Government Relations--UPDATE

Bernie Siegel, CBI, PhD. Siegel Business Services, Bala Cynwyd PA Government Relations Committee Chair

Business Brokers, the Committee needs your assistance. As soon as Karen Mills took over as Administrator, I reached out to her regarding the goodwill cap, by letter and email. With some help from my Congressman's office, yesterday I finally received, by email, a response. I strongly suspect that the Chief of Staff did not actually author the letter, as it was full of historical errors. Click here to read the letter she sent, as well as the letter I am forwarding, and the five pages of the previous SOP that makes our points clear.

As I keep pushing for a face to face, it would be very helpful if you could share any of the following examples with me. I understand the need for confidentiality, but perhaps some of your clients would be willing to let us provide their name to the SBA hierarchy, so they can see these are real people and real companies.

• The owner of a company with goodwill who has decided not to sell, hold on for a few years and then close his business, if he cannot receive most of the payment at a closing.
• A buyer who has refused to go through the whole process, paying for appraisals and underwriting, just to wait and see if the SBA will grant an exception ... especially when there is no guideline.
• A lender who has decided not to process an acquisition loan because of the goodwill cap.
• An unemployed buyer who is unable to acquire his piece of the American dream due to the goodwill cap.
• Any other example of a business or individual hurt by the goodwill cap.

Please send any information to Mark Swets at IBBA, who will forward it to the committee.

As Published in the IBBA Newsletter, March 5, 2009

Don't see what you're looking for today?
We'll send you an email when new listings arrive that match your search criteria.

Create a BizAlert! Now