The Hidden Risks of Newer Boards—and Why Guardrails Matter
Last month, I joined a panel at the Private Company Governance Summit in Washington, D.C., focused on a critical but often-overlooked issue: conflicts of interest on newer private company boards. The conversation, moderated by Bill Hayes and joined by Tom Sween and Jim McHugh, sparked a level of engagement that confirmed what I’ve long believed: […]
Comment on FINRA Regulatory Notice 25-04: Broad Review to Modernize Rules
>> View full comment letter on Finra.org Dear Ms. Mitchell, As the founder and principal of one of the only woman-owned broker-dealers in the United States, I welcome the opportunity to comment on FINRA Regulatory Notice 25-04. Tobin & Company Securities is a boutique broker dealer that has served issuers and sponsors and safeguarded investors […]
Top Five Trends in (Smaller) M&A
Or, stated another way…. Private Equity is Hungry in 2025: What SMB Founders Need to Know How often have you seen a newsletter about the “TOP TRENDS IN M&A” and started reading with excitement, only to find that the author’s content is about large M&A deals and offers little value to founders and owners of […]
Comment on FINRA Regulatory Notice 25-05: Outside Business Activities and Private Securities Transactions
>> View full comment letter on Finra.org Dear Ms. Mitchell, Thank you for the opportunity to comment on FINRA Regulatory Notice 25-05, which proposes a revised framework for Outside Business Activities (OBAs) and Private Securities Transactions (PSTs). I write on behalf of TOBIN, a boutique, woman-owned broker-dealer, to offer our direct perspective. While we appreciate […]
Chaperoning Broker-Dealer Engagements –
How Do They Work?
If you are a foreign broker dealer – that is, a broker-dealer NOT registered with the U.S. Securities & Exchange Commission (SEC) – you can still conduct securities business in the United States. Fortunately, you are not required to become a licensed U.S. broker dealer. Instead, you can partner with TOBIN and be “chaperoned” under […]
Common Pitfalls in M&A – and How to Avoid Them
It’s an understatement to say that delving into a merger with, or the sale or purchase of, a company is a momentous business move. It makes sense that the M&A journey can be fraught with pitfalls. These are the hazards that I, with my decades of M&A experience, find to be quite common and that […]
Mergers and Acquisitions: Key Steps and Strategies for Success
Growth through M&A is never accidental. It’s the result of deliberate strategic alignment, exhaustive planning and experienced execution. At TOBIN, we understand that pursuing a merger or acquisition isn’t about volume or vanity—it’s about precision, insight and value creation. Understanding the Difference: Merger vs. Acquisition A merger typically joins two companies of comparable size and […]
Maximizing Value: Why TOBIN is the Right Investment Banker for Your Small-Company Business Sale
Embarking on the journey of selling your business is a monumental decision, one that necessitates an advisor who not only comprehends the intricacies of mergers and acquisitions (M&A) but also tailors its approach to the unique aspects of your company. For sellers with revenues of $25 million or less, who may be feeling a bit […]
Know the Difference—Choosing between 506(b) and 506(c)
KNOW THE DIFFERENCE – EDUCATE YOURSELF! Your Reg D Private Placement Offering: Choosing between 506(b) and 506(c) for your Registration Exemption Last month I wrote to you about your registration exemptions when you sell a Reg D private placement. Generally, the exemptions that we choose from are 506(b) or 506(c): 506(b) – Old fashioned, been-around-forever […]
Your Private Placement Offering: Choosing between 506(b) and 506(c) for your Registration Exemption
(This newsletter is not intended to provide legal or investment advice and no legal or business decision should be based on its content. FYI.) I don’t get it. As an experienced Managing Broker-Dealer and financial professional, I just don’t get it. I don’t get why 506(b) private placements are more popular than 506(c) private placements. […]