M&A Brokers – What About George Babbitt?

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Yesterday’s post mentioned a California broker-dealer exemption for mergers and acquisitions specialists – Rule 260.204.5.  One astute and observant reader pointed out that California’s Real Estate Law may also be an issue.  This is an issue that I raised three years ago:

That law defines a “real estate broker” as any person who sells or offers to sell, buys or offers to buy, solicits prospective sellers or puchasers of, solicits or obtains listings of, or negotiates the purchase, sale or exchange of real property or a business opportunity. Cal. Bus. & Prof. Code § 10131(a).  A “business opportunity” is defined in the Real Estate Law to include the sale or lease of the business and goodwill of an existing business enterprise or opportunity.  Cal. Bus. & Prof. Code § 10030.

See Mergers and Acquisition Specialists (August 12, 2010).