Business brokerage

Business brokers, M&A advisors and business intermediaries in the US

A business broker sells privately held companies on behalf of their owners. This page explains the role, how fees are normally structured, when a broker-assisted sale beats an owner-run sale, and how brokerage works state by state.

What a business broker does

Titles vary — business broker, business sale advisor, business intermediary, M&A advisor — but the sell-side work is consistent. Small business brokers usually handle owner-operated main street companies; lower middle market business brokers and M&A intermediaries handle companies where private equity platforms, search funds and strategic acquirers are in the buyer pool.

Preparation

Recast financial statements, document add-backs, resolve items that would fail a quality of earnings review, and assemble the records a buyer and lender will ask for.

Pricing

Set a defensible range on SDE or adjusted EBITDA using industry, size and geography comparables, then test it against likely buyer financing.

Confidential marketing

Publish a blind profile, keep the company unnamed, and route enquiries through a controlled release process.

Buyer qualification

Verify capital, financing route and relevant background before identity and financials are released.

Negotiation

Work price, structure, working capital, seller note, earnout and transition terms into a letter of intent.

Deal management

Coordinate diligence requests, lender timelines, attorneys and accountants through to closing.

Broker-assisted sale or owner-run sale

Comparison of a broker-assisted business sale and an owner-run sale
Element	Broker-assisted	Owner-run (DIY)
Cost	Success fee at closing, often with a work fee for preparation and marketing	Platform and professional fees only; attorney and CPA still required
Owner time	Lower — the broker screens buyers and manages the file	Higher — the owner handles enquiries, screening and scheduling
Buyer reach	Marketplace exposure plus the broker's own buyer relationships	Marketplace exposure plus any direct approaches the owner makes
Confidentiality	Managed by the broker as an intermediary	Managed by the owner through blind profile and NDA controls
Negotiation	Handled by an experienced third party at arm's length	Direct owner-to-buyer, which suits some owners and not others
Best suited to	Complex, larger or time-poor situations	Prepared owners with clean records and available time

Compare the two routes in detail Browse the broker directory

Business broker coverage by state

Brokerage practice is local: licensing, disclosure, lease assignment and tax treatment differ by state, and buyer pools differ by metro. Each state page below sets out the market, the businesses for sale listed there and the state-specific points that affect a sale.

Major metro markets

Metro coverage sits inside the relevant state page rather than on separate pages, so each market is described with its own listings and context.

Business broker questions

General US market practice. Fee levels, licensing and disclosure requirements vary by state and by advisor.

What does a business broker do?

A business broker prepares a privately held company for sale, sets a defensible asking price, markets it confidentially, screens and qualifies buyers, manages the non-disclosure agreement and information release process, and coordinates the deal from letter of intent through due diligence to closing. In the lower middle market the same role is often described as an M&A advisor or business intermediary.

How much does a business broker charge in the USA?

Most US business brokers work on a success fee taken from the sale price at closing, and many lower-middle-market M&A advisors also charge a monthly or upfront work fee that covers preparation and marketing. Fee levels vary by deal size, complexity and market, so ask for the fee schedule, the minimum fee and the engagement term in writing before signing.

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

The terms overlap. 'Business broker' usually describes advisors handling owner-operated main street businesses, while 'M&A advisor' or 'M&A intermediary' usually describes advisors handling lower-middle-market companies where buyers include private equity platforms, search funds and strategic acquirers, and where deal structure is more complex.

Do I need a business broker to sell my business?

No. An owner can run a confidential sale directly using a structured process, professional documents and a marketplace for buyer reach. A broker adds buyer screening, negotiation experience and process management, which matters most when the owner has limited time or the transaction is complex.

How do I choose a business broker?

Compare relevant transaction experience in your industry and size range, the marketing and buyer-screening process, who will actually run the file day to day, references from completed sales, the full fee schedule and the length and termination terms of the engagement.

Are business brokers licensed in the United States?

Licensing depends on the state and on the transaction. Some states require a real estate license for business sales involving real property, and transactions structured as securities can require a registered broker-dealer. Confirm what a specific advisor is licensed to do in your state before you engage them.

SellMyBiz.com is a marketplace and software platform, not a brokerage. It does not act as an intermediary and does not hold brokerage or lending licenses in any US state.

Pre-launch broker partnerships

Represent SellMyBiz.com in your local US market

SellMyBiz.com is in pre-launch in the United States. Listings, brokers and deal activity shown on this site are illustrative demonstration content. We are now speaking with experienced brokers and M&A advisers who want to be among the first local partners when the marketplace opens.

Who we are looking for

Active US business brokerage, M&A advisory or transaction practice
Two or more completed lower-middle-market transactions
Licensed where your state requires a real estate or business broker licence
Able to meet sellers and buyers in person within your local market
Comfortable working to a documented, software-supported deal process

US coverage regions

Coverage is organised state by state within these regions. No territory is allocated during pre-launch.

Northeast: New York, New Jersey, Pennsylvania, New England
Southeast: Florida, Georgia, the Carolinas, Tennessee, Virginia
Midwest: Illinois, Ohio, Michigan, Indiana, Wisconsin, Minnesota
South Central: Texas, Oklahoma, Louisiana, Arkansas, Missouri
Mountain & Southwest: Colorado, Arizona, Utah, Nevada, New Mexico
West Coast & Pacific: California, Washington, Oregon, Hawaii, Alaska

Check state availability →