The trade-off
| Broker / M&A adviser | Do it yourself | |
|---|---|---|
| Finding buyers | Marketing, buyer database, confidentiality | Your network, the buyer who called you |
| Competitive tension | Runs multiple bidders | Hard to create alone |
| Cost | Success fee (negotiate it in writing) | Attorney + CPA fees; your time |
| Confidentiality | Blind listings, NDAs | You manage it |
| Best for | No buyer in hand; you want the market price | Known buyer; simple deal; strong advisers |
Fee math (illustrative - use your own quotes)
| Broker route | DIY route | |
|---|---|---|
| Price achieved | $1,500,000 (competitive process) | $1,350,000 (single buyer) |
| Assumed intermediary fee | $120,000 (8%, your quote may differ) | $0 |
| Legal + accounting | $40,000 | $55,000 |
| Net before tax | $1,340,000 | $1,295,000 |
Licensing: check it before you sign
Some states treat business brokerage as real estate brokerage. Florida’s broker definition covers anyone who sells or negotiates the sale of business enterprises for compensation (F.S. 475.01), and California treats the sale of a business and its goodwill as a “business opportunity” requiring a real estate license to broker (B&P 10030). See our state pages: Florida, California, Arizona, New Jersey, New York.
Questions to ask any broker
- How many businesses in my trade and size did you close in the last two years?
- What is the fee, the minimum fee, and what triggers it (including buyers I bring)?
- How long is the exclusive listing, and what is the tail period after it ends?
- Who will actually work on my deal?
- Which license do you hold in my state?
We are not a broker, do not refer to brokers for payment, and have no stake in which route you choose. Why.
Know your number first
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Frequently asked questions
Do I need a broker to sell my business?
No. Owners can sell their own business. Brokers and advisers earn their fee by finding buyers, creating competition and managing the process.
Do business brokers need a license?
In some states yes: Florida and California, for example, treat brokering a business sale as real estate brokerage. Rules differ by state.
How much does a business broker charge?
Fees vary by deal size and firm and are negotiable. Get the percentage, minimum fee, retainer and tail period in writing and compare at least two quotes.
Sources
- Florida Statutes 475.01 - Definitions (broker includes business enterprises) (accessed 2026-09-23)
- California B&P Code 10030 - Business opportunity (accessed 2026-09-23)