The Code of Ethics was enacted by the Board of Directors of The
Institute of Certified Business Counselors, and is a part of the by-laws. The
code is for use by all members of The Institute as a means of establishing a
uniform standard of conduct for Certified Business Counselors. Additions may be
made to the Code from time to time by the Board of Directors so long as any new
provisions are consistent with the existing Code.
All members shall adhere to these ethical principles of conduct and
the belief that the investment, risk and effort required to build a profitable
business or enterprise mandates fair representation, realistic counseling, and
competent professional presentation.
All members of CBC shall be professionally qualified in their
respective individual disciplines, including business acquisitions and sales,
consulting, accounting, appraising and legal counseling; and meet certification
requirements established by the Board of Directors.
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ARTICLE ONE: The Counselor shall keep informed as to trends
affecting business, especially in the privately held sector.
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ARTICLE TWO: The Counselor shall make all reasonable efforts
to protect the public and all parties to a transaction against fraud,
misrepresentation or unethical practices in their discipline.
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ARTICLE THREE: The Counselor, when accepting an engagement,
pledges to protect and promote the interest of the client. This obligation of
absolute loyalty and honesty to clients' interest is primary but does not
relieve the Counselor from the obligation to deal fairly with all parties to a
transaction
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ARTICLE FOUR: The Counselor shall not deny equal
professional services to any person for reason of race, creed, sex or country
of national origin. The Counselor shall not discriminate against any person or
persons on the basis of race, creed, sex or country of national origin.
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ARTICLE FIVE: The Counselor shall not accept: compensation
from more than one party to a transaction without the full knowledge of, and
written disclosure to all parties to the transaction.
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ARTICLE SIX: The Counselor shall not: serve as both
principal and consultant on any transaction unless full disclosure is made are
in writing to all parties involved.
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ARTICLE SEVEN: The Counselor, when acting as an agent for
any a client shall not accept: any fee, commission, rebate or profit any a
client shall not accept: any fee, commission, rebate or profit on expenditures
made on behalf of the client, without the client's knowledge and advance
written consent.
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ARTICLE EIGHT: The Counselor shall conduct all business in a
manner to avoid controversies with fellow Counselors. The Counselor shall
cooperate with the Institute and its officers in all matters, including
investigations, censure, discipline, or dismissal of any Counselors who, by
their action or inaction, prejudice their professional status or the reputation
of The Institute. When or if a Counselor is charged with unethical practices,
all pertinent facts shall be placed before the Grievance Committee of CBC for
investigation and appropriate action.
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ARTICLE NINE: The Counselor shall also abide by the ethics
of their respective individual disciplines.
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ARTICLE TEN: The Counselor shall not accept an engagement
which is outside or beyond the scope of The Counselor's experience without the
assistance of a qualified authority in such matters, unless the extent or lack
of experience of the Counselor is fully disclosed to the client.
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ARTICLE ELEVEN: The Counselor, when making a formal
appraisal 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.
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ARTICLE TWELVE: The Counselor shall not undertake to make an
appraisal or render an opinion of value on any business if the Counselor has a
present or contemplated interest in said business unless that interest is
disclosed in writing to all parties.
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ARTICLE THIRTEEN: The Counselor shall have a responsibility
to recommend that clients have competent accounting and legal advice.
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ARTICLE FOURTEEN: The Counselor shall keep a special trust
account, separate from their own funds, for any funds held in trust for others.
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ARTICLE FIFTEEN: The Counselor shall see that all agreements
are in writing and that copies are provided to all parties for their
protection.
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ARTICLE SIXTEEN: The Counselor shall not disclose
confidential information without advance written approval of the client.
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ARTICLE SEVENTEEN: The Counselor shall not seek an unfair
advantage over fellow Counselors and shall willingly share with them the
benefits of their knowledge and experience.
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ARTICLE EIGHTEEN: The Counselor shall not advertise on
behalf of a third party without authorization.
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ARTICLE NINETEEN: The Counselor shall cooperate with other
Counselors whenever authorized by the client. All agreements with other
Counselors shall be in writing and in accordance with applicable regulatory
authorities and shall provide for prompt payment of respective shares of fees
upon receipt.