How do I find a business broker to sell my company?

Start with referrals from other founders who have sold businesses in your category and revenue range. Then vet candidates on three criteria: their buyer network depth (not width), their track record with businesses comparable to yours, and whether they run a competitive process or simply list and wait. For any business doing $1M+ in profit, you want an M&A advisor who actively builds competition among buyers — not a broker who posts your listing and waits for inbound.

What is the difference between a business broker and an M&A advisor?

A broker lists your business on marketplaces like BizBuySell and waits for buyers to find you. An M&A advisor proactively targets specific buyers, manages a structured competitive process, and engineers the outcome. Brokers work on smaller deals (under $1M). M&A advisors specialize in $1M+ transactions where the complexity and stakes justify a managed process.

How much does a business broker cost?

Brokers typically charge 10–12% commission on deals under $1M. M&A advisors typically charge 5–10% on deals above $1M, often with a retainer credited toward commission at close. The retainer aligns incentives — an advisor with skin in the game works harder than one who only gets paid if a deal closes.

What questions should I ask a business broker before hiring them?

Ask: How many businesses in my category and revenue range have you sold in the last 24 months? Can you show me comparable closed transactions? How many qualified buyers are in your network? What does your process look like from listing to LOI? What's your average time from listing to close? How do you handle deal breaks? Any advisor who can't answer these with specifics is guessing.

What should I watch out for when hiring a broker?

Red flags: no retainer (means no commitment), vague buyer network claims with no specifics, inability to show comparable closed transactions, exclusive 12-month listing agreements with no performance clauses, and advisors who recommend you list on BizBuySell as the primary strategy. For any business above $1M in annual profit, BizBuySell is not a primary strategy — it's a last resort.

How to Find a Business Broker to Sell Your Company

To find a business broker to sell your company, start by asking the right question: do you want someone who lists your business, or someone who sells it?

That distinction is the entire ballgame.

I've handled 75+ transactions and closed over $123 million. I've seen founders get exactly what they paid for when they hired the cheapest broker they could find. I've also seen founders get 40% more than their initial valuation because someone ran a real process with real competition. The difference is not luck. It's how the process is run.

Here's what to look for — and what to avoid.

Broker vs. M&A Advisor: Know the Difference
What to Look For in a Business Broker
Questions to Ask Before You Hire Anyone
Red Flags That Signal the Wrong Advisor
How the Process Should Work
What It Costs to Hire a Business Broker

Broker vs. M&A Advisor: Know the Difference

These two terms are used interchangeably and they should not be.

A business broker lists your business on a marketplace — BizBuySell, BusinessesForSale, sometimes a proprietary website — and waits for inbound interest. The model is passive. You are relying on buyers to find you. Brokers typically work on smaller transactions (under $500K–$1M in deal size) where the economics don't support a more intensive process.

An M&A advisor builds a targeted buyer list, reaches out directly to qualified buyers, manages a structured process with a deadline, and engineers competitive tension. The difference in outcome is not marginal — it is the difference between one offer and five offers. One offer means the buyer sets the price. Five offers means you set the price.

For any business doing $600K or more in annual profit, you want an M&A advisor. The commission on a managed process is typically the same as or lower than a broker's commission, and the incremental value created by a real competitive process will dwarf the fee.

What to Look For in a Business Broker

Comparable closed transactions — not just volume. The advisor who has sold 200 restaurants cannot help you sell a SaaS company. The advisor who has sold 10 businesses in your exact category and revenue range knows the buyers, knows the multiples, knows the deal structures, and knows what breaks deals in diligence. Category expertise matters more than volume.

A real buyer network. There is a difference between "I have connections in the industry" and "I have 8,000 personal buyer contacts and an email list of 150,000+ active buyers." Ask every advisor you interview: how many qualified buyers have you personally introduced to a transaction in the last 12 months? If they can't give you a specific number, the network isn't real.

A process, not a listing. The best advisors can describe exactly what happens from day one to close: buyer outreach approach, CIM preparation, NDA process, LOI deadline structure, diligence management, and deal mechanics. If the process is vague, the results will be too.

Incentive alignment. Advisors who require a retainer upfront are more committed than ones who work on commission only. It sounds counterintuitive — why pay someone upfront? — but a retainer signals that the advisor has confidence in the deal and has skin in the game. I require a retainer credited dollar-for-dollar toward my commission at close. It aligns our interests completely.

Honesty about what your business is worth before you list. Any advisor who gives you a valuation range before reviewing your actual financials is flattering you to win the listing. The number matters because it shapes your entire negotiation strategy. You want an advisor who will tell you the hard truths — owner dependency risk, concentration risk, what buyers will flag in diligence — before a buyer's team finds them.

Questions to Ask Before You Hire Anyone

Walk into every advisor interview with these questions. The answers will tell you everything you need to know.

"How many businesses in my category and revenue range have you sold in the last 24 months?" Category and revenue range matter. Generic volume doesn't. Press for specifics.

"Can you walk me through a comparable closed transaction?" Not a pitch. An actual deal — how it was structured, what the buyer paid, what broke during diligence, how it was resolved. If an advisor can't do this, they don't have the experience.

"How many qualified buyers are in your network right now?" Follow up: how did you build that list? How do you keep it current? When did you last have contact with them?

"What does your process look like from the day we sign to the day we get an LOI?" You want a step-by-step answer. Teaser, buyer list, outreach, CIM, NDA process, management calls, LOI deadline. If the answer is "we list you and start getting calls," walk out.

"What's your average time from listing to LOI? From LOI to close?" Specifics only. Ranges are fine; vague answers are not.

"What happens when a deal breaks?" Every deal breaks eight to nine times between LOI and close. Advisors who have been through this know how to hold a deal together. Ones who haven't will panic.

"What do you need from me to go to market?" A seasoned advisor will give you a list: three years of financials, trailing-twelve-month P&L, lease and contract review, data room setup. An unprepared advisor will say "not much."

Red Flags That Signal the Wrong Advisor

No retainer. An advisor who works on commission only has no cost if they walk away from your deal. A retainer is a commitment — from both sides.

"We'll list you on BizBuySell." For businesses above $1M in annual profit, BizBuySell is not a primary strategy. It's where buyers go to find deals that weren't good enough to sell through a real process. Your business deserves better.

Vague network claims. "We have relationships with thousands of buyers" with no specifics is marketing, not a buyer network. Ask for numbers. Ask about the last 10 buyers they introduced to a transaction.

12-month exclusive agreements with no performance clauses. You should be able to exit the engagement if performance milestones are not met. A good advisor will offer a shorter window (90–120 days to first LOI) because they know they can deliver.

Valuation before financials. "Based on what you've told me, your business is worth $X" is not a valuation. It is a sales pitch to win your listing. Never sign with an advisor who hasn't reviewed your actual books.

No comparable transactions. If an advisor cannot point to closed deals in your category with buyer names (under NDA) and general terms, they are learning your deal on your dime.

How the Process Should Work

A real managed exit process has defined stages:

Preparation (weeks 1–4). Financial review, addback documentation, CIM drafting, data room setup, buyer list construction. You should not go to market until this is complete.

Outreach and NDA (weeks 4–8). Teaser goes to targeted buyers. Interested parties sign NDAs. Qualified buyers receive the CIM. This is not passive — it is active outreach to specific individuals and firms who have already expressed interest in your category.

Management calls (weeks 6–10). Serious buyers get a call with you and your advisor. This is where buyers form their conviction. The advisor manages the conversation, makes sure key questions are answered, and reads the room.

LOI deadline (weeks 8–12). A structured deadline for initial offers creates urgency. Buyers who want the deal sharpen their pencils. The advisor negotiates terms across multiple offers. I guarantee 40 serious buyers and an LOI in under four months for qualifying businesses.

Diligence and close (weeks 12–24). From signed LOI to close: legal review, financial diligence, customer calls, technical review (for tech businesses), and financing. The advisor stays in the deal — managing timelines, resolving issues, and holding the deal together when it breaks.

What It Costs to Hire a Business Broker

Small transactions (under $500K deal value): Brokers typically charge 10–12% commission, sometimes a minimum fee of $10K–$15K.

Mid-market transactions ($1M–$10M deal value): M&A advisors typically charge 5–10% commission. Most require a retainer of $10K–$25K credited toward commission at close.

Larger transactions ($10M+): Typically 3–6% of deal value, with a retainer that scales with deal complexity.

The math is simple: if an advisor's process generates even one additional competing offer, the incremental purchase price increase typically exceeds the total advisory fee. The question is not whether you can afford a good advisor. It is whether you can afford not to have one.

The Bottom Line

Finding the right advisor to sell your business is the most important decision in the exit process. The difference between a broker who lists and waits and an advisor who runs a real process is not a few percentage points. It is often 30–50% of your final outcome.

The questions above will separate the advisors who have done this from the ones who will learn on your deal.

If your business is at least three years old, generating $600K+ in annual profit, and a buyer could operate it remotely — I can tell you what it is worth, who the buyers are, and exactly how long it will take. No obligation.

Schedule a free valuation conversation — or run the 27-factor estimator yourself first.