On August 16th, the leading, national professional associations representing business brokers and M&A advisors issued a joint letter urging Congressional leaders to include the language of HR 477 in the final draft of HR 6147, the 2019 Financial Services & General Government (FSGG) Appropriations Bill.
As expected, the House version of this bill includes the language of HR 477, The Small Business Mergers, Acquisitions, Sales and Brokerage Simplification Act; the Senate version does not. HR 6147 is considered "must pass" legislation, because it provides the funding necessary to keep various federal agencies open and running past September 30th. As expected, the House version of this bill includes the language of HR 477, The Small Business Mergers, Acquisitions, Sales and Brokerage Simplification Act; the Senate version does not.
Now is the time to let your US Representative and your US Senators hear from you again that the language of HR 477 is important to you, and to buyers and sellers of privately held businesses in your state, and urgently needs to be included in the final version of the 2019 FSGG Appropriations Bill.
Passage of this small but important bill will codify the regulatory relief envisioned in the SEC M&A Broker No Action Letter, and will harmonize federal law with concurrent and ongoing changes in state securities laws.
In closing, I would be remiss not to ask you to consider making a meaningful financial contribution to the Campaign for Clarity. In the 12 years since its inception, the Campaign has incurred legal and lobbying expenses of ~$970,000 and raised ~$525,000 in cash and ~$260,000 in pledges, primarily from voluntary contributions from individuals and firms like yours who recognize this is a rice bowl issue for our entire profession, as well as for the owners of privately held businesses whom we assist.
The not-for-profit, Business Intermediaries Education Foundation (BIEF) has taken the lead role in raising funds for this and other issues that concern the entire profession. While cash, check and credit card contributions are greatly appreciated, you may be more comfortable contributing something now, and pledging to contribute more in the future, perhaps tied to your next big closing.
- Click here for a BIEF Contribution /Pledge Card
- Click here for an up-to-date list of BIEF Leadership Contributors (As of 8.5.18)
As ever, please don't hesitate to call/contact me, or one of my co-chairs, Jim Cornell (President, Praxiis Business Advisors, 716.675.6001 x223, firstname.lastname@example.org), or John Johnson (President, IBG /BluestemUSA, (918) 749-6016, JJohnson@bluestemusa.com), or Linda Purcell (Founder, Purcell Associates, LLC, (847) 358-9404, email@example.com), if you have any questions.
Mike Ertel, BSEE, MSIA, CBI, M&AMI, CM&AA
Co-Chair, Campaign for Clarity
Managing Director, Broker
Transworld M&A Advisors
400 Carillon Parkway, Suite 110
Saint Petersburg, FL 33716
O: (888) 864-6610
C: (813) 299-7862
Securities transactions conducted through StillPoint Capital LLC, Tampa, FL. Member FINRA/SIPC
Click here to read the complete text of Title IX, Subtitle C of the 2019 Financial Services and General Government (FSGG) Appropriations Bill