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Getting Started:
Achieving your Certified Business Intermediary (CBI) will place you head and shoulders above your peers in the brokerage community. While it does require some time and a lot of hard work, having your CBI will indicate to your potential clients that you are an educated, invested, and dedicated professional within your field.
Here’s what you will need to do:
1. Gain 68 Credit Hours of IBBA/ M&A Source Courses:
a. Required Courses are: 101, 501, 104, 210, 220, and 221 (this accumulates to 52 Hours).
b. 16 Credit Hours in any Elective Courses.
2. Be a member in good standing.
3. Attend at least one IBBA Conference.
4. Have three years of business brokerage experience (college degree can satisfy two years, and working towards the CBI can count as your third year).
5. Fill out your CBI Application.
6. Pass the CBI Exam (offered at the IBBA conferences twice a year).
The cost of receiving your CBI varies, yet with dues, courses, travel, etc., we find that the average price is roughly $5,000.
For more comprehensive information on completing your CBI, please see below. Recertifying:
After obtaining your CBI, you will certainly understand how beneficial it has been to your business, and you will want to renew your certification within the allotted 3 years. Recertifying also takes some time and effort, but follows a different protocol.
Here’s what you will need to do:
1. Attend at least one IBBA conference.
2. Earn 48 Credit Hours within the 3 year period:
a. At least 24 or 48 credit hours must be garnered in Educational Experience.
b. Additional credit hours can be obtained through Association Activities or Business Transactions.
For more comprehensive information on recertifying your CBI, please see below.
Becoming a Certified Business Intermediary (CBI) is the best thing you can do for your business broker career. This certification is highly regarded within the broker community and by business professionals worldwide. Don't miss out on your opportunity to take advantage of the IBBA and the CBI to increase your value as a business broker.
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I. Requirements Effective January 1, 2011
A. Membership in good standing with the IBBA.
1. Join the IBBA
B. The applicant must remit the CBI Application and Fee to Headquarters. After the application is accepted by the IBBA, the applicant will have 5 years to complete all requirements for the CBI designation.
1. Apply Online.
2. Download the CBI Application.
To download the CBI Application you need Adobe Acrobat.
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3. A minimum of three years full-time business brokerage experience within the prior ten years, and must be actively involved in the deal-making process, or management of the process. A college degree or related work experience may be submitted with the request that it be accepted as an equivalent for up to two of the three years of business brokerage experience.
4. CBI Applicants must attend at least one IBBA Conference for Professional Development (Friday/Saturday) before they can receive the CBI designation.
C. Each CBI candidate must pledge to uphold the Association's high Code of Ethics.
D. A candidate must successfully complete a total of 68 credits of Association courses, including passing each course examination with a score of at least 70%.
1. There are 52 required credits - Course 101* or 301 for 8 hours, Course 104 or 304 for 8 hours, Course 210 for 16 hours, Course 220 for 8 hours, Course 221 for 8 hours and Course 501 for 4 hours. These courses are mandatory as their subject matter involves activities in which every business broker, regardless of geographic location or business type specialization, is engaged: ethics, financial analysis, pricing/valuation, and legal and tax implications.
2. The remaining 16 credits are elective. The candidate may select any of the remaining courses to complete the requirements.
E. Once all requirements are met, the candidate must apply to headquarters to take the comprehensive CBI examination. A minimum score of 70% must be obtained on the exam. Any candidate failing an Association course exam or the comprehensive examination may study independently and retest. Exam retests may be taken by applying to headquarters. Exams will only be offered at scheduled times.
F. Applicant for admission agrees his/her status as a candidate may not be included in any promotional materials, statement of qualifications, etc.
* Affiliate introduction course (i.e. CABB 101) may be accepted in place of the required IBBA Course 101 for CBI certification credit. The Credentialing Committee will review the course submitted by each Affiliate to determine if the course qualifies as a suitable replacement for IBBA Course 101. If approved, any CBI candidate may choose to replace IBBA Course 101 with their Affiliate's course. Each candidate will be required to purchase the IBBA Course 101 book for $50 and to sign a disclosure statement. There may be questions related to IBBA Course 101 on the CBI Exam. It is the candidate's responsibility to be prepared to answer the questions on the CBI Exam.
II. Resignation/Revocation
A. The candidacy or CBI designation of any member may be terminated by his/her resignation in writing to the Association's headquarters or by revocation by the Association's Board of Directors following a recommendation of revocation by the Credentialing Committee upon the occurrence of one or more of the following events:
1. Failure to pay any amounts due the Association.
2. Failure to complete the requirements for the designation within five (5) years of application for admission to the CBI program or the recertification of the designation in the three (3) year re-certification period.
3. Violation of the Association's bylaws and/or rules and regulations, or Code of Ethics.
4. Loss of good standing membership in the Association.
5. Misrepresentation, either intentional or otherwise, of experience or other qualifications.
6. The rendering of a guilty verdict by a Trier of fact of proper jurisdiction (court or arbitration) for charges which, in the opinion of the Association's Board of Directors, reasonably establish the CBI's noncompliance with those standards required by the International Business Brokers Association.
III. Forfeiture
Any CBI whose designation is terminated shall immediately return his/her CBI certificate and any other similar items (pins, plaques, etc.). In addition, his/her store of stationery and other renderings mentioning the CBI designation must be immediately destroyed. And, lastly, it is specifically understood that the member or former member may not verbally or in print make reference to "former CBI," "past CBI," or the like.
IV. Invalidation of Credits
Termination for any reason shall automatically invalidate all credits toward the designation or recertification that have previously or provisionally been awarded by the CBI designation Credentialing Committee.
V. Reinstatement of CBI Designation
Any member whose designation has been terminated/revoked by resignation or for any reason other than one of a disciplinary character may be reinstated in good standing by a majority vote of the Credentialing Committee, provided:
A. The applicant remits a CBI Extension form to the Credentialing Committee.
1. If the applicant was in arrears on the date the membership was terminated a deposit covering all annual dues or other indebtedness to the Association must be included.
2. The applicant for reinstatement has been approved by the committee. A reinstatement fee may be recommended by the Credentialing Committee.
B. The applicant for reinstatement has met all continuing education and recertification requirements under which he/she would have been affected if it had not been for the period of termination.
1. If the period of termination exceeds 12 months, the applicant is ineligible for reinstatement and must follow the CBI reinstatement guidelines in letter C below.
2. If the application is made within the 12-month period, and is granted by the Credentialing Committee, the applicant may continue to use the CBI designation.
3. If reinstated by the Credentialing Committee the CBI's next recertification date shall be at the end of the 3rd year from the date the committee made such reinstatement decision.
C. The following CBI reinstatement guidelines are for any individual who has let his/her CBI lapse past the one year extension:
If the applicant maintained their IBBA membership:
The applicant must submit a CBI reinstatement application and associated fee. The applicant will have a 3 year window to complete the CBI Recertification process. The time period can be from 3 years prior to receipt of the reinstatement application, 3 years after receipt of the reinstatement application, or any combination of years prior and after as long as the total number of years is not greater than 3. The applicant may not use the CBI designation until the recertification process is completed.
If the applicant did not maintain their IBBA membership:
The applicant must rejoin the IBBA and pay the appropriate dues. The applicant must submit a CBI reinstatement application and the associated fee. The applicant must complete the CBI recertification process within 3 years of submitting the CBI reinstatement application. The applicant may not use the CBI designation until the recertification process is completed.
*For Lifetime CBI issues the new CBI attain date will be used.*
VI. Reinstatement of Candidacy
In the event a member whose candidacy has been terminated applies for reinstatement, his/her credits invalidated by prior termination of candidacy shall not automatically be restored by reinstatement of candidate status but shall be reviewed by the Credentialing Committee with power to restore or decline all or part of such credits.
VII. Identification
Individuals awarded the CBI designation shall receive a CBI plaque and a certificate from the IBBA. The member may also include the designation by the initials "CBI" or the words "Certified Business Intermediary" on his business cards, seals, brochures, letterhead, and other promotional materials.
VIII. Recertification Requirements
A. Each CBI shall be required to participate in continuing professional development activities as are appropriate to the nature of our profession. Such activities and the extent to which they are required will be established by the Credentialing Committee.
B. Effective January 1, 2011, each CBI must complete the recertification requirements by December 31st following the third (3rd) anniversary of the award, and each three (3) years thereafter.
1. Attend at least one IBBA conference.
2. Earn a minimum of 48 additional credits including at least 24 credits from the following Educational Experiences.
a) Educational Experiences:
(1) Speaker, workshop instructor, or panel moderator at an IBBA conference (excludes panelists) [5 credits]
(2) Attendance at each additional IBBA conference (after requirements are met) [15 credits]
(3) Attendance at an IBBA Chapter conference (credits to be determined on a case by case basis).
(4) Attendance at M&A Source Conference [10 credits]
(5) Additional IBBA and M&A Source sponsored Educational Opportunities successfully completed or taught [course credits / Instructors will receive 1.5 x course credits]
(6) Effective August 31, 2009, outside education courses [one (1) credit per course hour, ten (10) credits maximum].*
* Must be offered by American Bar Association, American Society of Appraisers, Institute of Business Appraisers, American Institute of Certified Public Accountants, the National Association of Realtors, International Franchise Association, NEBB Institute, or Exit Planning Institute. Courses from other Associations may be considered at the discretion of the Credentialing and Education Committees. In all cases the course must be related to the business brokerage profession. Verification of completion will be determined by course description and course verification certificate. The course must be a structured educational "course" (not a workshop or seminar) and must be at least 4 hours in duration. Please submit the "Outside Education Approval Form" for all requests.
(7) Lead Subject Matter Expert (SME) for IBBA University Course [4 credits per course hour; 4 hr course = 16 credits; 8 hr course = 32 credits]
(8) Contributing Subject Matter Expert (SME) for IBBA University Course [2 credits per course hour; 4 hr course = 8 credits; 8 hr course = 16 credits]
(9) Up to 16 unused Education Credits can be rolled over to the next certification period.
b) Additional Association Activities:
(1) IBBA Committee participation (5 credits per year). Committee's are selected and approved by the IBBA Board of Directors. Each term lasts one year, and credits earned through committee participation will be added to individual records at the end of the year.
(2) Officer or director of local IBBA affiliate or Chapter (5 credits per year). Please notify IBBA Headquarters if you serve as an office or director of a local IBBA Affiliate to receive credit.
(3) Officer or director of IBBA (10 credits per year).
(4) Contributor to IBBA News (5 credits per year).
(5) Submit to headquarters a published article that mentions the IBBA (5 credits per year)
c) Business Transactions:
(1) Submit to headquarters proof of a completed business transaction where you were the primary intermediary (10 credits per transaction). Please use the CBI Transaction Submittal Form.
IX. Additional Responsibilities of CBIs
A. Professional activities including, but not limited to, public speaking (excludes panelists), teaching, publication (other than in the Association journal) other professional designations or degrees, and other coursework are recognized by IBBA as evidence of professional commitment and standing in the business community. These efforts are expected of the CBI as part of his or her professional practice.
B. All CBIs should understand that notifying headquarters of activities for CEU credit lies solely with them. Appropriate proof of completion of each activity must be submitted to the Association's headquarters to earn credit.
X. Lifetime CBI and Lifetime CBI - Retired
A. Effective June 9, 2007, IBBA has adopted a "Lifetime CBI" status policy to be offered to any current holder of the CBI that has been a member of the IBBA for a minimum period of fifteen (15) years, held the designation for at least ten (10) years and who has attained the minimum age of seventy (70).
1. The Member will be required to maintain their membership status and pay the annual fees for maintenance of the CBI designation. There will be no other requirements for attendance and education.
2. If a designee should decide to apply for the Lifetime CBI status all reference to the letters "CBI" and the term "Certified Business Intermediary" must be removed from documentation and replaced with the term "Lifetime CBI".
Download Lifetime CBI Request Form
B. Effective June 9, 2009, IBBA has adopted a "Lifetime CBI - Retired" status policy to be offered to any Lifetime CBI member who is no longer an active business broker.
1. The Member will be required to submit an affidavit or other proof that they are no longer an active business broker.
2. The Member will be exempt from dues and maintenance fees and will be given the membership rate when attending an IBBA conference or education course.
3. If a designee should decide to apply for the Lifetime CBI - Retired status all reference to the letters"CBI" and term "Certified Business Intermediary" must be removed from documentation and replaced with the term "Lifetime CBI - Retired".
XI. Fellow of the IBBA - Award
A. Certain individuals already holding the CBI designation may also be considered by the Association's Board of Directors for the Fellow of the IBBA designation.
1. The criteria for consideration include:
a) Member of the association for 10 years or longer
b) CBI in good standing
c) Significant contribution to the association defined as any 2 of the following:
(1) At least one term on the Board of Directors
(2) Committee Chairperson (as defined by the Board of Directors)
(3) Presenter of at least 2 conference workshops
(4) Instructor of at least 2 IBBA educational courses, conference or affiliate meetings
(5) Content Expert in writing an IBBA educational course
(6) Has completed 2nd recertification of the CBI and is in at least the 7th year of being a CBI
2. Fellow of the IBBA is a lifetime award to be retained by the individual recipient.