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
  • What Makes a Good CIM?

    What Makes a Good CIM?
    May 6 2024
    WHAT MAKES A GOOD CIM? "Let's Chat with Jim Parker Business Broker" is proudly affiliated with the BBP Podcast Network EPISODE: 9 RELEASE DATE: May 6, 2024 YOUTUBE CHANNEL: https://www.youtube.com/@JimParkerBusinessBroker WEBSITE: https://www.JimParkerBusinessBroker.com SHOW NOTES: In this episode of "Let's Chat with Jim Parker Business Broker," host Jim Parker welcomes German Fondevila, CEO of Scrybe, to discuss the critical role of high-quality, confidential information memorandums (CIMs) in business brokerage. This insightful discussion not only highlights the value of professionally crafted CIMs, but also sheds light on modern tools and strategies to elevate brokerage services. Jim Parker's interaction with German Fondevila effectively encapsulates the evolution and the future direction of business brokerage. It's a vivid reminder of the importance of constantly seeking improvement and leveraging available technology to provide the best possible service to clients in an ever-changing market landscape. Brokers, this is a discussion you won't want to miss! To connect with German and Scrybe: https://www.linkedin.com/in/germanfondevila https://scrybe.pro/ Subscribe @JimParkerBusinessBroker for the latest from "Let's Chat" For more information selling your business, visit: https://www.JimParkerBusinessBroker.com 00:00 Welcome to "Let's Chat": Unveiling the Art of Confidential Information Memorandums 01:21 The Journey from Tech to Business Brokerage: German's Story 06:28 The Importance of Substance Over Style in CIMs 15:12 Crafting CIMs: The Blend of Aesthetics, Substance, and Structure 26:13 The Impact of High-Quality CIMs on Business Sales 30:58 The Challenges of Selling a Business 31:41 Innovative Strategies for Efficient Business Sales 32:24 The Impact of Seller Interviews on the Sales Process 38:20 Exploring the Significance of Teasers in Business Sales 41:05 The Importance of Quality CIMs in Business Brokerage 52:28 Leveraging Technology for Faster CIM Turnaround 55:26 Final Thoughts and Offers for the Audience BLOG: The Impact of High-Quality CIMs in the Business Brokerage Industry Introduction The business landscape is always evolving, with mergers and acquisitions (M&A) playing a critical role in this high-stakes arena. A key element in the smooth operation of these transactions is the confidentiality information memorandum (CIM) — a document that sells the business in the best light possible while maintaining the confidentiality of its sensitive data. This podcast episode explores the indispensable significance of a well-crafted CIM through an engaging conversation between Jim Parker, a seasoned business broker, and German, an expert on CIMs, and CEO of Scrybe, a company specializing in creating top-tier CIMs. The Vital Role of CIMs Jim opens the discussion, highlighting the paramount importance of the CIM in the brokerage industry. A good CIM not only presents a business attractively, but does so in a manner that is thorough and compelling to potential buyers. German, bringing years of experience from the tech and venture capital sectors, echoes this sentiment, adding that a CIM is a crucial document that bridges the gap between sellers and strategic or institutional buyers by providing a comprehensive, polished snapshot of the business. Challenges and Solutions Creating a CIM is no small feat. It demands a specific skill set, including deep analytical capabilities and an eye for engaging presentation. The complexity of writing a CIM lies not just in formulating a compelling narrative, but also in ensuring all the factual and financial details are precise and persuasive. German shares that the genesis of Scrybe was solving this very pain point — making the process of creating detailed, informative, and visually appealing CIMs more efficient and accessible for business brokers, thus elevating the quality of information provided to potential buyers. The Scrybe Advantage The conversation then delves into the unique approach Scrybe takes in crafting CIMs. Utilizing advanced technology, including artificial intelligence, Scrybe can reduce turnaround times significantly while ensuring high-quality output. Jim was particularly impressed by the quick turnaround — up to two days for main street deals and up to four days for more extensive M&A transactions. This efficiency, paired with the meticulous review process each document undergoes, ensures that brokers can represent their listings confidently, knowing they're equipped with the best possible sales tool. Senior Perspective on Industry Trends Jim notes that the brokerage industry has witnessed a marked improvement in the quality of CIMs over recent years, attributing this progression to the adoption of sophisticated tools like those offered by Scrybe. He strongly believes that as the industry continues to mature, the expectation for high-quality, detailed, and visually engaging CIMs will only increase, making services like Scrybe's ...
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    59 m
  • Key Strategies For Business Brokers

    Key Strategies For Business Brokers
    Apr 24 2024
    KEY STRATEGIES FOR BUSINESS BROKERS "Let's Chat with Jim Parker Business Broker" is proudly affiliated with the BBP Podcast Network EPISODE: 8 RELEASE DATE: April 24, 2024 YOUTUBE CHANNEL: https://www.youtube.com/@JimParkerBusinessBroker WEBSITE: https://www.JimParkerBusinessBroker.com SHOW NOTES: *Please be aware that there are some audio issues throughout this video. We apologize, but the content was too good not to share* In this episode of "Let's Chat with Jim Parker Business Broker," host Jim Parker, a business broker specializing in businesses with gross sales between 1 million and 10 million, engages in conversation with his guest, Kyle Griffith, a respected business intermediary from NYBB and former chairman of the International Business Brokers Association. The discussion covers a range of topics, including the importance of education for brokers, the value of the IBBA for support and learning, the process of selling businesses, and strategies for success in the industry. Kyle shares insights into building relationships with clients, understanding the emotional aspects of selling a business, the significance of focusing on verticals, and leveraging referral networks. They also touch on challenges in the industry and the future of business brokerage. The episode aims to provide valuable advice for both new and experienced brokers on how to excel in their careers. To connect with Kyle: https://www.linkedin.com/in/kylesgriffith Subscribe to @JimParkerBusinessBroker for the latest, and visit his website for more on selling your business: https://www.JimParkerBusinessBroker.com 00:00 Welcome to Let's Chat: A Dive into Business Brokerage 00:24 Introducing Kyle Griffith: A Respected Business Intermediary 01:27 The Impact of the International Business Brokers Association (IBBA) 02:36 Sharing Experiences: The Power of Conferences and Education 04:34 The Importance of Mentorship and Networking in Business Brokerage 10:37 The Journey to Success: Patience, Education, and Resilience 23:38 Maximizing Referrals: Building Strong Relationships with Clients and Advisors 30:31 Navigating Financial Advisor Relationships and Referrals 32:39 Building Deep Relationships with Referral Sources 34:21 Guiding Sellers Through the Business Sale Process 36:41 The Importance of Understanding and Empathy in Brokerage 44:12 Educating and Preparing Business Owners for Sale 48:48 Mastering Your Craft as a Business Broker 53:04 Closing Thoughts on Business Brokerage Success 54:27 The Future of Business Brokerage and Vertical Specialization BLOG In the world of business brokerage, mastering the craft is not just a perk; it's a necessity for success. Business brokers serve as the bridge between sellers and buyers, guiding them through the complex journey of selling or purchasing a business. I recently sat down with Kyle Griffith, a seasoned business intermediary and the former chairman of the International Business Brokers Association (IBBA), to discuss the nuances of the trade, the impact of education, and the secrets to a successful career in brokerage. The Crucial Role of Education and Mastering Your Craft Kyle emphasizes that the cornerstone of a successful career in business brokerage lies in education and mastery of the profession. "Learn your craft," Kyle advises, underscoring the importance of understanding the intricacies involved in brokerage. He highlights that the most significant complaint from the business community is encountering brokers who appear to wing their way through transactions without a deep understanding of the process. To stand out and serve your clients best, Kyle suggests focusing on continuous learning and seeking out opportunities to expand your knowledge. The Value of Networking and Mentorship Building a network of experienced peers and finding mentors within the industry can dramatically shorten the learning curve for newer brokers. Kyle shares that participating in trade associations, local conferences, and joining a mastermind group are excellent ways to connect with peers and learn from those who have paved the way. "Tapping into your local trade associations and seeing what other folks are doing" can offer invaluable insights into best practices and innovative approaches to brokerage. Action, Resilience, and Specialization Taking action and having the resilience to push through challenges are key attributes Kyle highlights for those in the business brokerage field. The journey involves making calls, sending emails, and continuously striving to improve your skills and service offering. Kyle also points toward the benefits of specializing in specific verticals or niches within the industry. This specialization can help brokers become the go-to expert in a particular sector, offering deeper insights and a more targeted service to clients. The Future of Business Brokerage Looking towards the future, Kyle believes that focusing on vertical specialization is going to be a significant ...
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    1 h y 2 m
  • A Legal Perspective on Business Sales

    A Legal Perspective on Business Sales
    Apr 10 2024
    "Let's Chat with Jim Parker Business Broker" is proudly affiliated with the BBP Podcast Network EPISODE: 7 RELEASE DATE: April 10, 2024 YOUTUBE CHANNEL: https://www.youtube.com/@JimParkerBusinessBroker WEBSITE: https://www.JimParkerBusinessBroker.com In this episode of "Let's Chat with Jim Parker Business Broker," host Jim Parker welcomes closing attorney Deborah A. Carman to give legal insight into the process of selling a business. They discuss key aspects such as Letters of Intent, asset purchase agreements, and tactics for overcoming common challenges like client concentration. The importance of communication, teamwork, and the role of intermediaries in facilitating transactions is emphasized, alongside practical strategies for negotiations, dealing with leases, and ensuring smooth transitions post-sale. Special attention is given to state-specific practices, notably in Florida, and creative financing methods like forgivable seller's notes in SBA loans. To connect with Deborah Carman, visit https://www.carmanlegal.com Subscribe to @JimParkerBusinessBroker for the latest, and visit my website for more on selling your business: https://www.JimParkerBusinessBroker.com 00:00 Welcome to "Let's Chat" 00:25 Introducing Closing Attorney Deborah Carman 01:05 Diving Deep into Contracts and LOIs 02:28 The Intricacies of Business Deals in Florida 04:29 Navigating Client Concentration and SBA Lenders 08:51 The Art of Crafting an Effective LOI 35:23 Understanding Rollover Equity in M&A Deals 39:37 Navigating Seller and Buyer Dynamics in Business Deals 40:13 The Emotional Rollercoaster of Selling a Business 42:46 Understanding Rollover Equity and Legal Terms 49:27 The Importance of Detailed LOIs in Business Transactions 53:34 Addressing Earn outs and Employee Concerns in Deals 56:48 The Difference Between Main Street and M&A Deals 01:04:23 Building a Successful Team for Business Transactions 01:14:07 The Power of Communication in Closing Deals 01:18:39 Final Thoughts and Advice for Business Brokers BLOG: Navigating Business Sales with Expertise: A Deep Dive into the World of Business Brokering In an extensive and enlightening conversation between Jim Parker, a seasoned business broker, and Deborah Carman, a highly respected closing attorney, we unravel the intricacies involved in business sales, particularly focusing on sectors ranging from Main Street to M&A (mergers and acquisitions). Their dialogue sheds light on the critical aspects of business transactions, from legal agreements to strategic negotiation, offering invaluable insights for business brokers, sellers, and buyers alike. Understanding the Importance of Expert Collaboration The realm of business sales is complex, demanding a collaborative approach from various professionals to ensure a smooth transition. Jim Parker emphasizes the significance of engaging with SBA lenders, attorneys, CPAs, and closing attorneys to navigate the multifaceted process effectively. The rapport between a business broker and a closing attorney, as demonstrated through Jim and Deborah's partnership, underscores the necessity of expert collaboration in achieving successful outcomes for all parties involved. The Critical Role of Legal Agreements in Business Transactions Deborah Carman delves deep into the importance of meticulously drafted legal agreements, highlighting the nuances of Letters of Intent (LOIs) and Asset Purchase Agreements. She points out common pitfalls and areas often overlooked, such as earnouts, leases, and employee transition plans, which can significantly impact the finalization of a deal. The discussion also touches upon the fluid dynamics between Main Street and M&A transactions, illustrating how agreements need to be tailored to the specific nature and size of the business involved. Strategies for Effective Negotiation and Problem Solving Both Jim and Deborah advocate for a proactive, creative approach to negotiation and problem solving throughout the transaction process. By engaging in open, structured communication between buyers and sellers, they argue, potential conflicts can be mitigated, and solutions can be found that benefit both parties. This collaborative effort is vital in addressing challenges that may arise, from valuation discrepancies to post-closing transitions. Industry Insight: From Main Street to M&A The conversation provides a comprehensive overview of the business brokering industry, contrasting the approaches and considerations required for Main Street deals versus larger M&A transactions. Issues such as working capital, employee handover, and the significance of leases are discussed, offering listeners a peek into the strategic thinking and planning that goes into various types of business sales. Conclusion: A Testament to Successful Collaboration Jim Parker and Deborah Carman's insightful discussion serves as a testament to the power of successful collaboration between business brokers and closing attorneys. For ...
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    1 h y 19 m
  • Insight From Top Selling Business Broker Jeff Snell

    Insight From Top Selling Business Broker Jeff Snell
    Mar 27 2024

    LINK TO YOUTUBE: http://www.youtube.com/@JimParkerBusinessBroker

    My Website: https://www.JimParkerBuinessBroker.com

    EPISODE NUMBER: 6

    RELEASE DATE: March 27, 2024

    SHOW NOTES:

    In this episode of 'Let's Chat,' host Jim Parker chats with Jeff Snell, one of the country's top-tier business brokers and former chairman of the International Business Brokers Association. Throughout their conversation, they discuss the challenges and triumphs experienced in their profession, share some valuable insights, and provide advice for emerging brokers in the industry.

    00:07 Introduction

    00:31 Getting to Know Jeff Snell

    01:27 Initial Experiences as a Business Owner

    03:13 Transition into Business Brokerage

    01:07 Industry Challenges and Opportunities

    07:00 Imparting Wisdom to Emerging Brokers

    08:21 Valuing Quality Listings

    38:07 Role of Technology in Business Brokerage

    43:29 Being Up-To-Date with Best Practices

    49:50 Final Thoughts and Takeaways

    BLOG:

    Inside the Mind of Jeff Snell – A Leading Business Broker

    In this era of exploding opportunities and demanding entrepreneurship, the role of a business broker has never been more central. One notable person who stood out in the business brokerage realm is Jeff Snell, a top-tier business broker and former chairman of the International Business Brokers Association (IBBA).

    Jeff's journey in the business brokerage profession was a serendipitous evolution of his expertise and experience. Starting from a technology company, Jeff journeyed from being a seller to a buyer and finally realized his knack for the brokerage industry. Driven by an unsatisfactory experience with existing brokers, he took his destiny into his own hands and became a broker himself.

    Jeff recognized that every business, no matter how niche, holds potential. Whether it's a business selling military tactical equipment or operating a livery service for canoes and kayaks, there's always potential for brokerage and the prospect of success. He recently leveraged AI technology to help draft CMRs for niche businesses, revealing the power of modern technology in traditionally manual processes.

    The evolution of technology has significantly impacted Jeff's practice. From having a fancy website to owning a highly efficient CRM system, technology's role in the success recipe can't be overstated. Jeff believes technology will continue to improve the process of brokerage, rather than replace brokers, in the foreseeable future.

    Despite all the technical leverage, Jeff reminds us that the business brokerage profession is rooted in relationships. Trust, rapport, and steadfastness form the backbone of all successful business transactions. Whether it’s with a seller, a buyer, or another broker, maintaining a respectful and honest relationship is the key to success.

    Jeff asserts that every interaction is an opportunity to learn and grow. He believes that experiencing challenges, facing failures, and braving the unknown are integral to the business broker profession. Being selective about listings, understanding each business's unique challenges, and maintaining an open mind for continuous learning are his essential tips for anyone looking to make a mark in the business brokerage industry.

    PODCAST TOPIC KEYWORDS:

    Jeff Snell, Jim Parker, International Business Brokers Association, IBBA, business brokerage, technology, CRM, AI, listing, educational, transactions, best practices, peer groups, industry, selective, conferences, referral, relationships, livery business, niche industries, unique challenges, sellers, buyers, CBI, M&As
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    54 m
  • Raising SBA 7a Loan Limits to $10 Million?

    Raising SBA 7a Loan Limits to $10 Million?
    Mar 22 2024
    RELEASE DATE: MARCH 22, 2024 YOUTUBE CHANNEL: http://www.youtube.com/@JimParkerBusinessBroker MY WEBSITE: https://www.JimParkerBusinessBroker.com SHOW NOTES: "Let's Chat with Jim Parker Business Broker" is proudly affiliated with the BBP Podcast Network. Fellow business brokers, this is an urgent call to the business brokerage community. Please tune in to this special episode of "Let's Chat." It contains an important message you all need to hear. We need you! In this special episode of "Let's Chat with Jim Parker Business Broker," host Jim Parker focuses on a crucial initiative spearheaded by Steve Mariani from Diamond Financial: to increase the current SBA 7A lending limits from $5 million to $10 million. This adjustment is deemed vital for the business brokerage industry, buyers, sellers, lenders, and the broader U.S. economy. Mariani, recognized as a key figure in SBA lending within the industry, shares insights on the necessity of this change, reflecting on the challenges faced by brokers in securing listings and the overall state of SBA lending. Jim and Steve emphasize the collective effort required from the business brokerage community, including a need for signing and disseminating a petition to draw attention and support from relevant state associations, the SBA, and Congress. Through engaging discussions, the show highlights the significance of supporting small businesses and the systemic changes needed to enhance the industry infrastructure for future growth. 00:00 Welcome to Let's Chat: A Crucial Discussion for Business Brokers 00:31 Introducing Steve Mariani: A Key Player in SBA Lending 01:08 The Push to Increase SBA Lending Limits: A Game Changer 01:35 Understanding Steve Mariani and Diamond Financial's Role 04:51 Exploring the Impact of Recent SBA Rule Changes 09:53 The Importance of SBA Lending for the U.S. Economy 13:16 Mobilizing Support for Increased SBA Lending Limits 15:09 The Potential Benefits of Expanding SBA Lending 18:59 A Call to Action: Supporting the SBA Lending Increase Initiative 23:22 Exploring New Avenues for Business Owners to Exit 23:42 The Challenges of Financing and Exiting for Older Business Owners 24:33 Adjusting to Economic Changes: The Impact on Business Valuation 27:11 The Importance of Supporting Small Businesses and Their Employees 27:39 The Shift Towards Individual Buyers Over Private Equity 31:50 Advocating for Increased SBA 7A Loan Limits 38:22 The State of the Business Brokerage Industry and Future Outlook 45:47 A Call to Action: Supporting the Increase of SBA 7A Loan Limits BLOG: Elevating Small Business Financing: The Push for Higher SBA 7A Lending Limits In this edition of "Let's Chat," we delve into a pivotal moment for small business support and funding across the United States. The spotlight is on the efforts to profoundly transform the SBA 7A lending limits, amplifying the potential for growth, sustainability, and innovation within the small business sector. A Crusade for Change At the heart of today’s discussion is Steve Mariani's audacious campaign to double the SBA lending limits for 7A loans from $5 million to $10 million. This significant push comes at a critical juncture when economic conditions, evolving business needs, and the undying spirit of American entrepreneurship call for greater support mechanisms from financial institutions and government policies. Who is Steve Mariani? Steve Mariani, a beacon of knowledge and expertise in SBA lending, has been instrumental in our industry, fostering growth and facilitating success stories through Diamond Financial. His connections with a myriad of lenders at a credit underwriting level provide him with unparalleled insights into the real-time challenges and opportunities within the SBA lending landscape. His efforts go beyond mere financial transactions, aiming at structuring deals that truly benefit all parties involved, guided by a comprehensive understanding of SBA rules and guidelines. The Call for Action The proposed increase in lending limits is not merely a financial adjustment; it's a strategic move aimed at empowering a wider spectrum of business transactions, from higher net-worth individuals eyeing significant investments to long-standing business owners seeking to capitalize on their life's work. Moreover, it addresses the evolutionary trajectory of businesses that, due to inflation and rising operational costs, now find themselves in a higher valuation bracket, inadvertently outpacing the current SBA lending caps. The underlying implications of this initiative stretch far beyond individual businesses. This change promises to bolster the U.S. economy by facilitating more substantial business transactions, enabling seasoned professionals to bring their expertise to more significant ventures, and ensuring that more businesses can benefit from SBA-backed loans. A Unified Industry Push The vision for elevated SBA lending limits is grand, yet its fruition requires a collective effort...
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    47 m