Summer 2023
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
Plus Insights on:
+ Selling Your Business
+ Understanding the New SBA Rules
+ Ge�ing Inside the Mind of a Seller
+ Keeping Egos from Derailing a Sale
+ Legislative Updates
and More!
Se�ing Our
Sights High
By Kyle Griffith, 2023 IBBA Chair
SUMMER 2023
The best insights
on buying and selling
small businesses
In this Issue
6
10
16
20
24
LETTER FROM THE CHAIR
SELLING YOUR BUSINESS THIS YEAR: 5 KEY PREPARATION STEPS
THE NEW SBA RULES AND THEIR EFFECTS ON YOUR TRANSACTIONS!
INSIDE THE MIND OF A SMALL BUSINESS SELLER
DON’T LET YOUR CLIENT’S EGO (OR YOURS) GET IN THE WAY OF THE SALE!
LEGISLATIVE UPDATE
SUMMER 2023
As we step into the second half of 2023, it’s an ideal moment to reflect on our
journey, celebrate our achievements, and set our sights on future goals.
We take pride in witnessing the remarkable growth of our IBBA family, now a
robust community of over 2,700 members. This expansion is not merely about
numbers, but signals increased diversity and inclusivity within our association.
Our association has evolved into a dynamic blend of wisdom, fresh viewpoints, and diverse
gender representation. The encouraging increase in female business brokers and the influx
of young professionals have broadened our membership base and enriched our collective
perspective. This increased diversity, in which we take immense pride, enhances innovation,
promotes a forward-thinking environment, and drives growth within our organization.
The year 2023 marks a significant milestone for our industry - the passage of the Brokerage
Simplification Act. This legislation removes specific regulatory requirements for M&A brokers,
making business transactions more seamless and efficient. It’s a testament to our advocacy
efforts and dedication to promoting smooth business operations.
The annual IBBA conference in Orlando, Florida, was monumental, marking our largest assembly
of top business brokers worldwide. This platform facilitated a dynamic exchange of ideas, best
practices, and strategies through various workshops, masterminds, and courses. The successful
amalgamation of knowledge sharing, networking, and collaborative learning underscored our
unwavering commitment to providing top-tier educational opportunities and se�ing industry
benchmarks.
At the conference, we celebrated our members’ achievements, recognizing a record number of
award recipients from over 1,800 deal submissions. This notable increase in awards mirrors
our members’ success and reflects the growing recognition of business brokers’ pivotal role in
successful business transfers. Every award symbolizes hard work, persistence, and professional
excellence, which we should all take immense pride in.
Se�ing Our Sights High
KYLE GRIFFITH | CBI, CM&AP | 2023 IBBA Chair
Our constant endeavor to raise awareness about the business brokerage industry continues to
bear fruit. We are a�racting new brokers and boosting our profession’s visibility. Our strategic
vision aims to cultivate a culture that encourages growth and gives our members essential tools,
resources, and support to succeed.
Looking ahead to the remainder of 2023, our resolve is unshaken, and our optimism is high.
We remain focused on strengthening our global footprint, offering unparalleled value to our
members, and advocating for business brokers.
Our journey so far has been shaped by your dedication, commitment, and faith in the IBBA. Your
success is our success, and together, we aim to build an even more robust, valuable, and quality-
focused association.
Thank you for your unwavering commitment to the IBBA. Here’s to forging an even brighter
future together!
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!
SUMMER 2023
Selling Your Business This Year:
5 Key Preparation Steps
DAVE DECAMELLA
CBI, Transworld Business Advisors
A new year brings with it a slew of changes and new beginnings. With this you might be
making some major business decisions and reevaluating your career goals — whether
getting ready to retire, considering another job, or merely wanting to sell for personal
reasons.
Surprisingly, January can often provide one of the best opportunities to sell, as ambitious
entrepreneurs with big New Year’s goals kick off their company search. As with any
successful commercial sale, meticulous planning and certain preparations are key — from
getting your books in order to getting your space (literally) in order — before you can
even start looking for a potential buyer. Think about the following tips to make sure your
business is in tip-top shape when the time comes to truly sell:
TAKE STOCK OF YOUR GOALS. Before you get too ahead of yourself, first ask a few
simple questions: Are you looking to hand off the business to a devoted employee or close
family member? Would you rather sell the business in full at closing and leave with a
wad of cash? Does maintaining the company brand matter much to you? Would you be
content to keep working for a couple of years as a company consultant? Before getting too
wrapped up in the sale, first consider your own needs and desires.
GET YOUR FINANCIALS IN ORDER. Some buyers will be looking for at least two or
three years’ worth of detailed books, and the more organized your financials are, the
better off you’ll be in the long run. Compile all of your tax returns, financial statements,
employment agreements, supplier contracts, projections, etc. Why? Because poorly kept
books are likely to ruin the business sale before it even happens. Begin gathering this
information as soon as possible to leave ample time to make adjustments.
DETERMINE THE WORTH OF YOUR BUSINESS. Enter a third-party business valuation,
which can be crucial in estimating your company’s value. Just like you may take your car
to the mechanic for a tune-up, business brokers are experts when it comes to the buying
and selling of businesses. A qualified business broker will review all aspects of your
business (as well as the competition) in order to make a detailed and accurate assessment
SUMMER 2023
— and then they can assist in making that successful
sale happen straight through closing.
TIDY UP THE SPACE. You will want your company
to make a great first impression, appearing clean and
presentable when meeting with potential buyers.
This includes (but is not limited to) making any minor
or major repairs, purchasing new furniture, and/or
applying a coat of paint to any physical stores. Also, be
sure to evaluate your inventory needs and clean out any
excess baggage. This also serves as a great opportunity
to make website updates and get other digital assets
organized.
GET YOUR TEAM TOGETHER. Keep up with sales
preparations and avoid any unwanted surprises
by getting your team of trusted advisors together
before listing the business. This could include your
bookkeeper or accountant, your CPA, any legal team
members, a business broker, and any other key players
who should be involved in the big sell. Collaborating
with a tight-knit team of specialists can better prepare
you for listing and selling your company.
DAVE DECAMELLA
CBI
Transworld Business Advisors
dave@tworld.com
SUMMER 2023
The New SBA Rules and Their Effects
on Your Transactions!
These ma�er to you on so many levels, please read.
STEVE MARIANI
Owner, Diamond Financial Services Advisors
BUILDING SUCCESS THROUGH THE SHARING OF INFORMATION