• Let's Chat with Jim Parker, Business Broker

  • De: Jim Parker
  • Podcast

Let's Chat with Jim Parker, Business Broker

De: Jim Parker
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  • Resumen

  • Let's Chat is a show about Business Brokerage hosted by Jim Parker, Business Broker. Join us as he interviews the best business professionals in the business brokerage industry. Guests include fellow brokers - sales agents and buyers agents - as well as CPA's, Attorneys, people who have sold their businesses and those who have bought businsses. We dig deep and look at what it really takes to buy and sell businesses. If you are a business owner - from Main Street to Wall Street to the Family Farm - you should listen and learn more about what it means to have a business worth selling. There's no time like today to spend time with experts and make yourself and your business better. Join Jim Parker and his guests on Let's Chat with Jim Parker, Business Broker.
    2023
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Episodios
  • SBA Lending 101

    SBA Lending 101
    Jun 19 2024

    SBA LENDING 101

    "Let's Chat with Jim Parker Business Broker" is proudly affiliated with the BBP Podcast Network

    EPISODE: 12

    RELEASE DATE: June 19, 2024

    YOUTUBE CHANNEL: https://www.youtube.com/@JimParkerBusinessBroker

    WEBSITE: https://www.JimParkerBusinessBroker.com

    In this episode of "Let's Chat," join host Jim Parker as he converses with SBA lender Tammy Roberts (née Teece) from Live Oak Bank. They delve into the fundamentals of SBA lending, highlighting the benefits, requirements, and processes involved. With nearly 25 years of experience in business brokerage, Jim stresses the advantages of pre-qualifying businesses for SBA loans and the steps needed to ensure smooth transactions. Tammy shares invaluable insights on pre-qualifying buyers, navigating loan underwriting, managing closing timelines, and more. This informative episode is a must-watch for business brokers, prospective buyers, and sellers looking to better understand SBA loans and their impact on small business growth. Don't miss out on learning crucial tips that can help you succeed in your business transactions.

    To connect with Tammy:

    Tammy.Roberts@liveoak.bank

    https://liveoakbank.com

    239.272.8145

    Join the discussion! Like, share, leave a comment, and for more from "Let's Chat," subscribe on YouTube @JimParkerBusinessBroker

    00:00 Introduction and Guest Welcome

    00:48 Meet Tammy Tease: SBA Lending Expert

    02:47 Understanding SBA Lending Basics

    03:10 Advantages of SBA Loans

    08:36 Pre-Qualifying a Business for SBA Loans

    17:08 Pre-Qualifying Buyers for SBA Loans

    25:22 The SBA Loan Process: From Offer to Approval

    28:19 Understanding Home Equity Requirements

    28:56 Importance of Life Insurance in Deals 3

    0:06 Personal Guarantees and Spousal Involvement

    31:49 Credit Scores and Background Checks

    34:33 SBA Loan Application Process

    40:12 Challenges and Solutions in Closing Deals

    44:40 Virtual Closings and Final Tips

    47:49 Conclusion and Call to Action

    TOPIC KEYWORDS:

    Jim Parker, business broker, SBA Loans, SBA Lending, SBA, small business, Tammy Roberts, Live Oak
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    49 m
  • The Future of Business Brokerage

    The Future of Business Brokerage
    Jun 5 2024
    THE FUTURE OF BUSINESS BROKERAGE "Let's Chat with Jim Parker Business Broker" is proudly affiliated with the BBP Podcast Network EPISODE: 11 RELEASE DATE: June 5, 2024 YOUTUBE CHANNEL: https://www.youtube.com/@JimParkerBusinessBroker WEBSITE: https://www.JimParkerBusinessBroker.com Join host Jim Parker on "Let's Chat with Jim Parker" for an enlightening interview with Lou Vescio, a leading business broker and former chairman of the International Business Brokers Association. This episode explores the evolution of business brokerage, spotlighting the benefits of team-based approaches and specialization in fields like insurance. Lou shares his journey from starting his practice to running a successful brokerage firm, emphasizing the importance of education, camaraderie, and efficient processes. Discover how technology, particularly Zoom, has revolutionized the industry, making it easier to build credibility and close deals across distances. Lou also highlights the significance of continuous learning, mentorship, and maintaining a quality life balance. Packed with invaluable insights, this conversation is a must-watch for anyone looking to enhance their business brokerage practices and industry knowledge. To connect with Lou: https://www.linkedin.com/in/lou-vescio-cbi-m-ami-98b7616 Join the discussion! Like and share, and for more from "Let's Chat," subscribe on YouTube @JimParkerBusinessBroker 00:00 Introduction and Guest Welcome 01:13 Lou Vescio's Career Journey 02:10 Team Concept in Business Brokerage 03:28 Specialization in Insurance Brokerages 04:27 Valuation Services and SBA Lenders 05:47 Building a Successful Team 07:28 Importance of Communication 12:21 Training and Mentorship 14:08 The Role of Motivation 31:07 Working on Your Business, Not In It 36:39 Maintaining Communication Between Buyer and Seller 37:28 The Importance of Controlled Calls 39:24 Challenges and Solutions in Business Transactions 42:41 The Art of Saying No 46:55 Improving Business Broker Practices 58:24 Specializing in Industry Verticals 01:07:54 Advice for New Business Brokers 01:11:36 Closing Thoughts and Farewell BLOG: "Let's Chat:" An In-Depth Discussion with Lou Vescio Welcome fellow business brokers! In this edition of "Let's Chat with Jim Parker," we delve into an insightful conversation with Lou Vescio, a renowned business broker in the United States. Lou is the former chairman of the International Business Brokers Association (IBBA) and has an impressive resume that underscores his extensive contributions to our industry. Lou shares his enthralling journey, insights on a team-based approach to business brokerage, and the advantages of specializing in specific industry verticals. Let's dive into this engaging conversation! Lou's Journey into Business Brokerage Lou and his wife ventured into business brokerage about 20 years ago after selling their computer training businesses. They moved to Florida, where Lou discovered his passion for business brokerage. Initially working under another broker, Lou gradually built his own successful business model by hiring employees instead of contractors, paying them salaries and bonuses, and adopting a team-based approach. This allowed for better control, scheduling, and a more efficient operation. The Team Approach and the Benefits for Agents and Practices Lou emphasizes that the team concept offers numerous advantages, particularly the ability to hire young, motivated individuals who can thrive on a W2 salary with bonus commissions. This nurtures a sense of responsibility and productivity among brokers while allowing them to focus on specific tasks such as marketing, packaging deals, or closing transactions. Training and Development Training is paramount in Lou's approach. He spent considerable resources on training his team in consultative sales and other essential skills. This investment in education and mentorship paid off as it elevated his team's performance and streamlined their operations. Fostering Relationships Both Jim and Lou agree that regular, structured communication between buyers and sellers, using tools like bi-weekly phone calls, is crucial. This transparency and consistent engagement help build trust, address concerns promptly, and ultimately lead to smoother transactions. Education and Mentorship Lou and Jim underscore the importance of continuous education through IBBA classes, workshops, and conferences. They both advocate for employers to invest in their team's professional development. Not only does it enhance individual competencies, but it also raises the overall standard of the industry. The Power of Specialization Specializing in a particular vertical, such as insurance companies for Lou, allows brokers to develop deep industry knowledge. This expertise not only makes them more credible in the eyes of potential clients but also helps them understand the nuances and unique challenges of that industry. Nationwide Reach Lou successfully sold ...
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    1 h y 14 m
  • Acquiring a Business With ROBS

    Acquiring a Business With ROBS
    May 22 2024
    ACQUIRING A BUSINESS WITH ROBS "Let's Chat with Jim Parker Business Broker" is proudly affiliated with the BBP Podcast Network EPISODE: 10 RELEASE DATE: May 22, 2024 YOUTUBE CHANNEL: https://www.youtube.com/@JimParkerBusinessBroker WEBSITE: https://www.JimParkerBusinessBroker.com SHOW NOTES: In this episode of "Let's Chat," Jim Parker discusses how business brokers can help clients acquire businesses using their retirement funds without tax penalties through Rollovers as Business Startups (ROBS). Guest expert Suzy Granger of Guidant Financial explains the process, legal requirements, benefits, and risks associated with ROBS, including setting up a C corporation and a self-directed 401(k) plan under ERISA law. They cover scenarios, the importance of compliance, ongoing support for clients including bookkeeping, and the impact of ROBS on buyers' retirement savings and business acquisition strategies. Suzy shares insights into the setup process, optimal timing for fund transfer, and the benefits of offering retirement plans to employees in a ROBS-financed business. Like, share, and leave us a comment. Join the discussion, and don't forget to subscribe for the latest from "Let's Chat" on YouTube @JimParkerBusinessBroker To connect with Suzy: email: Suzy.Granger@GuidantFinancial.com call or text: 281.942.0530 00:00 Welcome to "Let's Chat": Insights for Business Brokers 00:43 Introducing the ROBS Strategy with Suzy 00:54 Understanding ROBS: A Deep Dive into Retirement Funds for Business Acquisition 01:48 The Mechanics of ROBS: How It Works and Its Benefits 06:21 Navigating the Risks and Compliance of ROBS 10:57 The Evolution of ROBS and Its Impact on Small Businesses 17:49 ROBS in Practice: Real-Life Scenarios and Examples 21:55 Selling a Business with ROBS: What Brokers Need to Know 24:46 Expanding the ROBS Conversation: Eligible Retirement Accounts and Deal Sizes 28:14 Exploring Tax Benefits and Corporate Structures 28:42 The Impact of Tax Code Changes on C Corps 29:14 Navigating Double Taxation and Salary Strategies 30:01 Maximizing 401k Contributions Through Dividends 30:45 Expanding Business Opportunities Across States 31:20 Evaluating Business Types for ROBS Financing 33:02 Understanding Restrictions on ROBS Fund Usage 33:51 Integrating ROBS into Business Brokerage Services 37:06 Strategic Timing for ROBS Financing in Business Deals 40:27 The Role of Business Brokers in ROBS Transactions 42:53 Success Stories and the Lifecycle of a ROBS 44:40 Future of ROBS and Financial Regulations 54:20 Final Thoughts and Contact Information BLOG: Unlocking Business Opportunities: How ROBS Can Transform Your Business Acquisition Navigating the complex world of business acquisition can often feel like an uphill battle, especially when financial constraints come into play. However, a little-known strategy could open up new horizons for aspiring entrepreneurs and seasoned business owners alike. The strategy in question? Rollovers for Business Start-ups (ROBS). Today, we delve into the intricacies, benefits, and considerations of utilizing ROBS, drawing insights from an enlightening conversation with financial expert, Suzy Granger. Understanding ROBS: A Game Changer in Business Financing ROBS allows individuals to invest their retirement funds into a new or existing business without incurring early withdrawal penalties or tax liabilities. This innovative approach offers a lifeline for buyers who might not have immediate access to liquid cash but possess substantial funds in their retirement accounts. The Conversation with Suzy Granger Jim Parker introduces us to the world of ROBS through a detailed conversation with Suzy Granger, a seasoned professional in retirement funding solutions. With over 20 years of experience, Suzy provides a comprehensive overview, demystifying the process and highlighting the unique advantages of ROBS. The ROBS Structure Explained The conversation begins with a clear explanation of the ROBS structure. Simply put, ROBS involves establishing a C-corporation that sponsors a 401(k) plan. The individual can then roll over their existing retirement funds into the new 401(k) without tax penalties, and these funds are used to acquire or invest in the business. Key Advantages Suzy succinctly outlines the primary benefits of ROBS: avoiding the hefty penalties associated with early retirement fund withdrawals and maintaining liquidity. In a climate where financial flexibility is paramount, leveraging retirement funds through ROBS offers a viable path to business ownership. Furthermore, Suzy stresses the investment aspect, clarifying common misconceptions about ROBS being considered a loan or incurring debt. The Compliance Caveat A pivotal part of the discussion revolves around compliance. Suzy warns of the stringent requirements set by the IRS and the significance of maintaining compliance to evade penalties. Through her company, Guidant, she ensures clients navigate these complexities smoothly...
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    56 m
Economía Finanzas Personales
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