Business Brokerage and Buying HUD Homes for $100 Down – Featuring Michael Garrison, Denis Burke, Chris Krimitsos and Lindsay Grinstead

#TBBOTuesday was the focus of #ThatBusinessShow today on 1250WHNZ. TBBO, or Tampa Bay Business Owners, is an 8 year old business owner only organization founded to help connect Tampa Bay business owners through education and collaboration. Monthly events and workshops work to guide entry to mid-level business owners and today, the membership is nearly 300 and going strong. Take a moment to learn about TBBO at www.tbbo.org and we invite you out to our next Main Event, free of charge, if you mention this blog and email jamie@tampabayradio.com. We will add you to the guest list to check out the organization and we know you will see the value in membership after attending an event. The next Main Event is July 6th from 5 to 7:30pm at the Centre Club and will focus on Healthcare for Your Business by Dr. Eric J. Crall. Expected attendance is 100 to 150 so it’s an excellent networking opportunity as well.

Opening up the program today was one of our newest TBBO members, Michael Garrison. Michael is a Business Broker with Business Broker World and has worked in Real Estate and Business sales since 2010. Michael is a Veteran of our Military and transitioned to business brokerage and Real Estate after leaving the Military. We learn some of the basics of the business in this segment such as business valuation which per Michael ranges on average from 2 to 3 times net income. This varies with business but is the industry average in Tampa Bay. We discussed some of the challenges that an individual service provider has in selling their business and learn that business brokering is not as competitive as other areas of brokerage such as commercial and residential real estate sales. With approximately 2000 business brokers in Florida, Michael is able to keep a steady supply of inventory in his pocket for sale. We discussed the business marketplace and learn that demand and supply is in good order and that many businesses are being financed via seller financing, as the availability of business and SBA loans is limited and difficult to get for the typical buyer. Learn more about their services at www.businessbrokerworld.com or give Michael a call today at 813-966-6956.

At 7:30, I welcomed Denis Burke, CEO and President of Business Broker World. Denis is an Irish immigrant and shares his story of entrepreneurism that began at age 11 selling vegetables in Ireland and led to roles in restaurants and grocery stores before he landing in the US in 1986. Today Denis is an active member of Toastmaster International, The International Franchise Professional Group and the International Business Brokers Association and has been selling businesses for the past 2 years. We discussed the bar and restaurant business, an area that Jamie hopes to explore in the future, and discuss some of the regulations, taxes and industry surprises that many new owners encounter when opening up a bar or restaurant. We touched on business valuation again and go deeper into how an individual service provider can create a sellable brand independent of themselves. Learn more at www.businessbrokerworld.com or contact him today to sell a business at 941-224-3893!

At 8am, Chris Krimitsos joined the program. Coming off a very successful event at the iHeart Radio station last night, Chris shares with the audience more about crowdfunding and his documentary “The Messengers” which were the focus of the event yesterday evening. We learn that September 1st is the goal for the completion of the film and then February for the launch of the film. They will begin to send it out to film festivals and hopefully will be picked up by a Film Festival. He is looking to raise $19,900 through crowdfunding and will have the site up on Indigogo by July 1st for those who are willing and able to assist, no matter how small the donation. Check out the documentary online – www.themessengersdoc.com and please help out with whatever donation you can when the crowd funding site is opened!

Lindsay Grinstead joined the discussion shortly thereafter and is the Founder of Tonic Consulting Group. After graduating from the University of Florida with a BS in Public Relations and Psychology (guess which one she uses most today!), Lindsay moved to San Francisco for fame and fortune in the PR industry.  Instead, she discovered the amazing world of experiential marketing and joined Jack Morton Worldwide, starting as low man on the totem pole and growing into an SVP, Sr. Account Director, consistently growing and managing the largest book of business on the West Coast.  Clients included eBay, VMware, Charles Schwab, Samsung & T-Mobile. Upon moving back to Tampa last fall, Lindsay decided to take her learnings in the agency world and started a consulting practice – Tonic Consulting Group. Tonic helps marketing agencies grow their top and bottom lines by enhancing both their sales & marketing efforts and improving their operations. Tonic believes that maximum success for any organization is only possible if both the external effort (sales & marketing) and the internal processes (operations) are working at their optimum capability.  Lindsay is an expert in LinkedIn marketing too and we touched on that and ways Tonic can help get exposure for your business in the marketplace. Check her out online at www.tonicconsultinggroup.com or give her a call today at 415-513-3205!

At 8:30, Jamie took control of the program with a discussion on HUD homes. Jamie is a listing broker for HUD, the Department of Housing and Urban Development, and has sold over 400 HUD homes in the past 5 years alone. HUD homes are defaulted FHA mortgages and can be found for sale online at www.hudhomestore.com. HUD insures lenders so if a buyer defaults on a loan, HUD pays back the lender, acquires the home, then resells the home to recoup some of their loss. FHA loans make it possible for buyers to get into homes with little money down, now just 3.5%.   Jamie shares with us some of the programs that HUD has available on its “owned” inventory such as $100 down which allows buyers to replace the 3.5% down payment on a home with just $100 (applies to FHA buyers only) and also the Good Neighbor Next Door Program which allows teachers, firefighters and emergency responders to buy HUD homes at 50% off of the appraised value with the condition that you live in it for 3 years. There is a lot to know about HUD homes and Jamie regularly teaches area Realtors on the ins and outs of HUD homes. It’s important as a buyer in the marketplace to work with experienced and trained professional on HUD homes so for any questions, get in touch with Jamie today, jamie@tampabayradio.com or online at www.tampabayradio.com!

Be sure to subscribe to our YouTube Channel at www.youtube.com/jamiemeloni and follow us on Twitter at Jamie_meloni Find us on Facebook at www.facebook.com/thatbusinessshow

Michael Garrison (Small)Denis Burke (Small)Chris Krimitsos (Small)Lindsay Grinstead (Small)

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