14 Mar Artificial Intelligence, ChatGPT, and Business Brokers
Artificial Intelligence, or AI, has certainly received more than a bit of attention in the last two years. While business brokers and M&A advisors are hearing more and more about AI, many don’t know exactly how it will impact them or how best to use this tool to gain an edge in their careers. In our recent BBP webinar, John Bucher gave an insightful presentation into AI and how brokerage professionals should be adapting this powerful technology into their work.
John Bucher is the lead broker and owner of Boca Raton’s KMF Business Advisors. Before founding KMF Business Advisors, Bucher founded numerous startups. He holds a BA in Business Administration as well an MBA. In this presentation, he focused on the advanced features of ChatGPT-4 and how business brokers and M&A advisors can implement this technology. It is his goal to demystify AI technology and help business brokers in the process.
AI Moves Fast
Bucher is quick to point out that the information he is sharing about the current state of ChatGPT will, not surprisingly, be outdated certainly within the next two years. It’s important to realize that AI is a fast moving and evolving technology.
Protect Confidential Information
A second point that Bucher quickly makes is that business brokers and M&A advisors need to be very careful regarding importing confidential information into ChatGPT or other AI tools. While efforts may be made to keep information confidential, it is still possible that other companies will use this information for training purposes. Client information, as well as sensitive information you are privy to, should be carefully guarded. He explains that he would never put specific client information into ChatGPT.
Ample Power for a Low Cost
Bucher focused much of his discussion on the robust power of ChatGPT-4. As he notes, the cost of ChatGPT-4 is $20 per month, which considering its power, is a very nominal cost. For that $20 per month, users gain access to a powerful large language model or LLM.
ChatGPT-4 allows users to put in a prompt and quickly receive an answer. ChatGPT-3.5 was trained on a large amount of text, and ChatGPT-4 is a more capable and refined version. Since ChatGPT-4 is a neural network, it is possible for you to customize how data is generated.
Creating Personas
In order to get the most out of ChatGPT-4, Bucher notes that you can prime it and tell it what you want and need. Through ChatGPT-4, it is possible to create “personas” to bounce ideas around and different get information and feedback.
For example, it is possible to create CEO and marketing manager personas, to name just two. Bucher notes that the information you receive will differ depending on persona you turn on. Different information and responses will then be generated via these different personas. Interestingly, Bucher points to a Youtuber who had created a whopping 300 different personas.
In our next article, we’ll continue to explore Bucher’s tips for ChatGPT-4 and how it can benefit brokerage professionals. As he notes, artificial intelligence “isn’t going anywhere” and will only continue to be integrated into society and every aspect of business. If you adopt this technology now, you can gain a serious competitive edge.
