A business broker markets your business confidentially, finds and screens buyers, manages negotiations and due diligence, and helps get the deal to closing. For most Main Street businesses, a good broker earns their fee by getting you a better price, a serious buyer, and a closed deal — things that are hard to do yourself while still running the company.
For smaller "Main Street" businesses, brokers commonly charge a success fee of around 10% of the sale price, often with a minimum fee (frequently in the low five figures) so very small deals are still worth their time. Larger, lower-middle-market deals usually use a tiered fee (a smaller percentage as the price rises, such as a Double-Lehman-style scale) and may include a modest retainer. These are general norms — always confirm the exact fee, minimum, and what it includes in writing.
The right broker for a $400,000 restaurant is rarely the right broker for a $4M manufacturer. Look for someone who:
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For Main Street businesses, brokers commonly charge a success fee of around 10% of the sale price, often with a minimum fee. Larger deals usually use a tiered scale. Always confirm the exact fee and what it includes in writing.
No, but most owners benefit from one. A broker markets confidentially, screens buyers, and manages the deal while you keep running the business. Selling directly can work with a known buyer.
Pick one who has recently sold businesses of your industry and size, can justify their valuation with comparable sales, is transparent about all fees, markets confidentially, and gives you real references from closed deals.