IN THIS ISSUE: Remembering Tom West, “What a Flight It’s Been” Letter from the 2022 IBBA Chair. Plus, Marketing Opportunities for Business Intermediaries, Best Practices in Specialization, Establishing Realistic Asking Prices, Working with Brokers, Legislative Updates, and more!
Main Street News July 2012
Pino Bacinello, CBI, M&AMI, CMEA, CSBA
In this month’s newsletter, I cannot help but think about the many fellow IBBA and M&A Source members that have been affected by some of the challenging recent weather ailments. Thus far, this summer has brought wild fires in many parts of North America, and we can only hope that the worst is over. All of us reach out to each of you affected by these events with our very best thoughts and wishes.
As Karl will share with you, Meeting Expectations now has almost full control over the affairs of the association, and the transition has gone as planned. We are now all looking forward to the next phase-the post-transition cleanup that will include updating and re-implementing appropriate policies and procedures, making good where holes were left, and developing the new governance model.
Though much time has been consumed by management and leadership alike in this transition, with both the San Antonio conference and the transition almost behind us, we can begin our focus on the outstanding 2012 priorities of the work plan as well as provide you with the 2013 conference date and plan that in the near future.
Karl M. Kirsch, CAE
Executive Director’s Message
Your New Staff Is Listening!
Meeting Expectations was happy to have started the official management transition on July 2nd, 2012, which means we will now handle the phones, emails, websites, banking, newsletters, and delivery of all the benefits of membership in IBBA. We hope that you are beginning to notice improvements in responsiveness.
You might have also noticed a number of surveys have been out in the last few weeks. We are trying to engage members and design programs that meet the needs members communicate to us. Our first survey was related to the timing of the Spring Annual Conference. You will see toward the bottom of this email, the results of that survey. We hope to have the dates and locations announced for the Spring 2013 Annual Conference very soon.
We are happy to have our complete staff in place including myself, who will serve as your Executive Director, and will be primarily responsible for strategy execution, board relations, and seeking ways to make membership even more meaningful.
Chet Walden, Chair, CBI, BCI, M&AMI, FIBBA
M&A Source Chairman’s Message
Fellow IBBA Members,
It’s going to be a “sure bet” when you attend the upcoming fall conference in Las Vegas!
Save the dates of November 7th, 8th, and 9th on your calendars now.
Look for the upcoming announcements that will outline the educational classes and workshops you will have the opportunity to attend. The goal of this conference is to offer courses and workshops that will better prepare you for the challenges facing us in 2013. Coursework and attendance will apply toward your CBI qualification/renewal.
Join us in November for an exciting and informative conference.
By the way, we’re staying at Bally’s on the Strip!
Bob Bohacik, M&AMI, CBI, CBB
I’m very proud to say that I’ve been a small business owner since I was 19 years old. In my 45-year business career, I’ve been the sole owner or partner in seven different businesses ranging from manufacturing and engineering, to graphic arts and real estate investing. I’ve never worked a day for anyone other than myself.
While the last few years have certainly been a challenge for many of us, I believe the recession has provided somewhat of a cleansing of the profession. Those that were in it for the money alone have scattered in search of a more reliable source of income. Those of us who are still here today are more likely to be the ones with the passion and commitment necessary to succeed in this business regardless of the economic climate. When anyone asks me about getting into business brokerage, I tell them frankly it’s not an easy way to make a buck, but in many ways it has turned out to be the most rewarding thing I have ever done in my business career.
Ron Johnson, M&AMI, CBI, CBB
After I came out of the corporate world after years in finance, I met with a business broker with the hopes of buying my own business. After six months, I couldn’t find a business that was a good fit, and my broker suggested becoming a broker myself. So, in 1991, I did. Four years later, that broker asked if I’d like to buy his small brokerage. So I did.
I became involved in several non-profit organizations, and joined the Board of Directors of the California Association of Business Brokers in 1991. I spent ten years on that board, and was the President for two terms. I was then elected to the Board of the IBBA in 202, and was the Chairman in 2007, during the peak of our membership and revenue. It was fun and challenging to lead such an enthusiastic professional association.
2013 Conference Date Survey Results
Thank you to all the members who completed the IBBA 2013 Conference Date Survey, indicating which month they prefer for the annual IBBA conference. The results are as follows (in order by number of responses):
Month – Responses
June – 15
April – 10
January – 8
May – 8
February – 5
March – 3
October – 3
July – 2
September – 1
November – 1
We appreciate your feedback and will be making decisions based on the majority’s preferences!
IBBA HQ Contact Information Update
3525 Piedmont Rd NE
Building Five, Suite 300
Atlanta, GA 30305
QUARTERLY MARKET PULSE SURVEY!
This survey will take you five minutes to complete, and will provide invaluable information to the IBBA, as well as to you! Contribute to find the current trends in the industry from your peers.
The survey closes July 29th so hurry and take it now!
Ed Pendarvis, CBI, M&AMI
Meet Your Board Member: Ed Pendarvis
Like you, I love being a business broker and helping both buyers and sellers get to their goal in a deal that works for everyone involved. This is not an easy business, but I truly believe that a good and professional business broker adds great value to the marketplace for everyone involved.
I also believe that in many transactions; if a business broker were not involved, the deal would have never happened!
Lawyers, accountants and bankers feel that it is their job to look for and focus on problems and potential problems, because there are always problems. It is the business brokers’ job to find solutions to those problems that still allows both the sellers and buyers to get what they want out of the deal.
Scott Bushkie, CBI, M&AMI
Marketing Committee Update
The Quarterly Survey is out! If you have not had a chance to participate, please complete it as soon as possible, as it will close July 29th!
It will only take about five minutes and you will get a copy of the results. Over time, this is going to help IBBA become the voice of small business sales across the country. Our strategy is to gather newsworthy data points that we can only get in the trenches, and put together a news release with our partner Pepperdine University to media outlets all across the country.
By being a member of IBBA, you will already have your hand on the pulse of the current trends in the industry. It will also benefit the parties who participate by giving them some real time benchmarks to how other brokers are doing in today’s market, along with valuation data. This data will help you with your business! But we need everyone to participate, so please take five minutes to take this survey right now, before you know it the 29th will have come and gone!
Marcie Woolworth, CBI
Membership Committee Update
“Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.”
That quote is from Edison Arantes do Nascimento, nicknamed “Pelé.” Retired Brazilian fútbol player. The only player in the world to have three World Cup titles.
Isn’t that why we’re still in business? Being a member of IBBA, and being able to take advantage of the benefits provided, education and camaraderie, is the key to us in this industry, especially today!
Our membership numbers are stabilizing and we are grateful for each and every one of you! As you have read in various articles in these newsletters coming through our Editor-in-Chief, Keith McLeod, you are seeing the changes that are actually being made to make IBBA even better!
Joe Lindsey, CBI, M&AMI
Message From The IBBA Credentialing Chair
Let me start by saying that becoming a Certified Business Intermediary (CBI) is one of the best things you can do for your business broker career. The CBI is highly regarded within the business broker community and it is recognized worldwide. So, if you don’t have one, let me encourage you to make the investment in yourself and your career as a professional business broker.
Now that my commercial is out of the way, let’s move on. Every year the Credentialing Committee receives numerous requests regarding the CBI recertification requirements. The most frequent requests are from CBI members who are concerned about their approaching recertification deadline and they want to know how to get recertification credits before the timeline expires.
The Front Line Where the Battles and Tactics Occur to Put Deals Together
This section is available for members to share their recent successes, unique deal situations, and strategies employed to successfully close a transaction. Please email your write-up to [email protected] and we will feature it in our next newsletter.
Keith McLeod, CBI
From the Editor’s Desk
Opening this month’s IBBA Newsletter will introduce you to, or highlight your relationship to some IBBA veterans; Ron Johnson, Bob Bohacik, Ed Pendarvis and our regular cast of contributors: Marcie Woolworth, Membership Chair; and Scott Bushkie, Marketing Chair. Joe Lindsey contributed his thoughts and efforts as your Credentials Chair. Chet Walden, M&A Source Chair adds his comments, which we plan to include as a monthly feature.
Each of these special people has a common gene-making a contribution to our industry. If you share this trait contact Chairman Pino or one of our monthly featured guests to see how you can contribute. There are always openings for talent.
I want to return to a strong belief I have stressed before, undervaluing our service is endemic in our industry. It is especially damaging to our credibility and to our pocket book. We do not reflect our true value to our clients. A change in this thinking is critical especially in this economy.
Independence, OH – December 7, 2022 – The International Business Brokers Association (IBBA), the world’s largest trade association for the business brokerage industry, is pleased to announce the individuals selected to receive this year’s Certified Business Intermediary® (CBI) Scholarships for 2023. “The IBBA scholarships are a great way for us to help support newer intermediaries […]
Independence, OH – October 4, 2022 –The International Business Brokers Association® (IBBA) is pleased to announce the four individuals elected by membership to serve on its board of governors for the January 1, 2023 through December 31, 2025 term: The Board also unanimously approved current board member, Pino Bacinello, CBI of Pacific Mergers and Acquisitions, […]