04 Jan Celebrating Our 90th Webinar with an All-Star Group of Panelists
Our final webinar of the year last week marked the 90th webinar in the Business Brokerage Press history. To discuss the wild ride that was 2020, we brought in our team of industry leading veterans, leading experts and visionaries to discuss and reflect upon the ups and downs of 2020. Click here to watch the webinar.
The discussion was hosted by Ron West Founder of Deal Studio and President of Business Brokerage Press, and George Giles, Founder and President of Intermedior Business Advisors. Together our panelists and moderators have well over a full century of experience in buying and selling business.
Barry Berkowitz, President of Berkowitz Acquisitions
Sara Burden, President of Walden Businesses, Inc.
Steve Denny, Co-founder of Innovative Business Advisors
Bob House, President of BizBuySell.com and BizQuest.com
Jane Johnson, President of Business Transition Academy
Greg Kells, President of Sunbelt Business Brokers, Inc.
Steve Mariani, President of Diamond Financial Services
Bob McCormack, Founding Partner of Murphy McCormack Capital Advisors
Jim Parker, Founder and Owner of Boss Group International
Darren Mize, Co-Founder of GCF Valuation
Doug Robbins, Founder of Robbinex, Inc.
Our distinguished group of panelists shared a range of insights regarding COVID-19, how the pandemic has changed the landscape, and what we can expect in 2021 and beyond. While our panelists have had a variety of experiences over the last year, there were many points on which they generally agreed. One key theme of the discussion was that there was no denying that 2020 was a rocky and unpredictable year. In general, business was down.
Another key point that emerged during the panel is that the PPP loan program should be watched closely, as changes are still taking shape. Clients are confused by the nature of the PPP program. For this reason, it is essential that business brokers dive in and work to understand the evolving loan landscape and what is possible. For example, how SBA lending is being handled is changing. Anyone can now hold an escrow account so long as the PPP lender agrees to the escrow control agreements.
A third point to emerge out of the webinar was that some businesses were struggling, but others are doing quite well. There is little doubt that the vast majority of restaurants are facing significant challenges; however, some businesses are having record levels of success. Brokers on our webinar panel discussed how they are shifting to work with essential businesses, such as HVAC, plumbing and construction. Many of our panelists spoke about seeking out types of businesses that are currently in high demand.
In our next webinar article, we’ll explore what business brokers can expect in 2021. As you’ll discover, our panelists firmly believe there are reasons for considerable optimism.