Choosing your route
Selling a business without a broker, or with one
Both routes run the same process: prepare, price, market confidentially, qualify buyers, negotiate, complete diligence and close. The difference is who does the work and what it costs.
An owner-run sale fits when
- Financial records are clean and three years of statements can be recast without surprises.
- The owner can respond to buyer enquiries within a day and hold meetings without disrupting the business.
- The likely buyer is an individual owner-operator, a manager, a family member or a known competitor.
- The owner is comfortable negotiating price and terms face to face.
A broker-assisted sale fits when
- The owner's time is fully committed to running the business.
- Confidentiality inside the company is fragile and enquiries must be filtered by a third party.
- Multiple shareholders, investors or family members must be coordinated.
- The process is competitive, or the deal includes real estate, licensing or regulated operations.
What stays the same either way
Recast financials
Normalized SDE or adjusted EBITDA with evidenced add-backs, because the buyer's accountant will test them.
A blind profile and an information memorandum
The market sees an anonymous summary; qualified buyers see the full document.
NDA before disclosure
Identity, financial detail and customer information release only after a signed agreement.
Buyer qualification
Proof of funds, financing route and relevant background, checked before deeper disclosure.
Letter of intent
Price, structure, working capital, financing, timetable and exclusivity agreed before diligence spend.
Professional advisors
A transaction attorney drafts the agreement and a CPA models the tax outcome in both routes.
Questions owners ask before choosing
Can I sell my business without a broker?
Yes. An owner can run a confidential sale directly, provided the financial records are clean, the sale documents are professional and information release is controlled behind a non-disclosure agreement. A transaction attorney and a CPA are still needed for the legal and tax elements.
What do I give up by selling without a broker?
Mainly buyer screening, negotiating distance and process management. The owner takes calls, verifies buyer capital, controls what is released and negotiates directly with the person who will take over the business.
When is a broker clearly worth the fee?
When the owner has no time to run a process, when confidentiality risk inside the company is high, when there are multiple owners or investors to coordinate, or when the transaction involves real estate, licensing, regulated operations or a competitive process among several buyers.
Can I start a sale myself and bring in a broker later?
Yes, and it is common. Owners often prepare, value and test the market first, then engage a broker for the negotiation and closing stages. Check whether any earlier marketing affects the broker's fee on buyers already contacted.
Does a DIY sale get a lower price?
Price is set by earnings quality, buyer competition and structure rather than by who runs the process. An owner-run sale that reaches the same buyer pool and holds a disciplined process can price in line with a brokered one; a poorly prepared process of either kind will not.