In 1961, Norman Bousselot, along with good friend, Ed Malmanger, graduated from Joy and Johnson Auction School in Ames, Iowa. For several years they conducted their own auctions and assisted a well-known auctioneer from Donahue, Iowa, Elmer Gronewold. Combining their auction skills and taking the first letter from each of their last names, they officially formed the GMB Auction in 1974. Elmer, Ed and Norm worked together until the deaths of Elmer and Ed.

Tom Olson, Calamus, Iowa, and LeRoy Claussen, Bettendorf, Iowa, now work with Norm and the GMB Auction continues to provide auction services to the area.

Norm and Tom are members of the National Auctioneers Association and the Iowa Auctioneers Association. They both have served as president of the state association and have served on the state board of directors. LeRoy also is a member of the Iowa State Auctioneers Association. Norm was Iowa State Auctioneers Man of the Year in 1986 and has been elected to the Iowa State Auctioneers Hall of Fame.