After years of building your company, you’ve made the big decision—it’s time to sell. Now comes one of the most important decisions in the entire process: choosing the right broker or advisor to guide you through it.
Here are some key things to consider and some questions you should ask before selecting a broker or M&A Advisor:
First off, you’re not just hiring someone to list your business – you’re looking for someone who will protect your confidentiality, position your business in the best possible light, and navigate the twists and turns of buyer negotiations, deal structure, due diligence, and financing. This is about getting the deal done—and getting it done right.
If you’re unsure where to begin, start with people you already trust. Your attorney, accountant, or financial advisor may have worked with business brokers or M&A advisors and can usually point you in the right direction. Even with recommendations, it’s a good idea to interview more than one broker or advisor to be sure that you find someone who understands your goals and will make selling your business their priority.
Business Broker or M&A Advisor?
The size and complexity of your business usually determine whether you need a business broker or an M&A advisor. Business brokers typically work with Main Street businesses—those valued under $1–2 million. If your business is relatively straightforward, with individuals as the most likely target to be the buyer, and seeking a quicker path to close, a broker may be the right fit.
But if your company is more complex, growing, and generating revenue typically above $5M with strong EBITDA numbers, an M&A advisor can help you get more value. When I am working on M&A deals, I’m often working with strategic buyers, private equity groups, and family offices—these buyers are looking to accelerate growth by expanding capabilities and entering new markets.
How to Decide:
✔ Ask how many deals they’ve closed in your revenue range.
✔ Do they understand your industry—or at least your target buyer?
✔ Can they identify strategic or private equity buyers?
*Don’t Overlook Real Estate Licensing – Most business sales include real estate—whether it’s selling the property or negotiating a lease. Make sure your advisor holds an active real estate license in good standing. It ensures they can represent you in the sale, price and negotiate effectively, or structure a lease-back if you’re keeping the building. Ask for proof. It’s a simple question that can save you from hiring yet another party or missing key value in the deal.
Choosing the Right Advisor to Secure the Right Buyer
The right advisor has closed deals like yours and knows how to position your business to the right audience. More importantly, they know how to connect with the right buyers—or build those relationships in real time. That’s a skill that you won’t see on a résumé but makes all the difference when it’s time to negotiate.
I often talk to business owners who are weighing options between someone who specializes in their specific industry or a generalist, someone who handles transactions in any industry. As a generalist myself, I bring a wider perspective and a broader buyer pool. I’m not tied to a few select buyers. I’m focused on you—the seller—and finding the best path forward for your specific situation. That freedom allows me to be more creative and more flexible in deal-making. But regardless of whom you choose, the real question is can this advisor put your business in front of the right buyers and close?
What to Listen For:
✔ How do they build their buyer list?
✔ Do they rely on inbound interest or conduct outbound outreach?
✔ Can they share success stories from deals like yours?
Trust, Chemistry, and Clear Communication
You’ll be spending a lot of time with your advisor, so chemistry matters. There should be trust, ease, and a shared understanding of what you want to accomplish. If you feel comfortable talking with them, you can be confident that they will have a rapport with potential buyers as well.
When you interview an advisor, they should be transparent about their fees and any additional costs, so ask them. If they are vague or offer to negotiate their fees, ask yourself if this person has the negotiation skills to get you the best price for your business.
It’s also important to know what steps they’ll take to protect confidentiality. The last thing business owners want is for their employees, customers or competitors to become aware of a potential sale. That is why advisors should require all potential buyers to sign an NDA, screen buyers’ viability and time disclosures wisely.
Important to Ask:
✔ Will I be working with you directly or an associate?
✔ What specific steps do you take to protect confidentiality throughout the process?
✔ Can you walk me through your fee structure and any additional costs I should expect?
Time Is a Deal Killer—Responsiveness Is Key
Selling a business is time-sensitive. As I always remind my clients, “time kills deals”—a truth that becomes even more apparent as the stakes rise. Does the advisor respond to you in a reasonable time frame? Is this a person you feel comfortable calling or texting when you have a question? Oftentimes, we have 100+ buyer inquiries for each business on the market, similarly, does the advisor have the time, team and capacity to field those inquiries and calls? If an advisor isn’t responsive now, don’t expect that to change when potential buyers are calling and emailing them requesting information.
Timing Questions:
✔ How quickly do you respond to buyers?
✔ Who else is on your team to support this process?
✔ How long does it typically take you to sell a business?
In the end, who you hire to sell your business may shape not just the deal—but your legacy. In today’s fast-moving M&A landscape, you need more than a listing agent. You need a seasoned partner who can anticipate challenges, seize opportunities, and protect your interests like a co-owner at the table. This is your life’s work, and it deserves more than a handshake—it deserves strategic guidance, discretion, and someone who brings both experience and empathy to the process. So take your time. Ask hard questions. Interview more than one advisor. Because when the right one shows up, you’ll feel it—and so will the buyer.
You’ve built a great business, now choose an advisor who will sell it right.
View post at WilmingtonBiz