There is still time to register for the M&A Source Fall Conference! Register now before rates increase again on October 26th!

Don McIver, Jeff Jones, Tom West, Barbara West, Bill Womack, and Connie Womack-Zielinski

At Meeting Expectations, our priority is transitioning the IBBA and M&A Source to a new database and website, as well as prepare for the renewal season. Even though we will be handling renewals without our new system in place, we trust that once these changes occur, operations will run smoother than ever. As a company, we have recently received two honors, both in our industry and in the community, that prove we are more than equipped for the task ahead.

For the second consecutive year, Meeting Expectations was named one of Atlanta's "Best Places to Work" in the Atlanta Business Chronicle's annual survey, landing at number 18 in the small business category (10 to 100 employees in Metro Atlanta). The results are based on an annual employee satisfaction survey conducted by Quantum Workplace. Meeting Expectations credits its fun and supportive culture that inspires employees to go above and beyond for customers and each other, in addition to the company's unique mix of benefits, frequent social events, and a generous paid time off policy.

 

For the last two months, we've discussed issues that affect business brokers and intermediaries in utilizing modern technology to improve their practices. These additions, some of which are readily available to you on your computers, phones, and tablets, are both inexpensive and can lead to better productivity.

Invariably, when I am cornered by brokers and intermediaries, I get asked to answer the mother of all tech questions: "What CRM system should I use?" It is a tough question to digest, and an equally tough question to answer.

"Professionalism is knowing how to do it, when to do it, and doing it." - Frank Tyger

Thank you all who participated in the membership survey! The results have been very enlightening, and we have a lot in motion. The Membership Committee is working on more benefits and resources for our members.

Be looking for your annual renewal notice around the beginning of November. After this renewal period, members will be able to renew by credit card on a monthly basis plus a small processing fee. We will also be switching to an anniversary date membership, where incoming members will have the renewal date of when they actually join.

Stay tuned for new and better benefits and resources!

Wishing you great success,

Marcie Woolworth, CBI, Fellow of the IBBA

Vice-Chair Membership Committee

Twenty six years ago, as my husband George and I were having lunch, I proposed to him a crazy idea..... quit your engineering job and come join me in what I do.  His natural response, was obvious:  "What? Give up a paycheck? Give up my senior executive position? And not to mention the perks? And what about the tension of working together?"  But with my track record, it seemed like a great idea, after all, I had proposed to him and were happily married.

 

When asked why I became a business broker, my story starts when I left Cornell Business School in May of 1970 with my MBA. I headed to the President's Financial Staff of General Motors, back when they were profitable, but bogged down with layers of management. I loved cars and wanted to change the world, but it was the wrong fit for me. After that, I finished up my military commitment at Fort Benning. The Vietnam War was winding down, so I took a summer job digging clams in the Great South Bay in Long Island, New York as an independent contractor.

I returned to upstate New York where I did a ten year tour in the retail, wholesale, and commercial tire business. After that, I joined the VR Business Brokerage system. At the end of the five year agreement, I left to focus on the middle market in Upstate New York on my own. Now thirty years later, I am still going, still evolving, and still learning.

I grew up in a small town in Pennsylvania, where my extended family owned a slate quarry business. At the age of 13, I went to work part time at the slate quarry on Saturday mornings and during summer vacations. My parents and grandparents never intended for us "kids" to remain in the family business but instead wanted us to go to college and get a "good" job after graduation. Little did I know at the time the invaluable experience working in a family business would prove to be my future career choice.

Upon graduating from college, I went to work for a large northeastern petroleum/propane distributor where our major growth strategy was through acquisitions. For the next 18 years, I moved nine times and learned all about the petroleum/propane business including valuations, acquisitions, and eventually divestitures. Then in 1994, at the ripe old age of 40, my wife and I found ourselves a company headquarters in Syracuse, NY with our three little girls, a record snowfall, and our parent company in financial trouble forcing the petroleum/propane division to divest of assets to raise capital. Aside from the snow being over our girls' heads, something was wrong with this picture.

Sometimes when listing a business the owner suggests there are cash benefits that do not show on the financial statements - some revenue not banked, staff paid "under the table," or company-paid expenses that are not strictly necessary for the production of income. We really don't want to hear this!

We cannot (and will not) quote this to prospective purchasers. The owner has told us that he (or she) is dishonest. They are defrauding the taxman, and ultimately their fellow citizens. And, if caught they could face harsh penalties. No one likes taxes but they are necessary to keep the country running.

This year under the leadership of Pino, Chet, and your board, a new company was selected to manage our association, Meeting Expectations in Atlanta, Georgia. It has been a positive experience and has provided added value to our organization. This year Meeting Expectations was named as one of the city's best places to work for the second consecutive year. Congratulations to Karl, Lynne, and their team.

Check with our regular columnists Steve, Marcie, and Scott. Steve continues his valuable insight selecting the software to make you more efficient. He should group his articles in a booklet and make it available to members for a fee. Scott's periodic survey represents real value to our associates and Marcie is announcing new membership plans.