IN THIS ISSUE: Letter From the 2020 Chair A Pandemic Recession? How Virtual Data Rooms Enhance Communication Between Deal Participants The Impact of a PPP Loan on Recasting Differences Between Business Ownership and A Job New CBIs in 2020! LETTER FROM THE CHAIR: We Found a Way Barry J. Berkowitz, PhD, CBI, M&AMI Year […]
Main Street News June 2012
Pino Bacinello, CBI, M&AMI, CMEA, CSBA
Our first annual conference is behind us now; it is time to build on the momentum and capitalize on the great opportunities before us.
I hope each of you received and reviewed IBBA’s first annual report ever submitted to members. We sent it a few days prior to the San Antonio Conference.
Thanks to those of you who attended the San Antonio conference. You made it a success and a positive invigorating experience for us all. We missed those unable to attend and look forward to seeing them at the November M&AS conference in Las Vegas, or at the 2013 IBBA conference.
Here are our Conference highlights:
- Your board of directors met on Monday, June 4,with M&AS board members and the new Meeting Expectations staff. We spent the first half of the day participating in training on the Carver Policy Governance Model, which is a highly effective, results-orientated model to make your IBBA more effective. In the afternoon, the previous meeting minutes were approved, along with individual committee reports, task force and chairman’s reports.
Steve Wain, CBI, M&AMI
“Steve, What New Tech Changes Are Coming?”
I was asked this enough times in San Antonio that I believe it merits a direct answer to all of our members. For those of you I was able to see and speak to in San Antonio, you received portions of these answers. For others, I hope to see you at the next IBBA or M&A Source conferences, so we can share any new information with you!
The IBBA and M&A Source are on the move. Thanks to some real positive actions taken by both the IBBA and M&A Source Boards of Directors, we now, for the first time in a long while, are on the road to change that will have some significant impact to all of our members.
Specifically, with the change to a new management company (Meeting Expectations, Atlanta, GA), we are taking a big leap by making sweeping changes that can affectall of us in some major positive ways. One of the changes is the adoption and implementation of a new Association Management System (AMS).
Karl M. Kirsch, CAE
Executive Director’s Message
To those of you who attended this year’s IBBA annual meeting in San Antonio, Texas, congratulations on your dedication to your profession and to continuing your life-long learning. To those of you who were unable to make it, wow, did you miss a great event! The education sessions, courses and the speakers at our general sessions truly represented a continuation of the educational excellence I understand is a trademark of IBBA.
First, I want to extend my personal thanks for the warm welcome and good wishes for success from so many of the members in attendance. As mentioned in the several addresses I did during the event, our philosophy at Meeting Expectations is to create a partnership with the associations to which we provide support.
Darrell V. Arne, CBI, CPA, ASA
Keith McLeod asked that I prepare this write-up about myself and my membership in IBBA and M&A Source (MAS). I’ll start with my life growing up, which ultimately led to becoming a business intermediary.
I grew up in a small farming community in northern Illinois. My father and mother (both whose parents emigrated from Norway) purchased a 160 acre farm and began -what was back then – a traditional, small mid-western farm operation. My folks sold the farm and moved to a small town close by – population about 150 people. They opened a little grocery store that they then sold when I was in the 8th grade; there were eight (8) students in my 8th grade graduating class. We then moved to Rockford, IL, where my dad opened a service station where he was tragically killed in a freak accident. I spent my senior year in high school living in a tiny apartment with my younger sister (one year older than I). She worked at a radio station; I worked after school and weekends at a dairy.
Marcie Woolworth, CBI, Fellow of the IBBA
Message From the Membership Chair
WOW! If you missed the IBBA Conference in San Antonio, you really missed a lot! Catching up with old friends and meeting new ones and attending the various workshops that pertain to my business is always what I look forward to at a conference. The programming was great! What was so exciting for me to see was that the last session on Saturday was nearly a full house.
Your Membership Committee is working hard with the new management company Meeting Expectations. Different payment plans are being investigated with more uniformity in pricing structures. New education courses and delivery methods such as webinars are being created to keep us up with our industry and the times. Other membership benefits and incentives that will benefit all of us are being evaluated.
With Meeting Expectations now at the helm, we are looking at more incentives for joining, uniformity in our membership structure and methods for getting word out on the importance of our members being at CBI!
Janice Staropoli, CIB, BBS
A: As with many of us, Business Brokerage is a second career. Beginning in Mid 1986 with the purchase of a VR franchise, it was sold in 1989, when I became an Independent Business Broker in a large realty company. I have always been a teacher and mentor in our industry and a leader at all local levels, including a stint as president of the local chapter. I am currently serving as the Arizona State Chairperson for the past two years.
Q: What accomplishments are you most proud of as a business broker and outside the industry?
A: I’m most proud of the dreams I have helped others achieve as they sold a business or made an acquisition and the rewards of seeing many of my mentors become successful business brokers.
Scott Bushkie, CBI, M&AMI
Marketing Committee Update
Here is my summary from the San Antonio Conference.
The winner of the all-expense paid trip to the 2013 IBBA conference, including airfare, hotel, conference registration and all the classes, was Leon Parker from the New England Business Broker Association (NEBBA)! The Midwest Business Broker & Intermediary Association (MBBI) had the largest point total-Congrats!-but NEBBA was the winning organization when the point totals were normalized against number of members. Leon had a 1 in 6 chance of winning the grand prize. It was very close; NEBBA won by only one person! Other affiliate organizations who participated will be receiving a variety of awards, such as free classes at next year’s conference, as they see fit to distribute or give away to their members. Make sure you participate in the program next year, and bring someone with you from your organization. Maybe you could be the winner for 2014!
The video project was a great success, and I want to thank everyone for their time. We shot over 20 video testimonials for IBBA and personal commercials for all of those who participated. We estimate that the commercial will be a $300-$500 value alone for the members who took advantage of it.
Keith McLeod, CBI
From the Editor’s Desk
The torch has been passed from Smith Bucklin to Meeting Expectations. We said goodbye to old friends and met new ones who will be partnering with us to lead us forward. As with any time of change, it represents an opportunity for IBBA members to get involved in association activities. Join a committee, sign up or teach a class or workshop. Our association needs your input and talents. The IBBA and M&A Source organizations are not someone else’s job, it is everyone’s job.
I’ve been an IBBA member for more than 25 years, and last year I was added to your board of directors. During that time, I’ve met some remarkable men and women. I’ve shared stories about a few of them with you during the past six months and will highlight more in this newsletter in the future as I serve as your newsletter editor.
Jack R. Sanders, CBA, CBI, CMEA, CM&AA
The Front Line Where the Battles and Tactics Occur to Put Deals Together
A dark side of our profession is occasionally the need to collect commissions through legal means. This occurs not from the sale of the business, although there can be some maneuvering to exclude you, but more specifically from events that can occur without the sale of the business. Examples would be the early cancelation of your agreement to sell without your consent, situations where the seller has withheld material facts about the condition of the business, or simply where the seller has not been cooperative with your efforts to sell the business, just to name a few.
Chet Walden, Chair, CBI, BCI, M&AMI, FIBBA
Meet your IBBA Board Member: Chet Walden
A: I have been an intermediary for 24 years. I became a business broker shortly after I sold my business and later purchased the firm that sold my company.
Q: What are you most proud of that you’ve accomplished as a business broker, and outside the industry?
A: I am very proud of my firm and the professionals that I have hired. We have over 100 years’ experience on our staff.
Q: What do you see yourself doing differently in the coming year?
A: Working smarter, utilizing the various benefits that the M&A Source offers its members.
Q: What recommendations do you have for other brokers /intermediaries in the industry?
A: Go to as many conferences as you can. Attend workshops and classes. Join webinars and network with your peers. Education is the key!
This industry can be both rewarding, and challenging! However, being an intermediary is a profession that I am proud to be a part of. Helping clients through the process of buying and selling gives me great satisfaction.
Our 2012 IBBA Director and Marketing Chair, Scott Bushkie and his wife,Cassie, and their daughter welcomed his son, Andrew Michael, Thursday evening, June 21, 2012. Congrats to Scott on the newest Bushkie and for all you do for IBBA.
Send Scott an email at [email protected] and congratulate them! Thank you Janice Staropoli for the wonderful news.
National Report: Advisors Divided on When Business Sales Will Return to “Normal” – NOW or 2021 or 2022 November 9, 2020 – LOS ANGELES – The latest data from the Market Pulse survey of business brokers and M&A advisors suggests that pandemic-resistant businesses are in demand. Responding advisors report they completed 301 transactions in the […]
Independence, OH – October 2, 2020 – The International Business Brokers Association (IBBA), the world’s largest not for profit association for the business brokerage industry, is pleased to announce the formation of its first domestic Chapter, IBBA Mid-America, with a primary service region of Missouri, Arkansas, Kansas, Kentucky, Oklahoma and Iowa. Going forward, IBBA members […]