The insights and opinions expressed herein are those of the authors and do not represent professional counsel nor an endorsement by the IBBA.
A Q u a r t e r l y D i g i t a l P u b l i c a t i o n o f t h e I n t e r n a t i o n a l B u s i n e s s B r o k e r s A s s o c i a t i o n
T H E B E S T I N S I G H T S O N B U Y I N G A N D S E L L I N G S M A L L B U S I N E S S E S
Embracing Resilience
and Refinement
in Challenging
Times
By Kyle Grifth,
2023 IBBA Chair
F a l l 2 0 2 3
Plus Insights on:
+ The Power of AI
+ Deciding Whether or Not to Grow
+ Do’s and Don’ts for Buyers
+ Private Equity Alternatives
+ Legislative Updates
and More!
FALL 2023
The best insights
on buying and selling
small businesses
6
10
14
18
22
LETTER FROM THE CHAIR
TRANSFORMING THE BUSINESS BROKERAGE INDUSTRY: THE POWER OF AI
IS BIGGER BETTER? NAVIGATING THE DECISION TO GROW
THE DO’S AND DON’TS FOR BUYERS
THE PRIVATE EQUITY ALTERNATIVE
LEGISLATIVE UPDATE
In this Issue
FALL 2023
As we transition from summer to fall, I find myself
inspired by our industry’s remarkable resilience.
The challenges of the past years have not only
tested us but also galvanized us, fortifying our
commitment to elevate business brokerage to
new heights.
Resilience is our watchword as we navigate the
tides of change and uncertainty. Just as my
predecessor, 2022 Chair Randy Bring, shared
in previous IBBA insights, he talked about
the importance of “falling forward,” I want to
champion the concepts of resilience, returning to
basics, and the importance of constantly honing
our skills.
FINE-TUNING YOUR CRAFT
THROUGH LEARNING OPPORTUNITIES
Continuous learning is essential for resilience.
I strongly encourage you to take advantage
of the comprehensive array of online courses
and webinars we have scheduled, including the
highly-anticipated Recasting & Pricing Virtual
Summit this November.
REGIONAL CONFERENCES: A HUB OF
KNOWLEDGE AND NETWORKING
Webinars, summits, and online courses are only one
component of expanding your knowledge. In the
Fall, we have a full schedule of regional conferences
across North America that you can a�end. I’m
excited to share that I plan to participate in many
of our upcoming regional conferences to personally
connect with you, our local IBBA members.
Whether it’s the Mid-America Conference in St.
Louis, the Texas Association of Business Brokers
Conference in Austin, the California Association
of Business Brokers conference, the CVBBA
Conference in Raleigh, the M&A Source Fall
Conference in Charlo�e, the Michigan Business
Brokers Association gathering in Lansing, or the
IBBA Canada Conference in Vancouver, each
event offers a unique blend of educational and
networking opportunities that will help you refine
your practice.
ANNUAL CONFERENCE & MEMBER ACHIEVEMENTS:
FUELING GROWTH AND SUCCESS
Reflecting on our historic annual conference in
Orlando, the importance of knowledge sharing
and collaborative learning cannot be overstated.
KYLE GRIFFITH
CBI, CM&AP | 2023 IBBA Chair
Embracing Resilience and
Refinement in Challenging Times
I’ve had the pleasure of speaking with many
of you who have had major breakthroughs in
your careers and businesses since a�ending
the conference. Some of our members have
closed their largest deals to date, a testament to
the skills and networks developed within our
association. Others have taken the bold step of
establishing their independent brokerages, while
many have expanded their practices, hiring more
brokers and staff to support their expansion.
Each achievement, large or small, emphasizes
the value of our collective wisdom and the
importance of continuing education and
networking opportunities.
A THOUGHT ON GOVERNANCE
As we look to the future, remember that voting
opened on September 8th for the 2024 IBBA
Board of Governors. We have a stellar slate of five
candidates vying for three available Board seats.
Your voice in this election shapes the trajectory
and resilience of our association.
CLOSING THOUGHTS
Resilience isn’t just about weathering storms; it’s
about transforming challenges into stepping stones
for growth. As we move forward into the rest of the
year, let’s take these member success stories as both
inspiration and proof of what’s possible. Engage
fully in our upcoming educational programs,
a�end regional conferences, and remember to cast
your vote in our Board elections. Our collective
actions today will shape the IBBA’s tomorrow, and
with unity and continual growth, we’re not just
surviving; we’re thriving.
I eagerly await the opportunity to connect with
many of you at our regional events. Let us further
seize these educational and networking platforms
to solidify our association’s standing as an industry
leader. Onward to even greater heights.
Best regards,
KYLE GRIFFITH | CBI, CM&AP | 2023 IBBA Chair
kyle@thenybbgroup.com
LETTER FROM THE CHAIR
The IBBA: 2,700+ Members Strong,
and Growing!
FALL 2023
TANYA POPOV
CBI, Inix Consulting and Brokerage
Transforming the Business
Brokerage Industry: The Power of AI
If Chat GPT hasn’t caught your a�ention lately,
you’re probably immersed in a whirlwind of deal-
making, leaving no time for the outside world’s
fascinating developments!
People all around the world are flocking to
explore the Internet’s newfound obsession
with AI generated content. Our industry is no
different. Surely, those a�ending this year’s
conference discussed it at length with their peers
at some point and/or a�ended the workshop and
masterminds pertaining to the topic.
This article is not meant to be an educational
deep-dive piece on Chat GPT and the wonders it
can do for us as brokers. Instead, its purpose is to
offer perspective and assist in structuring your
thoughts on the ma�er. If you find yourself feeling
overwhelmed by AI, you’re certainly not alone—I
can relate!
Introduced in November 2022, ChatGPT
has become the center of conversation for
professionals, business owners and consumers
alike, gathering over 100 million registered users
by the beginning of 2023, becoming the fastest
growing platform ever. Following the spectacular
introduction of ChatGPT was the flood of hundreds
of other AI tools, adding to an already large and
ever-increasing ocean of information and resources
surrounding AI.
The integration of AI into our daily business
operations is undoubtedly inevitable and
happening at an accelerated pace. Some of us have
already taken the plunge with positive outcomes.
However, amidst this vast ocean of information,
it becomes essential to navigate with a clear
understanding of how AI can truly benefit us both,
in the short term and the long run.
First and foremost, it’s important to take note
of the current state of AI development. While
anyone with access to the Internet can see the
steady stream of a�ention surrounding AI, it
is very much a work in progress. Despite there
being, likely, hundreds of AI tools currently
available on the Internet at the time of this
writing, only a handful of them will be truly
unique and supportive of your objectives.
Trying to figure out how to quickly implement
it into your practice with goals to improve
productivity can become frustrating while
feeling completely out of your comfort zone.
Here are some tips that you can follow to
better practice integration of AI into your
workflow:
1. It’s Inevitable: this technology is here to stay,
and it can help your practice tremendously if
you use it right. Consider the case of Google,
a technology that was initially challenging to
grasp, but is now an indispensable part of our
lives. If you are not familiar with ChatGPT
or similar AI tools, find the time to educate
yourself. Trust me, it will be worth your time
investment!
FALL 2023
2. Start Small: adopt the easy wins. Integrate
ChatGPT into your daily routine. Try using it to
improve your emails, assist with Social Media
posts, polish your Executive Summaries and
CIMs, use it for industry research and listing
appointments preparations.
3. Embrace the Pace: Until progress begins to level,
there will always be a possibility that what you
learned today will be outdated in a month. Find
a credible source of information on the topic and
keep abreast of major developments.
4. Consider Gan� style planning: as you are ge�ing
more comfortable using ChatGPT and other
tools, consider the possibility that AI may be
able to perform multiple different tasks. Keep
a running list of tasks that can potentially be
accomplished with AI tool(s).
5. Create Reasonable Objectives: In the current
state, asking ChatGPT to create and dress a
PowerPoint presentation is unrealistic. Asking
ChatGPT to create 10 different bullet points of
information surrounding a particular subject is
certainly an achievable goal.
6. Most Importantly: use with caution! AI
is quickly becoming an essential tool for
businesses in general, and in our industry
particularly. However, it’s important to
understand that just because you could
complete a task with AI, doesn’t necessarily
mean that you should. Always review for
accuracy and use common sense!
Ready or not, artificial intelligence is transforming
the business brokerage industry. From
streamlining the processes and improving
accuracy to intelligent matching and predictive
analytics for market insight, this next level
technology will enable business brokers to deliver
greater value to their clients while increasing their
efficiency and competitiveness in the marketplace.
I wanted to conclude with a quote that has helped
me get a be�er perspective and understanding of
Artificial Intelligence. “Lawyers will not be replaced
by AI, lawyers using AI will replace lawyers”. I
consider this quote a gentle reminder that AI is
a tool, not a replacement, and the key to success
within AI lies in how we wield it.
TANYA POPOV | CBI, Inix Consulting and
Brokerage, tpopov@inixbiz.com
AI is a tool, not a
replacement, and the
key to success within AI
lies in how we wield it.
FALL 2023
CHRIS JONES
Sunbelt Business Advisors
Is Bigger Be�er?
Navigating the Decision to Grow.