Here we go again. The Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2021, commonly referred to as H.R. 935, is back in a new form after having been rejected by Congress on multiple occasions.
Having represented hundreds of small and medium-sized businesses in transactions, ranging from sales to purchases, we know from experience that H.R. 935 is a bad idea. It should again be rejected.
The legislation’s sponsors claim that the bill will help small businesses, but in fact it would do exactly the opposite by unleashing a wave of untrained, unlicensed and unsupervised financial middlemen on unsuspecting small business owners. It does not have to be this way.
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