Most owners start their exit by searching for a business broker, and for some businesses that is the right call. But a broker is not the only path, and the wrong broker can cost you more than they make you. This guide explains what brokers actually do, how they charge, how to tell a strong one from a weak one, and when a private, off-market process is the better fit.
Key takeaways
- A broker markets your business, finds buyers, and helps run the process in exchange for a success fee (commonly 8 to 12 percent for smaller deals).
- Vet for sector experience, a real buyer network, and confidentiality discipline, not just the highest suggested price.
- Brokers list; that creates exposure. For many businesses a confidential, off-market process protects value better. See selling without a broker.
- You can test the market privately first with a buyer-fit check before deciding.
What a business broker actually does
A good broker prepares your business for sale, sets a defensible asking price, markets it (often confidentially under a blind profile), screens buyers, and quarterbacks the process through to close. For owners who do not have the time or the buyer relationships, that coordination has real value. The catch is that brokers are paid on success, so incentives are mostly aligned but not perfectly: a broker makes money when a deal closes, not necessarily when you get the very best deal.
How to vet a broker
- Sector experience. Have they sold businesses like yours, to the kinds of buyers who would want it?
- A real buyer network. Ask specifically who they would take your business to. Vague answers are a red flag.
- Confidentiality discipline. How do they protect your identity during marketing? A sloppy process tips staff and competitors.
- Fee structure and term. Understand the success fee, any upfront or retainer fees, and how long you are locked into the engagement.
- References. Talk to owners they recently sold for, not just their best-ever deal from years ago.
When you do not need a broker
If your business is in a sector with active, identifiable buyers (most trades, healthcare practices, professional services, and industrial niches), you may not need a broker to find them. The buyers are already looking. In those cases a confidential process that matches you directly to active buyers can preserve more value, because you avoid both the public exposure of a listing and a chunk of the success fee. The honest answer depends on your business, your time, and whether qualified buyers are already circling.
Before you sign with a broker, see who is already looking. Serava runs a private, confidential buyer-fit check so you know whether active buyers match your business, with no listing and no fee to find out. Start at serava.ai/sell.
Get your free buyer-fit check