Breaking News: IBBA and M&A Source Efforts Lead To A Passage of H.R. 2274 By House

January 16, 2014 by Diane Loupe Broker professional standards, Uncategorized 0 comments

Breaking News: IBBA and M&A Source Efforts Lead To A Passage of H.R. 2274 By House

The joint industry coalition of professional associations and professionals took a critical step forward yesterday. As partners in this effort, the IBBA and M&A Source, side by side with AM&AA and regional associations, have worked diligently to help create this opportunity for our profession, our customers and clients. It is a critical time to act!

Situation: The US House of Representatives passed H.R.2274 on Tuesday, January 14, 2014. A companion bill to H.R. 2274 was immediately introduced to the Senate as S.1923 with bi-partisan sponsors. Senator Joe Manchin, III, (D WV) and Senator David Vitter (R LA) have co-sponsored S.1923.

Business sellers and buyers commonly rely upon the professional services ofmerger and acquisition (M&A) intermediaries, advisors, and business brokers (M&A brokers) to help them sell or buy a business. H.R.2274 is a bipartisan bill introdcued on June 6, 2013, in the U.S. House of Representatives to clarify, simplify, and reduce reduce regulatory costs associated with the purchase

and sale of smaller privately held companies. Following two sub-committee hearings, H.R. 2274 was unanimously recommended (57-0) by the U.S. House Financial Services Committee

on November 14, 2013.

The bill is now before the full U.S. House of Representatives for consideration and action.

Immediate Request: Please contact your Senator’s office immediately by phone and email to ask them to vote to pass S.1923. Please consider calling on your support staff, associated brokers, family or others in your network to do the same.

After you make those contacts, please also:

Follow the progress (one way is at GovTrack.us)

Watch for follow up communications as to how you can help move this to passage into law!
If you are not aware of what this bill does for our profession and the business community we serve, see the attached summary of the H.R. 2774 bill, wording of the bill, and a news article. This has been an expensive undertaking and has further to go. Please help share the burden and respond with financial help using the attached card.

We are nearing the finish line, but work still needs to get done. We need your support both on the ground and in the pocket. Please consider pledging to the campaign. We have spent around $330,000 and got farther than most people ever get when trying to get a bill passed by Congress. We owe our advisors and lobbyists an additional $310,000. More expenses will be incurred getting this bill into law. The end result if passed: you will be free to practice our profession without fear of or uncertainty regarding federal sanctions. Help us to help you!

Sincerely,

Dora Lanza & Steve Wain
2014 M&A Source and IBBA Chairs