A new federal exemption offers expanded options for a small business owner considering selling their company. In the recently passed $1.7 trillion spending bill enacted before the new year, new language was included creating an exemption for business brokers and M&A advisers who represent buyers and sellers in a transaction. Small business owners can now sell their equity shares without an M&A broker having been registered with the U.S. Securities and Exchange Commission, a requirement needed to buy and sell securities. Owners will now be able to sell their entire business, instead of just the assets. The new rule will also make it easier and less expensive for owners to enlist the services of an M&A adviser for this purpose.