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TABB Newsletter - Third Quarter 2016

September 30, 2016

State President's Report

Ben Johnson, TABB State President
TABB's Future and the New TABB Board for 2017
Your state and local TABB board members are up for election soon and, as I have served two terms on the state board, I am ineligible to serve for another term. As the outgoing president, I would like to thank all of the brokers and affiliate members who have put a significant amount of time and money into TABB, making it the premier business broker association in the country. Yes, I am biased, but rightly so... READ MORE

News from Austin

Scott Cronk, TABB Austin President
TABB Austin generally meets the 3rd Thursday of the month at Texas Land & Cattle, 14010 N. US Hwy 183, Building B, Austin, TX 78717 (Hwy 183 & Lakeline Mall Blvd, near Barnes & Noble) from 11:30 am - 1 pm. TABB members pay individual bill for what the member orders from the menu. Guests simply pay $10 to TABB and pay individual bill ordered from the menu. Each month we have some fun, we always have excellent speakers and we're always in the mood to conduct business by sharing referrals with one another... READ MORE

News from Dallas/Ft Worth

Andy Montgomery, TABB DFW President
Trade Associations Have Withstood the Test of Time
The formation of trade associations dates back centuries to medieval European craft and merchant guilds between the 11th and 16th centuries. The term "guild" referred to the common fund of gold they maintained to fund their activities. Guilds set and maintained standards for quality of goods and integrity of trading practices. They also strived to maintain stable prices and to further the economic objectives of guild members... READ MORE

News from San Antonio

David Sweeten, TABB San Antonio President
The San Antonio chapter of TABB has its meetings on the last Tuesday of the month. They have arranged for Anthony Ruiz of the U.S. Small Business Administration to present at their upcoming meeting. On March 9, 2015, Mr. Ruiz became the central-south Texas district director of the SBA. He originally started his career with the SBA in 2011 as the assistant district director for the 8(a) Business Development Program in the Washington, D.C. metro area district office... READ MORE

Austin Affiliate Spotlight

Mark Avery
Don't Forget the Existing Contracts 
A seller's existing contracts can sour a business sale quickly. Whether it is an employment agreement, a loan, a vendor order, or a lease, any ongoing liability of the business can really upset a buyer's expectations - lowering the offered sales price or even killing the deal. Just because a contract is a "legal" issue to be handled by attorneys does not mean that a broker should avoid informing and preparing the seller to compile all existing contracts and work with the needed third parties to prepare for the business sale... READ MORE

DFW Member Spotlight

Erin Bonner, BCB, CBI, LREB
Over thirty years ago, I walked into a business brokerage office while training a salesperson in the advertising sales industry. While soliciting the firm, they in turn solicited me. What was so appealing was the vast array of businesses they were marketing for sale; thus, I knew I had found a career I would have a passion for... READ MORE

Houston Member Spotlight

William W. (Bill) Bumstead
My $uccess Is My Choice
I sold my first business in Houston in the early '70's. Coming from the real estate industry, I did not know anyone who had sold a business or where to find required additional skills. I learned from my mistakes, but unfortunately wasn't learning fast enough to take full responsibility for businesses not selling for full value, or in some instances not selling at all. Unfortunately, I often blamed everything on problems in the businesses, not my own inadequate skill sets. Fortunately, one day I met a new breed of business owner... READ MORE

Brokers Beware: Recovering Attorneys' Fees Against LLCs in Breach of Contract Disputes

by Dan McGuire
For a business broker, the closing of a deal represents the culmination of untold client meetings, calls, due diligence, and herculean efforts to ensure that the transaction is fully realized. The joy from closing a deal, however, can be short-lived if a dispute arises with clients, customers or third parties over commissions or other aspects of the brokerage agreement itself... READ MORE
 

About TABB              

TABB is a not-for-profit professional association representing the business brokerage profession in Texas. The association is the oldest statewide business broker trade association in the country.

TABB's broker members represent both business sellers and buyers and offer privately held businesses for sale, mergers and acquisitions of all types, franchises and business evaluations, and appraisals. TABB's affiliate members have joined as professionals in finance, banking, accounting, law, real estate brokers/agents, appraisals and other services used by broker members.

TABB is owned and operated by its membership and governed by a Board of Directors elected by the membership. The association has chapters in Austin, Dallas/Ft. Worth, Houston and San Antonio.

Each year, the association conducts an annual convention in late summer or early fall. During the convention, the association also conducts an education conference, where many of the TABB education courses are offered, and a trade show, where affiliate members display the latest in products and services available to business brokers.

To learn more please go to www.tabb.org.

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