Michigan Business Broker Association Code of Ethics
MICHIGAN BUSINESS BROKERS ASSOCIATION
CODE OF ETHICS
AS ADOPTED JULY 7, 1987
REAFFIRMED FEBRUARY 1, 2022
► ARTICLE 1
The MBBA MEMBER shall keep themselves informed on pertinent matters affecting the
businesscommunity, proposed legislation, government regulations, public policies, and
current market conditions in order to be in a position to advise their clients properly and
contribute responsibly to client and public awareness.
► ARTICLE 2
The MBBA MEMBER has the duty in their dealings and transactions to protect their
clients and the public against fraud, misrepresentation, and unethical practices, and
shall endeavor to eliminate them.
► ARTICLE 3
In the best interest of the public, MBBA MEMBERS shall share with other MBBA
MEMBERS the lessons of their experience in the business brokerage profession.
► ARTICLE 4
To the extent the MBBA MEMBER can do so without violating a fiduciary obligation,
they shall share with any other MBBA MEMBER who requests information regarding
any Buyers, Sellers, or businesses of which they have knowledge. The MBBA
MEMBER receiving such information shall keep said information in the strictest
confidence.
► ARTICLE 5
MBBA MEMBERS acknowledge that all information provided by other members
contains certain confidential and proprietary information. It is not to be duplicated or
otherwise disclosed to anyone without specific authorization of the disclosing MBBA
MEMBER.
► ARTICLE 6
All MBBA MEMBERS shall recognize that their membership is by invitation only and
exclusively to them individually and shall advocate membership in the Michigan
Business Brokers Association to all other agents or brokers in their firm that are
involved in the listing and selling of businesses. And they shall not otherwise take
advantage of the benefits of membership, without actually joining.
► ARTICLE 7
The MBBA MEMBER shall not deny equal professional services to any person for
reasons of race, color, national origin, age, sex, marital status, or handicap and will deal
fairly and honestly with all parties to any transaction.
► ARTICLE 8
The MBBA MEMBER shall not undertake to provide professional services concerning a
business or its value where they have a present or contemplated interest unless such
interest is specifically disclosed to all affected parties.
► ARTICLE 9
In the event of a controversy between MBBA MEMBERS arising out of their relationship
as members, the MBBA MEMBERS shall submit the dispute to the Chapter Board of
Directors which shall convene a Professional Ethics Committee for arbitration which
shall be binding.
► ARTICLE 10
If an MBBA MEMBER is charged with unethical practice or is asked to present evidence
in any proceeding or investigation they shall place all pertinent facts before the Board of
Directors or the Professional Ethics Committee.
► ARTICLE 11
The MBBA MEMBER shall not, unless so licensed and/or qualified, engage in giving
legal nor tax advice, and shall recommend that legal and tax counsel be obtained
regarding any transaction.
► ARTICLE 12
The MBBA MEMBER shall neither publicly or privately disparage the business practices
of any other member nor volunteer an opinion of their transactions. However, if their
opinion is sought and if the MBBA MEMBER deems it appropriate to respond, such
opinion shall be professionally and courteously rendered.
► ARTICLE 13
Where the word MBBA MEMBER, or MEMBERS is used in this Code of Ethics, it shall
be deemed to include all MBBA MEMBERS, anyone under the member’s employ, and
all his/her agents and affiliates.
