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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 a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3.        Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of
the small business issuer as of, and for, the periods presented in this report;

4.        The small business issuers other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
small business issuer and have:

(a)         Designed such disclosure controls and procedures, or caused such disclosure control and
procedures to be designed under our supervision, to ensure that material information relating to the small
business issuer, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

(b)         Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;

(c)         Evaluated the effectiveness of the small business issuers disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

(d)         Disclosed in this report any change in the small business issuers internal control over
financial reporting that occurred during the small business issuers most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the small business issuers internal control
over financial reporting;

5.        The small business issuers other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the small business issuers auditors and the audit
committee of small business issuers board of directors (or persons performing the equivalent function):

(a)         All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely 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 other employees who have a
significant role in the small business issuers internal control over financial reporting.

|      |  |                                                        | 
|----- |  | ------------------------------------------------------ | 
|Date: |  | August 14, 2003                                       
|      |  |                                                        | 
|By:   |  | /s/ Patrick L. Beach                                  
|      |  | Patrick L. Beach
President, GP3 Asset Acquisition, LLC

The foregoing certification is as required by Section 302(a) of the Sarbanes-Oxley Act of 2002 and amended
Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934, which state that the wording of such certification
may not be changed in any respect, even if such change would appear inconsequential in nature. GP3 Asset
Acquisition, LLC is a single member limited liability company, the sole member of which is a limited liability
company 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 directors or audit committee and Patrick L. Beach is only certifying
officer and is ultimately responsible for establishing and maintaining the registrants disclosure controls.