A Message From The President Of GABB
I hope you’ve been well and that you’re staying healthy.
COVID-19 is really impacting us all, I hope that you and your family are safe and well supported during these most unusual times.
Best Business Broker’s listings have had well over 100,000 viewings in the last 30 days in spite of these unusual times. Buyers are shopping with confidence and some excitement. I believe this is partially due to the unprecedented low interest rates and the coming extreme economic stimulus injections from our government. As with most economic challenges I’ve witnessed over nearly 40 years of business, most Americans have come out better on the other side. While we are expecting a slowdown in business showings for a short term we are optimistic that more buyers will be online and continuing their search for business and investment properties during their social distancing time at home.
I’ve been in frequent contact with lenders and other brokers and I’m encouraged to find that they are still making loans and closing deals. Some good things that a closing attorney shared with me yesterday is that many of their agencies have been forced to go digital. I was in a zoom.us meeting this morning with an Atlanta transaction attorney. She just wrote an encouraging article for the Georgia Association of Business Brokers. See the link at the bottom of the email
I’ve listed below some positive things that I believe are happening due to these unfolding world events.
- Gasoline Prices are very low
- Interest rates are already low and will likely go lower creating many opportunities for economic growth through new manufacturing opportunities and business expansion.
- Instead of going on cruises and traveling to other countries people will fill up their tanks and spend their money locally in small businesses.
- Many companies will encourage people to work from home during the crisis and after the crisis many will continue working from home.
- Most of us will wash our hands more frequently and be more aware of our health and hygiene.
- Because of our new awareness of our dependency on foreign companies for vital products, more manufacturing will be done here.
- New industries will be created and more jobs and business opportunities will result from this.
For people that have been considering buying or selling a business, it looks like the stars are lining up, interest rates are low, the government will be putting extra efforts into economic stimulus. Gas prices are very low, people will have more money to spend in local businesses. The list goes on, if you have been waiting for the right time, that time is now. It takes months to close a deal. By that time, the virus will be history and businesses will begin to flourish again!
Georgia COVID-19 hotline: 844-442-2681
The State of Georgia has a new COVID-19 hotline. If you believe that you are experiencing symptoms of COVID-19 or have been exposed to the novel coronavirus, please contact your primary care doctor, an urgent care clinic, or your local federally qualified healthcare center. Please do not show up unannounced at an emergency room or health care facility.
Resources for Georgia Businesses and Business Brokers
- Economic Injury Disaster Loan (EIDL) Program
- Recording of GABB April 7 meeting
- Steps for getting through a closing during social distancing.
- Temporary Electronic Notaries.
- How to Survive and Thrive During the Crisis
- GABB Meeting to Discuss COVID-19 Loans
- Paycheck Protection Program: An SBA loan program to help businesses keep their workforce employed during the COVID-19 crisis.
- How Business Brokers can survive the economic downturn. Panel discussion with experts and Business Brokerage Press.
- Federal Pandemic Unemployment Compensation program. Georgia Department of Labor details how the self-employed may apply for federal pandemic unemployment benefits.
Click on the links below to be taken to web pages from these agencies that are specifically related to COVID-19:
- Centers for Disease Control
- Georgia Department of Public Health
- Office of Georgia Governor Brian P. Kemp
- COVID-19 Daily Status Report for Georgia
- County Record Office Closures – American Land Title Association (ALTA)
- National Association of REALTORS® Coronavirus Guide for REALTORS®
- NAR Families First Coronavirus Response Act – NAR Update
- Consumer Financial Protection Bureau
- U.S. Department of Labor
- Internal Revenue Service (IRS)
- Federal Deposit Insurance Corporation (FDIC)
- Board of Governors of the Federal Reserve System (The Fed)
- Small Business Administration (SBA)
- SBA Economic Injury Disaster Loans
- Nelnet (Student Loans)
- VA Home Loan Program
- Online MBA Programs