CODE OF ETHICS
We believe long term business relationships are based on mutual trust and confidentiality. Our firm has implemented strict ethical guidelines and policies to uphold these virtues. Our Code of Ethics ensures that all transactions and negotiations conducted by FBS representatives remain in alignment with ethical standards and regulations.
1. General Responsibility
Our pledge is to place the interests of others above our own. We are obligated to act in a professional and responsible manor in all our dealings with clients, customers, employees, consultants, affiliates and the community. Moreover, integrity, honesty and trust lay at the foundation of our business relationships. All agents are at all times fully licensed with the OFT. Subsequently, brokers and agents are lawfully obligated to act in accordance with the PAMD Real Estate Act Code of Conduct Regulation 2001.
2. Obligation to Sellers
We work proficiently and diligently for our clients by upholding the principles of the fiduciary relationship. By acting as your representative, we are in a position of trust. We take this responsibility very seriously and ensure that we act ethically and judiciously on your behalf. Furthermore, when asking us for advice, we present this information objectively and ensure that it is supported by evidence from trusted industry sources. If the advice we offer has not been substantiated, we will endeavour to do so. Ultimately, irrespective of the information or recommendations we make, the informed decision always rests with the client. Additionally, privacy and confidentially are very important to us. Subsequently, we do provide your data to third parties unless lawfully obligated to. Furthermore, we take reasonable measures to ensure that parties who seek specific information pertaining to your business are bound by a confidentiality agreement prior to receiving such information. Finally, FBS brokers and agents are NOT permitted under any circumstances to receive benefits of any nature in relation to a sale or transaction. If such occurs, agents are instructed to pass on the benefit directly to the client or decline the benefit immediately. Furthermore, we do NOT accept rebates, benefits or inducements from suppliers or affiliates and we do NOT profit financially from vendor advertising because typically, we don’t charge it. We want to make it clear that the only time we benefit is when your business is sold or when you happily refer another client to us. That is our only incentive when acting as your agent and when you appoint us, our goal is simple, 100% sales success and customer satisfaction.
3. Obligation to Buyers
In all discussions and negotiations, notwithstanding our fiduciary obligation to the seller, we treat buyers with the upmost courtesy and respect. Without you there is no sale and we acknowledge this. We fully expect that all information we provide, supplied by the seller, will be verified for its accuracy. We encourage you to undertake this due diligence with a suitably qualified accountant and or solicitor. Moreover, we do NOT engage in bait advertising, false or misleading advertising as that would not be permitted under the PAMD Act 2000 and Trade Practices Act 1974. Furthermore, we require full disclosure on the part of the vendor in addition to conducting our own due diligence on the business or commercial property. We also have a pre-appointment checklist that must be fully satisfied before a business can be listed with FBS. Businesses that do not comply with our criteria, in our opinion, are not in a position to be sold in good conscious. Our goal is to provide buyers with legitimate and feasible business opportunities.
4. Social Responsibility
FBS employees are aware of their influence on the community and thus take their social responsibility very seriously. Our representatives must act with concern and sensitivity during all activities which have the potential to impact on others (particularly disadvantaged persons). Furthermore, FBS management is committed to enhancing services to the community by encouraging agents to donate to local organisations and institutions.
5. Professional Development
We undertake regular continuing professional development (CPD) training and workshops to ensure our skills are kept current and up to date with industry standards. Furthermore, we encourage all our representatives to embark on post graduate studies in the field of Business Administration, Accounting, Finance, Business Management and Marketing.
Foresight Business Sales Australia Pty Ltd
FBS – Foresight Business Sales
CPD – Continuing Professional Development
CMA – Current Market Appraisal
OFT – Office of Fair Trading
AIBB – Australian Institute of Business Brokers
PAMD – Property Agents and Motor Dealers
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