Owning a business


Finding a Broker to Sell my Business

Paul Cronin

Paul Cronin

January 24, 2024 ⋅ 3 min read

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Finding a business broker to help you sell your small business involves several steps. Baton’s team of experts can walk you through the whole process. Here's a guide on how to locate and choose a suitable business broker.

Referrals and recommendations

Ask for recommendations from your professional network, including colleagues, friends, and industry contacts. Personal referrals can provide valuable insights into the broker's reputation and performance.

Industry associations

Check industry associations and organizations related to your business. Many business brokers are members of associations such as the International Business Brokers Association (IBBA) or state-specific business broker associations.

Online directories

Utilize online directories and platforms that list business brokers. Websites like BizBuySell, Business Broker Network, and the International Business Brokers Association (IBBA) have directories where you can search for brokers by location and industry.

Local chambers of commerce

Contact your local chamber of commerce or business associations. They may have information on reputable business brokers operating in your area.

Professional advisors

Consult with your attorney, accountant, or other professional advisors. They often have networks of business brokers they can recommend based on their experience and industry knowledge.

Online search

Conduct an online search for business brokers in your area. Explore their websites, read client testimonials, and gather information about their expertise and services.

Attend networking events

Attend local business networking events, conferences, or industry seminars. These events provide opportunities to meet business brokers and assess their knowledge of your industry.

Interview multiple brokers

Once you've identified potential brokers, schedule interviews with them. During the interviews, ask about their experience, track record, and approach to selling businesses.

Inquire about the types of businesses they typically handle and their success rate in selling businesses similar to yours.

Check credentials

Verify the broker's credentials and certifications. A Certified Business Intermediary (CBI) designation from the IBBA is a recognized credential in the industry.

Discuss fees and terms

Clearly understand the broker's fees and terms for their services. This may include a commission percentage or a flat fee. Ensure that the terms align with your expectations.

Ask for references

Request references from past clients. Speaking with business owners who have worked with the broker can provide insights into their professionalism and effectiveness.

Evaluate communication skills

Assess the broker's communication skills. Effective communication is crucial throughout the selling process, and a broker who can articulate their strategies and updates is valuable.

Remember that selecting the right business broker is a critical decision that can significantly impact the success of your business sale. Take the time to thoroughly research and evaluate potential brokers to find one with the expertise and approach that aligns with your goals.