[EP 216] Insights into the AIBB Conference – why every business broker should attend

Check out the Event Details for the 2022 AIBB National Conference

2022 AIBB National Conference – Innovation: Innovate through positive change

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iTunes: https://podcasts.apple.com/ph/podcast/the-deal-room/id1267098895

Transcript below!

Note: This has been automatically transcribed so will be full of errors! We are not providing it to you as a word-perfect version of the podcast but just as an easy way to provide you with a different way to be able to scan for information that might be relevant to you.

Joanna:
Hi, it’s Joanna Oakey here. And welcome back to The Deal Room Podcast, a podcast proudly brought to you by our commercial legal practice, aspect legal now today we have on the show Ian Jones from Merchant Business Brokers. But today, Ian is not wearing his Merchant Business Brokers cap he is indeed wearing the other cap that he wears so comfortably as the President of the Australian Institute of Business Brokers, otherwise known as AIBB. Today, Ian and I talk all about the benefits of membership in the AI BB. And also the conference that is coming up in just a month or two from now this is an episode that you will not want to miss if you are a business broker, because we talk about some really interesting things in relation to the conference that’s coming up and in relation to the AI BB as a whole. So here we go with our discussion with Ian Shaw. And I just want to say a huge thank you for coming on to the deal room podcast today.

Ian:
Really excited to be here and have another good conversation with you, Joanna.

Joanna:
You’re becoming a serial guest. You are I love it. I love it. Look, today, we’re talking all about from your position, I guess within the AIBB all about the AIBB conference. Ian, can you give us a little bit of an overview? Actually, maybe we’ll start at the very beginning. Because some of our listeners are brokers, and corporate advisors may not even know a lot about the AIBB. So let’s kick it off with a bit of a discussion of who is the AIBB and what do they do for their members?

Ian:
Yeah, absolutely. The AIBB is, it’s the Australian Institute of Business Brokers. It was established in 1989. It is the peak professional body for business brokers and business failures in Australia and in New Zealand. So we provide all the education, the training, the support, that business brokers need to be really good at what they do.

Joanna:
Brilliant, wonderful. And look, one thing that, you know, many people may not realize is, you know, the force behind the AIBB is this whole heap of people like you and who have volunteered your time who give up your time, because of your commitment to support and quality within the industry. And I just think that you know, I’m just calling that out as an amazing thing that you do, and perhaps something that people just don’t appreciate from the outside? Oh,

Ian:
Absolutely. I think right from the very outset, it was established by people that had a heart for the profession and tried to lift standards for the broader, you know, business community. I mean, what we do is brokers, helping people to buy and sell businesses has such a flow on impact from business owners, their families, all right around Australia. And so essentially, you know, right from the very outset, it was established with a heart of the volunteer type attitude. We’ve had people volunteering their time for, you know, in different capacities for decades, I’ve been very fortunate to be part of the AIBB, you know, for the best part of the last 10 years, serving on the board for the last five and as national chair and President for the last two. And, you know, but I sit alongside some hard-working volunteers who have a heart for raising standards and providing a real professional, you know, practice for, you know, the broader business community and yeah, love it.

Joanna:
Absolutely fabulous. And look, I just think the AIBB is a fabulous organization, in terms of the mandate to provide support within the industry, but also education and, and, you know, a, lifting the standard of the industry, which I think is such an important thing. You know, I’m passionate about the space I know you are too. And but we deal. We deal with people’s lives. You know, the sale of a business is such a monumental event for many of the business owners we deal with, and in fact, buying a business. And so having the right level of knowledge, education, skills, and support networks, I think is critical within the industry. And I think AIBB just plays such an important role from that perspective.

Ian:
Yeah, thank you. I think, certainly legislation requirements and what’s required by law in different states and territories in Australia and also in New Zealand look different in different places. So we know that what’s required from a legal perspective to be able to do it is very different to the nuances and the skills and the experience of people required to do a really good job of it. So for every member that joins the AIBB, they fulfil other minimum Best Practice Course, which enables them to have for all of our members to have a minimum standard to be able to deliver. So on top of that, we have a whole range of accredited courses, we’ve got the CPBB, which is the certified practising business broker course, it’s, it’s a really great course everybody that goes through that ends up with a whole range of skills, knowledge and experience that they can apply and delivering value. We also have an RBV, a registered business valuation course as well. And because we apply to business brokers and business value is where the peak professional body and lifting those standards and playing good education and training is paramount for the success of what we do well into the future.

Joanna:
Yeah, brilliant. Okay. Well, look, now let’s talk about the conference. This is a little bit exciting because we’ve had a few attempts at this conference in the last couple of years. And let’s just say, you know, I think last year was, must have been particularly difficult for you all, as organizers gave, we really got so close. And then it just all had to be pulled out at the last minute, tell us what’s in store or what’s in store other than it is very exciting that everyone can finally come together after this length of time?

Ian:
Well, there was nothing like building up anticipation, like having COVID ruin a couple of conferences. So, this is going to be the first conference in three years, it has been well worked well planned. And to be honest, from what our initial conference that was initially planned two years ago, when it was first cancelled to know does look different. And it’s only looking better and better. So, the theme of this conference is innovation, innovation through positive change. And you know, looking back at that was then but this is now and looking toward, you know, equipping every single broker, you know, with more and what’s better, innovating, innovating looks so different for so many different organizations. But we’ve got some great, like really, really great speakers. We’ve got some interactive workshops that are going to be working through we’ve got some terrific panel discussions that we’ll be going through. Honestly, the program is jam-packed full, of really, really good stuff, everybody that comes along is going to get a lot out of it. And on top of that, you know, quite frankly, there’s going to be plenty of fun, it’s going to be loads of fun, there’s going to be a lot of surprises, there’s going to be a lot of acknowledgments, there’s going to be all sorts of things, it’s going to be a really great program. And whilst I’m really excited about telling you about this, I just can’t wait for everybody to come along and see for themselves. But yeah, it’s looking good.

Joanna:
Oh, fabulous. Well, it’s just you know, I mean, in one sense, it’s just so fabulous that we can all come together again, I think that’s a reality that’s the first thing though, after the last few years, we’ve all become a little bit more hermit-like, I think. And it’s just this, you know, there’s so many of you that I haven’t seen for ages. In fact, I think the last time I attempted to catch up with an event for the AIBB, we had our whole house go down with COVID. So I just thought like, this is ridiculous. It’s it just happens again and again. But hopefully, everyone will be COVID Free when it comes to the conference, we’ll all be able to make it to the conference. And look, I just want to talk about the title of the conference Innovation Through Positive Change. Innovation is is an approach that is really dear to my heart. In fact, we have four core values Aspect Legal care, excellence, innovation and fulfilment for our staff as the last one but innovation is that third but often the most important element because I feel this is an area where there’s so much opportunity for innovation. And as I said earlier, we are dealing with one of the most important parts of a business’s life cycle. that sale that acquisition comes to side of it. And, you know, I just think there’s so much opportunity for innovation, where did the idea for innovation, come from what fed that as being the theme for this year’s conference,

Ian:
It’s funny, it was driven through a few different angles. And essentially, when we had a look at that, we know that the whole world does look different now to where it did say two or three years ago, pre-COVID. So, we know that businesses have had to innovate, there’s a lot more digital communications, we’re now doing a lot more podcasts, and we’re seeing a lot more of each other on, you know, zoom, and teams, and all of those sorts of things. So, yeah, so we’re seeing a lot more of everybody online. So even the way people conduct due diligence, or run through inspections, and, you know, go through the process of allowing people to, you know, have really great transitions, you know, all of those things are looking a little bit different. So, we’ve had to every business broker, in different ways has had to evolve what they’ve done. So what we’re doing is we recognize that, in the old days, where people would advertise on Yellow Pages to try to attract, you know, work in business and those sorts of things, then it was Google, and we’re having a look at what’s next, you know, what can we do, it’s not just about an online experience, it’s about, you know, doing business in a new and fresh way. So we’ve got some really great speakers that will be working through and talking and giving us value. But more importantly, than that, we’re going to be running some workshops where we can actually workshop ways of being able to do what we do in a better way. And we’re also going to be learning from experiences that other people have had, well, we can all get nice little takeaways and say, Well, if that person’s doing that, or that firms wanting running in that way, these are things that we can take back and apply to our own business. So it’s actually going to be really exciting. And we’ve got like I said, a couple of really amazing speakers that a guy with that can speak with a lot of, you know, gravitas, I guess, and from a real great authority, that will be leaving all lots of really good value on the table for every member, that’s able to make it.

Joanna:
Excellent. Okay, wonderful. And so you almost gave the answer for what my next question is, but I’ll ask it anyway, I wanted to talk about what are the benefits and takeaways for business brokers to come along to the AIBB conference? And actually, let’s just be really clear. In the show notes, you can find all of the details of the conference plus a link straight through but what are the dates? What are the dates and tell us the dates?

Ian:
Okay, 18th 19th and 20th of August, and it’s in Sydney.

Joanna:
wonderful. So 18th 19th 20th of August. So and this is, this is 2022. So if you’re listening to this podcast in 2023, it’s okay, you’ve missed it. But there’ll be another one on in that year. But obviously, we’re in 2022 right now. But rounding back then benefits, takeaways. Obviously, coming together, seeing each other networking, having that opportunity to have face-to-face contact. But one of those things you talked about was here about how other brokers are tackling the market right now. And they’re tackling the concept of innovation, what are they doing differently? What are they doing differently to what you’re doing? What are people doing in the market that’s working really well? And also, sometimes it’s really helpful to hear the war stories, What have people been doing that hasn’t been working so well. So I think from my perspective, that that probably is one of the biggest potential benefits and takeaways for brokers coming to the conference. What are your thoughts Ian and about that as being a takeaway, and any other benefits or takeaways?

Ian:
Yeah, look, it’s funny, every time you talk to a broker about how good a conference was, they’re all telling different stories of what they got out of it. Because everybody gets slightly different things. And to be honest, I could have gone to the same conference three years ago and taken something different about you know, from it today, as well, because I’ve evolved as a broker and as a professional and as a business owner, and all of those sorts of things in that time. So all of us are in different parts of your growth journey. But, you know, I hear some people going, Look, the most incredible thing I got out of this was some friends in the industry. We’ve got some great partners, including himself that are going to be at this conference as well. You know, so to be able to leverage and relationships is actually a big thing for a lot of people are the things that will be Wow, a really great workshop with our ability to unpack and explore for themselves, things that they can do to make their own business better and different. It might be the way that they consider targeting certain sectors or industries or, you know, working with and doing more conjunction arrangements with other brokers that might have different experiences, it can be even the fact that we’re so you know, you know, due to COVID, it’s forced a lot of people to work in isolation, and being able to come together in a large group, again, is actually really good for people’s mental health and capacity, and all of those sorts of things as well. Everybody has slightly different takeaways and benefits. But you know, personally, for me, the friendships, you know, the relationships, I get to go to conferences and see a lot of faces and familiar friends, I get a lot of every time there’s new conferences, somebody else coming through and with a different ending in a different experience and a skill set as well. And you always sort of bounce ideas off, and you’re able to help them and they’re able to help you and I think every conference, we walk away going, Okay, I’ve got another tool in my toolbox in something else that I can apply to help other people in their business and what they do really well, as well. So I think this conference is going to be a lot of fun, there’s a lot of excitement, even with some of the online forums that we’re doing, we had over 100 people on our last online forum. And that’s because normal limits are fantastic. And for a niche industry, you know everybody’s able to learn something, whether it’s learning about how to appraise or present, or how to run a due diligence program, or being able to negotiate, you know, there are so many aspects, and the fact that we’re applying really great topic, and a theme that is all about delivering value for the brokers that can make it this is one that people just do not want to miss this is going to be special. And I think in five and 10 years down the track, we’re going to look back and go, yeah, 22 was something pretty special.

Joanna:
Yeah, we’ll look, do you know what I am super excited, I will be there. We’ll have our team there I am so excited for it to run and you know, I just we’ve had so many false starts for so many things, including the conference. And it just, it almost feels like we are at that point of a breath of fresh air now, where we can come together, we can plan the future. And conferences like this, you know, really bring it all home for us all, to be able to do that. So I’m looking forward to it. I hope you our listeners booked in for you not booked him for the conference. If you’re a broker, then as I said, check out the show notes. Get yourself right to the page. Now I’m sure there must be early bird specials and all of that sort of thing. Ian, is that right?

Ian:
Absolutely. In fact, before we go, I’m going to ask you what are you most looking forward to at this conference?

Joanna:
Oh, do you know what just it’s been so long since I’ve connected with everyone as part of the AIBB together in person? That that is? Absolutely. You know, by far the thing that I’m most looking forward to, I just feel like it’s a really long period of time. Seeing everyone on Zoom, you know, has been fabulous but the energy that has been at previous conferences, the energy of being able to see people face to face is just you know, isn’t comparable to the virtual environment. And you know, always leave an AIBB conference with a whole heap of people to just reconnect with afterwards, obviously, it passes in quite a short period of time, but just that opportunity to see everyone in person. That’s what I’m looking forward to.

Ian:
I will tell you some of the things that are going to happen at this year’s conference. And well, we’re going to start firstly, we’ve got our AGM, where we’ll vote in, you know, the new board we’re going to go through and my expectation is that we’ll be accepting a brand new constitution for our association, one that’s been well worth and developed with a lot of member consultation over the last two years. It’s going to be a little bit of a different conference for me, because, you know, I’ve been on the board for the last five years, and I’ve had the pleasure of serving as the national chair and President for the last two years. I’m going to be stepping down from my role as national chair. Yeah, I’m actually really excited about being able to, you know, serve the industry in the profession in a new way. And I think it’s going to be time for somebody else to be able to step into this role and continue with the, you know, the legacy of the many chairs that have gone before them in building the standards and the profession in the next little season as well. Certainly, we have got some really great events coming out. Education and training through all the workshops the presentation means that there’s a lot that people will be taking away from that one. We have gotten our awards and national awards and people in a get your submissions in, I think they’re going to on Monday, actually, I think submissions are going to be open for brokers to be able to nominate for these really great prestigious awards, got welcome drinks, when you’ve got a gala dinner with, with a few surprises. There’s always something in it for everybody here. You know, anybody that has not been to a conference for the first time is there’s going to be something special and a real acknowledgement for the fact that they haven’t been able to come to a conference for the last three years, you know, anybody that’s been done their CPBB course, or an RBV. And people that have been in the profession for a long time, there’s a few little, you know, a few important things. If you fit into any of those categories, as a broker, you want to be there is plenty of fun, like I say, great speakers, value content, excellent panel discussions, and interactive workshops. And to be honest, I think the main thing is going to be really great camaraderie and a lot of people seeing each other. And if you haven’t been part of the community for long, I think very quickly, you’ll feel a real part of it, for sure.

Joanna:
Yeah. That’s for sure. It’s a very welcoming community. I’ve got to say so you know, and you know, this real feeling of I’ve mentioned it before, but the concept of support, support from peers and I think that’s a lovely thing, and a really important thing for the industry as well. Well look at Ian, I’m excited, I know our listeners are excited. So don’t forget, check out the show notes, you can get yourself registered for the AIBB conference, where you will see me and Ian there and many, many other people. Wonderful way and thank you so much for coming onto the show today to chat about the upcoming conference.

Ian:
Looking forward to seeing you at the conference and all of your listeners because it’s not to be missed. Thank you.

Joanna:
Well, that’s it for this episode of The Deal Room podcast. If you would like to get a link straight through to the AIBB conference. Then all you have to do is check out the show notes where we will link straight through to the AIBB conference registration and we will also link through to the AIBB website itself so you can find out more about the AIBB and membership if you are a business broker and are not a member of the AIBB at the moment as I said in the episode I highly recommend membership of the AIBB I work very closely along with AIBB I think it’s just a fabulous organization provides a lot of support to its members and a lot of education industry wide. Well, that wraps up this session if you are in the market for a great lawyer to assist with your business sale and acquisition transactions then just check out our website where we have a free call available to talk about being a partner of Aspect Legal so just check out our website at www.aspectlegal.com.au and that’s it I hope you enjoyed what you heard today if you did Why don’t you consider heading over to Apple Podcasts or Spotify or your favourite podcast player and leaving us a review well that’s all you have been listening to Joanna Oakey and The Deal Room podcast a podcast proudly brought to you by our commercial legal practice Aspect Legal. See you next time.

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