Code of Ethics
Cambridge Business Brokers Inc.
We adhere to the following Code of Ethics, which assures the highest level of professional conduct and protection to our clients. We adhere to the ethical principles(s) of business, and believe that the investment, risk and effort required building a profitable CPA firm, EA firm, accounting practice, bookkeeping practice or tax practice, deserves a fair evaluation and a straightforward professional and honest presentation to both seller and buyer.
ARTICLE I: The Broker shall keep informed as to trends affecting CPA firm sales, EA firm sales, accounting practice sales, bookkeeping practice sales, tax practice sales, and trends affecting the purchase sale and merger of all accounting-related businesses.
ARTICLE II: The Broker shall have a responsibility to recommend that clients use attorneys for independent advice on transactions.
ARTICLE III: The Broker should keep in a special and separate bank account moneys coming into the Brokers possession in trust for other persons.
ARTICLE IV: The Broker, for the protection of all parties with whom he/she deals, should see that obligations and commitments regarding business opportunity transactions, are in writing, expressing the exact agreement of the parties. The Broker should also see that copies of such agreements are placed in the hands of all parties involved.
ARTICLE V: The Broker, in accepting employment as an agent pledges to protect and promote the interests of the client. The obligation to absolute loyalty and honesty to the client's interest is primary, but it does not relieve the Broker from the obligation of dealing fairly with all parties to the transaction.
ARTICLE VI: Since the Broker is representing one or another party to a transaction, compensation should not be accepted from more than one party without the full knowledge of all parties to the transaction.
ARTICLE VII: The Broker shall not serve as both paid principal and also a paid consultant on a transaction unless a full disclosure is made in writing to all principals involved.
ARTICLE VIII: To prevent dissension and misunderstanding and to assure better service to the owner, the Broker should urge the exclusive listing of the business opportunity unless contrary to the best interest of the owner.
ARTICLE IX: The Broker, when acting as an agent in the management of a business, should not accept any commission, rebate, or profit on expenditures made for an owner, without the owner's knowledge and consent.
ARTICLE X: The Broker, when making a formal opinion of value/other of a business opportunity, should not render an opinion without careful and thorough analysis and interpretation of all market and economic factors affecting the value of the business. The broker shall not attempt to obtain a listing by misrepresenting the Fair Market Value of the business opportunity.
ARTICLE XI: The Broker should not undertake to make an opinion of value/other on any purchase sale or merger when he/she has a present or contemplated interest, unless such interest is specifically disclosed.
ARTICLE XII: The Broker should not submit or advertise businesses without authority, in any offerings, the price quoted should not be other than that agreed upon with the owner/s as the offering price. A Broker specializing in accounting practice sales should always have written authorization to sell the said business, as the case may be from the prospective seller. Said writing shall include the term of the agreement, and compensation to be paid the Broker.
ARTICLE XIII: All bona fide written offers will be submitted to the seller. The decision to accept or to reject an offer remains with the seller at all times.
ARTICLE XIV: The Broker should conduct his/her business to avoid controversies with fellow Brokers, including but not limited to fellow brokers offering CPA, EA, or Tax/Payroll preparation businesses for sale. The Broker should cooperate with the Association and its officers in all matters, including investigation, censure, discipline, or dismissal of members who, by their conduct, prejudice their PROFESSIONAL status or the reputation of the Association. When or if the Broker is charged with unethical practices, he/she should place all pertinent facts before the Membership Committee of this Association for investigation and decision.
ARTICLE XV: In the best interest of the Association, society, and associates, the Broker should be loyal to his community and active in its work.
ARTICLE XVI: The Broker shall not deny equal professional services to any person for reasons including but not limited to, race, creed, religion, sex, handicap, familiar status, or country of national origin. The Broker shall not be a party to any plan or agreement to discriminate against a person or persons.
ARTICLE XVII: The Broker shall not engage in any practice or take any action inconsistent with the agency or condition of the listing agreement.
ARTICLE XVIII: In the sale of a business opportunity, the Broker shall use the services of other brokers under mutually agreed upon terms, only when it is in the best interests of their client.
ARTICLE XIX: The Broker shall not publicly disparage the business practice of a competitor. If opinion is sought and if the Broker deems it appropriate to respond, such opinion shall be rendered with strict professional integrity and courtesy.
ARTICLE XX: Negotiations concerning business opportunity sales, shall only be carried on with the listing Broker.
ARTICLE XXI: The broker should refrain from exaggeration, misrepresentation or concealment of pertinent facts related to sale of the business opportunity.