At VR Business Brokers servicing the Triangle, we follow the mission of our parent company VR Business Brokers. Additionally, as a member of the IBBA, we follow the IBBA Code of Ethics:
Article 1: Business Brokers should avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to properties and business transactions; however, nothing herein shall be construed to obligate Business Brokers to discover latent defects, to advise on matters outside the scope of their expertise, or to disclose facts which are confidential under the scope of agency duties owed to their clients.
Article 2: Business Brokers should make a reasonable effort to protect the public and all parties in a transaction against fraud, misrepresentation, or unethical practices in the area of business opportunity transactions.
Article 3: Business Brokers should not discourage or prevent customers and clients from seeking the services of attorneys, accountants, or other professional advisors.
Article 4: Business Brokers should keep in a special bank account, separated from their own funds, monies coming into their possessions in trust for other persons.
Article 5: Business Brokers should obtain terms and conditions of agreements in writing regarding business opportunity transactions and ensure that copies of such agreements are given to all parties involved.
Article 6: Business Brokers, in accepting employment as agents, should pledge to protect and promote the interests of their clients. This obligation of absolute loyalty and honesty to the client’s interest is primary, but it does not relieve Business Brokers from the obligation of dealing fairly with all parties to business opportunity transactions.
Article 7: Business Brokers accepting compensation from more than one party should make disclosure to the principals of the transaction.
Article 8: Business Brokers serving as both an agent and principal should disclose the dual agency relationship to the principals of the transaction.
Article 9: Business Brokers having a present or contemplated interest concerning a business property or its value should disclose such interest to the principals of the transaction.
Article 10: Business Brokers, acting as an agent, accepting any commission, rebate, or profit due to expenditures made on behalf of the principal should disclosure and obtain consent from the principal.
Article 11: Business Brokers undertaking to provide specialized services concerning a type of property or a service outside their field of competence should disclose such facts, or engage the assistance of one who is competent on such types of property or service. Any persons engaged to provide such assistance should be so identified to the client and their contribution to the assignment should be set forth.
Article 12: Business Brokers should only advertise business opportunities as being for sale when they have written authority. All offerings or promotions of business opportunities should reflect the terms consistent with those in writing with the client.
Article 13: All written offers will be submitted to the client unless otherwise directed by the client.
Article 14: Business Brokers will not engage in the practice of disclosing the terms of one buyer’s offer to another buyer.
Article 15: Business Brokers shall not deny equal access of professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. Business Brokers shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin.