IBBA Insights Summer 2025

John Zayac, BIEF Chairperson shared, “Mike’s

contributions to the industry were extensive, and

he was the energy and grease behind Business

Intermediary Education Foundation (BIEF)…Mike did

90% of all the work on this project and never gave up...

yes, we worked a team but Mike worked tirelessly to

get this done for the industry even though he has a

security license…it was the right thing to do.”

A FEDERAL WIN—AND WORK STILL AHEAD

With the federal law now in place, the industry

has turned its focus to the next phase: working

with individual states to align their regulations

and create a consistent national standard. The

Business Intermediary Education Fund (BIEF) and

its partners continue to engage with state legislators

and regulators to advocate for adoption of state-level

exemptions that mirror the federal framework. This

coordinated effort will help eliminate remaining

regulatory inconsistencies and further legitimize

business brokerage as a critical part of the small

business economy.

A LASTING LEGACY

The Broker Simplification Act is more than a policy

change—it is a reflection of Mike Ertel’s vision and

determination. It stands as a tribute to his belief in the

profession and his desire to see brokers empowered

to serve small business owners without unnecessary

regulatory barriers.

The IBBA and the entire business brokerage

community honor Mike’s legacy with immense

gratitude. His impact will be felt for generations, and

the path he forged continues to guide the work ahead.

For the most recent updates and resources, please refer

to the following:

• Latest PowerPoint Slides

• Recorded Webinar