Avoid conflict-of-interest by not engaging in dual agency, without disclosure to the parties to a transaction. (i.e. serving any party whose interest may be opposed to that of a client, such as helping a business buyer and seller at the same time.)
Do not disrupt deals, but do ask reasonable questions for thorough due diligence.
Do not recommend or employ business appraisers who under- or over-value businesses. A reasonable range of value is sought.
Do not steer a business buyer or seller away from seeking counsel from competent specialty advisors. (i.e., legal, accounting, finance, valuation.)
Do not accept remuneration from others with respect to the client without the client’s permission to do so.
Do not seek or take benefit from inside information that may become known to the advisor during the course of advising the client without the client’s advance written permission.
Do not use or serve clients with proprietary information obtained from any source without the owner’s advance written consent.
Acknowledge the obligation for non-advocacy, according to the Standards of Appraisal promulgated by The Institute of Business appraisers, when recommending or employing a business appraiser.
Promptly inform clients of any special relationship, circumstance or interest that might influence or appear to influence the advisors’ counsel, objectivity or judgment.
Think and act independently, to best serve clients.
Comply with and encourage clients to comply with laws, regulations and sound business practices in the conduct of business.