Buy-Side Business Brokering: GABB Class April 27
Learn the fundamental skills a business broker needs to work with business buyers at the GABB’s April 27 class on Buy-Side Business Brokering.
Martin J. Rueter, Executive Vice President at Coldwell Banker Commercial Metro Brokers, will teach a class titled “Introduction to Buy-Side Business Brokering” from 9 a.m. until noon. The Georgia Real Estate Commission has approved the class #72874 through the Georgia Association of Business Brokers’ Real Estate School.
At the conclusion of this class, students should have better understanding of:
- The impact of small business on local and national economies
- Why most small businesses fail
- Financial and other considerations when evaluating a business
- Converting buyer inquiries into buying clients
- Qualifying and engaging prospective purchasers
- The Buyer Brokerage Agreement
- Assisting buyers in finding and evaluating a proposed business
- Presenting and negotiating offers (LOI)
- Managing financing, due diligence and other pre-closing activities
This class qualifies towards the GABB’s Board-Certified Broker program, a new certification designed by the GABB. The BCB program is the state’s only certification program for professional business brokers. The GABB operates a Real Estate School, license #8074 from the Georgia Real Estate Commission, specializing in training business brokers.
The class will be $49 for GABB members, and $75 for non-GABB members. If you want to register for the GABB’s Board-Certified Broker program, the class and BCB registration will be a total of $225, which includes the $195 BCB registration fee. The three-hour class will start at 9 a.m. and conclude at noon. After you have registered for the class, you will get the Zoom link to join the class. The GREC requires that you attend the entire class to receive credit towards renewing your real estate license. GABB requires that you pass an end-of-course test to receive credit.
GABB BCBB Classes
Form for GABB BCBB Classes
"*" indicates required fields
GABB Class: Introduction to Sell-Side Business Brokering April 29
Introduction to Sell-Side Business Brokering will be offered online on Thursday, April 29, by the Georgia Association of Business Brokering.
The class will qualify towards the Board-Certified Broker designation, the state’s only professional certification for business brokers.
THIS CLASS, THURSDAY, April 29.
Georgia’s top-selling business broker in 2020, C. David Chambless, president of Abraxas Business Services, will teach the online class which will cover the many skills business brokers need when selling an existing business. Those who successfully complete the class, #72873, will earn three continuing education credits from the Georgia Real Estate Commission through GABB’s Real Estate School #8074.
The class will cover confidentiality, non-disclosure agreements, engagement agreements, analyzing the business you’re selling, identifying and marketing to potential buyers, negotiating various agreements, working with the buyer’s bankers, due diligence, closing documents and closing the deal.
This class qualifies towards the GABB’s Board-Certified Broker program, a new certification designed by the GABB. The BCB program is the state’s only certification program for professional business brokers. The GABB operates a Real Estate School, license #8074 from the Georgia Real Estate Commission, specializing in training business brokers.
The class will be $49 for GABB members, and $75 for non-GABB members. If you want to register for the GABB’s Board-Certified Broker program, the class and BCB registration will be a total of $225, which includes the $195 BCB registration fee. The three-hour class will start at 9 a.m. and conclude at noon. After you have registered for the class, you will get the Zoom link to join the class. The GREC requires that you attend the entire class to receive credit towards renewing your real estate license. GABB requires that you pass an end-of-course test to receive credit.
GABB BCBB Classes
Form for GABB BCBB Classes
"*" indicates required fields
INSTRUCTOR: C. David Chambless, president of Abraxas Business Services, was the top-selling broker in the Georgia Association of Business Brokers’s 2020 Million Dollar Club. Chambless’ company provides integrated services to sellers (and buyers) of businesses with revenues of $5-to-$30 million, with a focus on businesses in the manufacturing, distribution, healthcare, technology, and services industries. He has been president of GABB twice, is a lifetime multi-million-dollar member of the Million Dollar Club, and has earned the prestigious GABB Phoenix award for a decade of reaching the Multi-Million Dollar Club. Prior to Abraxas, he held various positions in sales, marketing, and executive roles in technology firms; as CFO for Aaron Rents as well as for private companies; and as a management consultant. Mr. Chambless has a Master of Business Administration in Finance from the Wharton School of the University of Pennsylvania and a Bachelor of Industrial and Systems Engineering degree from Georgia Tech. He is an inactive certified public accountant. Prior to graduate school, Mr. Chambless commanded components of a U.S. Army Pershing Missile unit in West Germany. Mr. Chambless is very active in his communities. He is a member of Business Executives for National Security (BENS), the Association for Corporate Growth, and a longtime member of the International Business Brokers Association (IBBA). He serves on a fundraising committee of the Atlanta Area Council of the Boy Scouts of America and on the board of the Callanwolde Fine Arts Center. In his involvement with the Technology Association of Georgia, he served as a member of the TAG board of directors and its executive committee as well as the chairman of TAG’s Leadership Council; he was a founder and the chairman of TAG-FinTech; he chaired TAG-Finance for seven years.
Read MoreHow to Manage the Buyer-Seller Meeting: Advice from a Top Broker
Meeting a business buyer or seller for the first time is a critical moment for a business broker, which is why a business broker should learn how to best manage it, an industry expert told the Georgia Association of Business Brokers on March 30, 2021.
Peter Goodman, owner of Goodman and Company Business Brokers, says a successful business sale often hinges on this critical meeting, establishing trust, and instilling confidence. His presentation was praised as extremely useful for business brokers, business seller and business buyers.
View his presentation here:
https://studio.youtube.com/channel/UC9RjcBNR4waLTQoZlqvMhwQ
The buyer-seller meeting is an opportunity for the seller to learn why the buyer is interested in the business, to learn the buyer’s plans for the business and allow the seller to answer questions.
Don’t allow the buyer and seller to exchange contact information, and the broker should not allow the buyer to negotiate price or anything else during this meeting, Goodman said.
The broker’s role is to listen for problems that arise, correct misunderstandings and gauge the buyer’s interest. The broker should review with the seller what the seller should cover in the meeting. Remember, Goodman said, what the seller says will be worth ten times what the broker says.
The goal of the meeting is to be sure the buyer still wants to buy the business after the meeting. Goodman also lists some questions and issues to be covered, gives the parties an agenda o things to be covered, and suggests limiting the meeting to 30-60 minutes.
Sellers should avoid mentioning anything negative about their business that is no longer relevant, such as a dishonest employee who is no longer working there. The seller should discuss competitive advantages and missed opportunities, or ways a new owner can make more money from the business with marketing or new revenue streams.
On the other hand, the seller shouldn’t make the buyer think they cannot be replaced. Remember, it’s the business that makes the money, not the seller. The seller must make the buyer feel confidence that they have the ability to run the business successfully.
And after the meeting, Goodman always sends thank you notes to all participants.
Goodman holds the designation of Certified Business Intermediary (CBI) through the International Business Brokers Association (IBBA), the largest and most well-respected business brokerage organization in the United States. Mr. Goodman has been a full-time business broker for 17 years. During his brokerage career, he has personally sold over 100 businesses from main street to lower mid-market in various industries. His emphasis is on working closely with business owners as agent, advisor, confidant and friend has been the foundation of his success.
The Georgia Association of Business Brokers is the state’s largest and most respected association of professionals who broker the purchase and sale of businesses. The GABB also operates the state’s only real estate school dedicated to training business brokers. For more information about GABB, contact Executive Director Diane Loupe at diane.loupe@gabb.org or 770-744-3639, or GABB president Judy Mims at 404-842-1997 or judy@childcare.properties.
Read MoreSBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans
WASHINGTON – The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.
“More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access,” said SBA Administrator Isabella Casillas Guzman.
Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
This new relief builds on SBA’s previous March 12, 2021 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021.
Questions about SBA COVID-19 EIDL and disaster loan payments can be emailed to DisasterCustomerService@sba.gov or directed to SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).
The Georgia Association of Business Brokers has many members who are experts in SBA loans. Consult our affiliated professionals directory for help.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Read MoreSBA Loan Payment Subsidies: Good News for Business Buyers
For business purchasers, there’s good news from the SBA. They’re offering loan payment subsidies for certain loans.
For new SBA 7(a), 504, or microloans approved by SBA beginning February 1, 2021 and ending on September 30, 2021, the SBA will make the monthly payments for a 3-month period. This was originally 6-month period, and this is subject to the availability of funds, according to GABB member Susan Kite, who is also Senior Vice President of SBA Business Development at Georgia Primary Bank.
Loans must be fully disbursed and in regular servicing before the payments can begin. New loans approved by SBA beginning February 1, 2021 and Ending on September 30, 2021 will also have the SBA Guaranty Fee Waived, according to Kite.
“This is a savings of $13,500 on a $500,000 loan, or $31,500 on a Million-Dollar loan, $65,000 on a $2 Million loan, and capped at $4,166,666 loan with 90% guaranty which saves $138,125,” Kite said.
These programs will remain as long as funding lasts, she says.
“Thus, your buyers should treat them as a “bonus” and not rely on them fully when determining cash needs,” Kite advises business brokers.
7(a), 504, and Microloans
Initial Debt Relief Assistance
As a part of the CARES Act, SBA was initially authorized to pay 6 months of principal, interest, and any associated fees that borrowers owe for all 7(a), 504, and Microloans reported in regular servicing status (excluding PPP loans). This debt relief to borrowers was originally dependent on the loan being fully disbursed prior to September 27, 2020 and does not apply to loans made under the Economic Injury Disaster Loan (EIDL) program.
These original provisions were amended on December 27, 2020 through the Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues Act (Economic Aid Act). The Economic Aid Act revised the eligibility criteria for assistance to include all 7(a), 504, and Microloans approved up to September 27, 2020 even if not fully disbursed. All other provisions for initial debt relief remained the same.
Borrowers need not apply for this assistance. SBA provides this assistance automatically as provided below:
- For loans not on deferment, SBA will make monthly payments based on the next payment due on eligible loans for a total amount equivalent to no more than 6 months of installment payments.
- For loans currently on deferment, SBA will begin making monthly payments with the first payment due after the deferment period ends for a total amount equivalent to no more than 6 months of installment payments.
SBA has notified 7(a), 504, and Microloan Lenders that it will pay these borrower loan payments. Lenders are to report to SBA periodically on the amounts due once a loan is fully disbursed. Payments collected after March 27, 2020 may be applied to the outstanding loan balance or returned to the borrower at the borrower’s discretion.
Additional Debt Relief Assistance
The Economic Aid Act also authorized additional debt relief payments to 7(a), 504, and Microloan borrowers beyond the 6-month period prescribed in the CARES Act. The level of assistance varies based on when the loan was approved and will begin on or after February 1, 2021. Please contact your Lender for questions on the availability of this assistance for your SBA loan.
THE INITIATIVES DESCRIBED ABOVE ARE LIMITED TO THE LEVEL OF AVAILABLE FUNDING PROVIDED BY CONGRESS.
For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through March 31, 2021.
What does an “automatic deferral” mean to borrowers?
- Interest will continue to accrue on the loan.
- 1201 monthly payment notices will continue to be mailed out which will reflect the loan is deferred and no payment is due.
- The deferment will NOT cancel any established Preauthorized Debit (PAD) or recurring payments on your loan. Borrowers that have established a PAD through Pay.Gov or an OnLine Bill Pay Service are responsible for canceling these recurring payments. Borrowers that had SBA establish a PAD through Pay.gov will have to contact their SBA servicing office to cancel the PAD.
- Borrowers preferring to continue making regular payments during the deferment period may continue remitting payments during the deferment period. SBA will apply those payments normally as if there was no deferment.
- After this automatic deferment period, borrowers will be required to resume making regular principal and interest payments. Borrowers that cancelled recurring payments will need to reestablish the recurring payment.
If you have questions about your current loan and whether or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information:
- Birmingham Disaster Loan Servicing Center:
- Phone: 800-736-6048
- Email: BirminghamDLSC@sba.gov
- El Paso Disaster Loan Servicing Center:
- Phone: 800-487-6019
- Email: ElPasoDLSC@sba.gov
Read More