**Exhibit 31****CERTIFICATIONS**I, Patrick L. Beach, certify that:1. I have reviewed this quarterly report on Form 10-QSB of Captec Franchise Capital Partners L.P. III;2. Based on my knowledge, this report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statementsmade, in light of the circumstances under which such statements were made, notmisleading with respect to the period covered by this report;3. Based on my knowledge, the financial statements, and other financialinformation included in this report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the small businessissuer as of, and for, the periods presented in this report;4. The small business issuer’s other certifying officers and I are responsiblefor establishing and maintaining disclosure controls and procedures (as definedin Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control overfinancial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15d-15(f))for the small business issuer, and have:     (a) Designed such disclosure controls and procedures, or caused suchdisclosure controls and procedures to be designed under our supervision, toensure that material information relating to the small business issuer,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this report is beingprepared;     (b) Designed such internal control over financial reporting, or caused suchinternal control over financial reporting to be designed under our supervision,to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles;     (c) Evaluated the effectiveness of the small business issuer’s disclosurecontrols and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of theperiod covered by this report based on such evaluation; and     (d) Disclosed in this report any change in the small business issuer’sinternal control over financial reporting that occurred during the smallbusiness issuer’s most recent fiscal quarter that has materially affected, or isreasonably likely to materially affect, the small business issuer’s internalcontrol over financial reporting; and5. The small business issuer’s other certifying officers and I have disclosed,based on our most recent evaluation of internal control over financialreporting, to the small business issuer’s auditors and the audit committee ofthe small business issuer’s board of directors (or persons performing theequivalent functions):     (a) All significant deficiencies and material weaknesses in the design oroperation of internal control over financial reporting which are reasonablylikely to adversely affect the small business issuer’s ability to record,process, summarize and report financial information; and     (b) Any fraud, whether or not material, that involves management or otheremployees who have a significant role in the small business issuer’s internalcontrol over financial reporting.Date: May 12, 2006      By:  /s/ Patrick L. Beach   Patrick L. Beach   President, GP3 Asset Acquisition, LLC   The foregoing certification is required by Section 302(a) of the Sarbanes-OxleyAct of 2002 and amended Rules 13a-14 and 15d-14 of the Securities Exchange Actof 1934, which require that the wording of such certification must appearexactly as set forth by the Rules. GP3 Asset Acquisition, LLC is a single memberlimited liability company, the sole member of which is a limited liabilitycompany of which Patrick L. Beach is the sole and managing member. As a result,neither the Partnership or GP3 Asset Acquisition, LLC has a board of directorsor audit committee and Patrick L. Beach is the only certifying officer and isultimately responsible for establishing and maintaining the small businessissuer’s disclosure controls.