First Steps to Seeking Out a Business Broker to Sell Your Small Business
You’ve built your business from the ground up. You’ve poured your energy, time, and heart into making it what it is today. And now, you're ready to sell—or at least starting to seriously consider it. Whether you’re stepping into a new season of life, retiring, or dreaming up your next entrepreneurial adventure, selling a business is no small task.
Here’s the thing most small business owners don’t realize right away: Selling a business is a full-time job. And if you’re already wearing multiple hats every day (operations, marketing, bookkeeping, managing employees), you may not have the time or energy to take on another major role.
Enter: the business broker.
This post is your deep dive into the first steps of finding and hiring a business broker. We’ll cover where to look, what to expect, the pros and cons of working with a broker, and the real reason you probably shouldn’t go it alone.
Bonus: I’ve also included a freebie to help you interview potential brokers: [Download “Top Questions to Ask Your Potential Business Broker” here.]
Why You Probably Shouldn't Sell Your Business Alone
I get it. No one knows your business like you do. You know the customer base, the operations, the value, the potential—it’s tempting to believe that you’re the best person to sell it.
But here’s my number one piece of advice:
You are a business owner, not a business broker.
Selling your business yourself may seem like a cost-saving move, but there’s a hidden cost: your attention. And your attention is one of your most valuable assets.
When you take your eye off the day-to-day operations to focus on selling, the business can suffer. Revenue may dip. Staff may feel uncertain. Systems might slip. And the business you’re trying to sell could lose value right when you need it to shine.
A good broker allows you to keep your business humming while they focus on positioning it, marketing it, negotiating offers, and closing the deal.
What Exactly Does a Business Broker Do?
Think of a business broker as your selling partner. Their job is to:
Evaluate your business and help you determine a market price
Package your business in a way that makes it attractive to buyers
List and promote your business confidentially
Pre-screen buyers and weed out tire-kickers
Manage NDAs and protect your information
Guide negotiations
Handle paperwork and coordinate with attorneys and accountants
Keep momentum going when you're busy running your business
Some brokers specialize in certain industries (restaurants, ecommerce, service-based businesses), while others take a generalist approach.
Where to Find a Business Broker
Now that you’re considering working with a broker, where do you actually find one?
Here are several places to begin your search:
1. Referrals from Trusted Business Owners
This is often the best place to start. Ask fellow business owners in your area or industry if they’ve sold a business and used a broker. What was their experience? Would they recommend them?
2. Local Chamber of Commerce or Business Associations
These groups often have partnerships or relationships with local professionals, including brokers. You may even find brokers who specialize in your city or region.
3. Online Broker Directories
There are national databases that list brokers by location, specialty, and certifications:
IBBA.org (International Business Brokers Association)
BizBuySell.com
BusinessBroker.net
Axial.net (for larger businesses) These platforms often include broker profiles, current listings, and reviews.
4. Franchise Broker Networks
If your business is part of a franchise, they may already have preferred brokers or networks in place. Check with your franchisor.
5. CPAs, Attorneys, and Financial Advisors
These professionals often work with brokers and may have excellent recommendations based on your unique situation.
What to Expect When You Hire a Broker
Once you start reaching out to brokers, here’s what the process typically looks like:
1. Initial Consultation
Most brokers offer a free consultation. They’ll want to learn about your business, your goals, and your timeline. It’s a good time to ask your own questions too (don’t forget to grab the freebie with the right questions to ask).
2. Valuation and Listing Agreement
If you decide to work together, the broker will perform a valuation. They’ll look at your financials, operations, customer base, growth potential, and industry to determine a listing price. You’ll likely sign a listing agreement (usually exclusive) for 6–12 months.
3. Creating a Confidential Business Profile
The broker will package your business into a profile or “prospectus.” This includes all the key details, but your business name and other identifiers are kept confidential until buyers sign a non-disclosure agreement (NDA).
4. Marketing and Buyer Outreach
Your broker will list your business on appropriate platforms, network with other brokers, and start conversations with potential buyers. You likely won’t be looped into every conversation—your job is to keep your business running smoothly.
5. Negotiation and Due Diligence
When serious buyers emerge, the broker will help negotiate terms and guide both sides through the due diligence process. They’ll work with your attorney and accountant to make sure everything is handled properly.
6. Closing the Sale
Your broker will help coordinate the final paperwork, signatures, and financial transfer.
Pros of Working with a Business Broker
✅ Confidentiality Brokers know how to market your business without alerting your customers, employees, or competitors. They use blind listings and pre-screened buyers to protect your business.
✅ Wider Reach Brokers have access to platforms, networks, and buyers you probably don’t. Their connections can result in faster, higher-quality leads.
✅ Saves You Time Selling a business can take hundreds of hours. With a broker, you can focus on keeping your business healthy (which actually makes it more valuable).
✅ Professional Marketing & Packaging They know how to write listings, tell your business story, and frame your strengths to attract the right buyers.
✅ Stronger Negotiation Brokers are skilled negotiators. They keep the deal moving forward and remove some of the emotional weight from the process.
Cons of Working with a Business Broker
❌ Commission Fees Brokers typically charge 8–12% of the final sale price, sometimes with a minimum fee. For larger businesses, it may be a tiered rate.
❌ Not All Brokers Are Equal Just like in any industry, there are excellent brokers… and there are some you may want to avoid. That’s why vetting is so important.
❌ Exclusive Listing Agreements Many brokers require exclusivity, meaning you can’t market your business yourself or work with multiple brokers.
❌ Less Control (Sort Of) If you’re used to doing everything yourself, it may be hard to hand off control. But remember: you’re still the final decision-maker.
When Should You Start Looking?
Here’s a little insider tip: Start looking 6–12 months before you want to sell.
A good broker will help you identify areas to clean up (financials, processes, inventory), which can significantly boost your sale price. The earlier you bring in a broker, the better your results may be.
How to Vet a Broker (and Red Flags to Watch For)
Some important questions to ask in your first meetings:
How many businesses have you sold in the past year?
Have you sold businesses in my industry?
What’s your average time to sale?
How do you screen buyers?
How do you keep the sale confidential?
What is your commission structure?
Can I speak to past clients?
Download this free checklist to make your interviews easy:
👉 “Top Questions to Ask Your Potential Business Broker”
Red Flags to Watch Out For:
Pushy sales tactics
Lack of experience in your industry
No clear marketing plan
Poor communication
Vague or overly optimistic valuations
Final Thoughts: The Sale Is a Process—Give Yourself Support
Selling your business is emotional. It’s complex. And it takes time. But you don’t have to do it alone.
Hiring the right broker doesn’t mean giving up control—it means setting yourself (and your business) up for a better outcome.
You’ve worked hard to build something valuable. Now let a professional help you pass it on to the right buyer—so you can move forward with peace of mind, confidence, and a clear head.
