I am getting ready to start with a Business Brokerage/M&A firm in the Fall and I will be practicing under a real estate license; however I want to work my way up to doing bigger transactions that are outside of my state(meaning I wouldn't be able to practice under my RE license since its outside the scope of my license). How is it that M&A firms can do national deals and not be licensed as a RE agent in every state that they practice? I would like to not be limited to deals only in my state, but I want to know what licenses I will need to just do M&A transactions without practicing under a real estate license? Is it because its a difference between an Asset sale and a Equity sale... Please help explain if you know why and how I would be able to do this. thanks!!
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I don't understand the question, please provide more information
Can I be your first client? I have about 40,000 cubic feet of airspace I gotta move fast.
I assume you're working for a small business broker so you'll only be doing local deals. If you want to do out-of-state deals while working for your current company, just don't include the real estate in the deal or find a real estate agent in that state to consult/cosign. I believe this concerns your OP, if not, you've confused me.
Volstreeter, that is exactly what I am talking about. I am new to this world and I am just trying to figure out why MM and Boutique advisors aren't RE licensed, but I guess you are saying that they consult for the RE portion of the Business. I definitely want to start out doing the small deals to gain exposure to the industry and try to branch out and more bigger/cross state transaction in the future.
No. They aren't RE licensed because they aren't selling real estate. They are selling companies. Sometimes the RE is included in the sale, sometimes it is not. But, there is minimal marketing of RE in M&A transactions. People are interested in the company and its operations.
I'm confused as to what YOU will be doing. Are you simply selling real estate as a broker? M&A firms are licensed by FINRA.
I think OP is acting as a broker for small businesses. E.g. a guy owns 3 carwashes and wants to retire. He goes to a business broker who then finds a buyer. Basically super small M&A, which apparently can be done in state with a RE license. I believe OP could still do M&A advisory without getting licenses as long as he isn't affiliated with a B-D and isn't marketing securities, but do not hold me to this.
peinvestor2012, as duffmt6 said.. I would essentially be doing "Main Street" M&A advisory-- for local businesses (Carwashes,Restraunts,Medical Practice,Convenient Stores/Gas Stations, etc.). I am trying to see what all I would needed to do to eventually "move up" to the bigger deal one day and enter the MM M&A industry. What specific licenses would I need to possess to work on the bigger deas?? I've been reading up and I noticed that there are many MM firms that are not registered under FINRA and that is what was causing confusion for me as to how they are able to operate with no FINRA Licenses..
What MM IB firms are not registered? I don't know of any that don't have a B/D behind them. Look at Blair, Lincoln, Baird, Piper, Lazard MM, Harris Williams, GH&F, etc. they all have licensing in place. It makes no sense not to. If we knew that we were pitching against an unregistered firm, we would have a field day.
You cannot move from a business broker to MM IB firms. Business brokers don't provide any advice, have no financial skills and work with simple transactions.
If MM IB is what you want to do, you would be much better off at a boutique to start.
I don't think he necessarily specified working at a large MM firm like you suggested. Simply, he wants to do more traditional M&A work in his current capacity. There are hundreds of small M&A advisory boutiques out there (anywhere from 1-5 people) and I'm pretty sure the majority of them aren't registered. They all still classify themselves as "middle market" and are generally industry or region specific. They don't participate in bake offs - their clients are all based on relationships and industry contacts. It's a completely different world from what you are thinking of.
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