Small Business Mergers and Acquisition Sales and Brokerage Simplification Act Just Passed
The Deal Board · Andy Cagnetta & Jessica Fialkovich
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Show Notes
Andy and Jessica welcome you to another episode of The Deal Board Podcast. Today, they share the amazing news they got before the end of 2022 in the Business Brokerage Intermediary world. They have been working for the last 16 years to pass a law to prove the role of brokers and intermediaries in M&A transactions, called the Small Business Mergers and Acquisition Sales and Brokerage Simplification Act, and it has finally happened. In this episode, Andy and Jessica are approaching this matter with two experts, Mike Ertel and Shane Hansen, who are talking about how this law impacts small business owners and the business community at large.
Listings of the week:
- Chip Redmond (Central Florida) sells an embroidery shop, a really cool starter business. The listing price was originally $175,000, but now it is $140,000, and there is $90,000 in equipment. This one is a great business to grow! Contact Chip at [email protected] or
call (321) 299-6867.
- Matt Nicoletti (Central Florida) is selling a Wine Bar retail store with a really lovely location on the beach, it has $151,000 in inventory, listed at $240,000. Email Matt at [email protected] or call (860) 882-7228.
Key takeaways:
[4:15] Listing of the week: Chip Redmond (Central Florida) sells an embroidery shop, a really cool starter business. The listing price was originally $175,000, but now it is $140,000, and there is $90,000 in equipment. This one is a great business to grow!
[6:11] Mike Ertel and Shane Hansen briefly introduce who they are and what they do.
[8:06] Mike gives a little background on how they started to try to change the law.
[15:10] Jessica shares the excitement of watching the whole process of 16 years that it took to pass this bill.
[16:01] Andy gives a special shoutout to Jeff Taylor, who passed away during the process; his help was invaluable for this bill to pass.
[18:44] Shane talks about the exception of self-executers.
[24:40] Shane talks about the cases when the transaction is not in cash and securities must be issued by the buyer to the seller.
[28:85] Andy and Shane talk about the reasons for disqualifications.
[34:01] Mike clarifies the clause stating that the broker cannot provide the financing.
[35:34] Shane explains why much work still needs to be done.
[39:15] Is it OK to start as a stock sale?
[42:38] Mike explains that the real estate law is unchanged by this bill.
[47:43] Andy talks about the fundraising to pay these bills (biefoundation.org).
[54:33] Deal of the week: Michael Shea (Florida) sold a deli in under a week for $110,000, both buyer and seller were frustrated before meeting each other, but by following the process proposed by the broker, they finally closed a deal in record time.
[57:05] Listing of the week: Matt Nicoletti (Central Florida) is selling a WIne Bar retail store with a really lovely location on the beach; it has $151,000 in inventory; listed at $240,000.
Mentioned in this Episode:
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Contact Chip Redmond at [email protected] or call (321) 299-6867.
Call Michael Shea at (321) 287-0349 or email [email protected].
Email Matt Nicoletti at [email protected] or call (860) 882-7228
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