays to the existing Future Land Use Maps to better prepare for economic development.
Town was also instrumental in the conception of the 79 Corridor Project, the collaborative effort by the City of Bonifay and Holmes and Washington counties to improve sewer and water services along Highway 79 and ignite opportunity to grow a commercial and industrial development corridor in the area. The project was the first of its kind in the state, earning it the 2019 Florida Economic Development Council Rural Economic Development Deal of the Year award.
Town served on several local boards over the years, including the Tri-County Airport Authority and Economic Development Commission. The Washington County Chamber of Commerce presented Town with the Ole Ellis Washington County Lifetime Community Leadership Award in 2018 as a nod to his decades of dedication to the county’s growth.
This week, friends and colleagues are remembering Town as one of the community’s most prolific economic development leaders.
“Jim Town was a remarkable man,” said Ted Everett, Washington County Economic Development Executive Director. “His love for Washington County was never in doubt. He worked tirelessly and for no personal gain to move our county forward.”
“One does not meet many people such as Jim Town in one’s life. He was an exceptional person, a tireless worker, and used his vast knowledge accumulated through his many years of the corporate world to help grow Washington County. He will be missed by many, and Washington County has lost a true friend and champion.”
Attorney Bob Hughes echoed that sentiment, adding that Town’s knowledge regarding the potential impacts of land use amendments was beyond compare.
“[Town] knew the County Comprehensive Plan with zoning as well as anyone,” said Hughes. He … went into the field and could tell you which parcels had improvements which matched the comp plan maps and which didn’t. He was an invaluable asset to county officials in the land planning, zoning, and comprehensive planning areas.”
“Besides all of that, he was truly a fine person and gentleman,” added Hughes. “He was a proud veteran of his U.S. Army service to his country; He is unquestionably someone who the region will miss. I will miss his expertise and his friendship.