Broker or no Broker?

March 06, 2026

by a searcher from Columbia University - Columbia Business School in Atlanta, GA, USA

Hi all - I am new here and this is my first post. Not sure how this forum works exactly but thought I'd give it a try with a question I have. I have recently started working with a broker to locate a business to buy. After about 4-5 weeks, I've only seen one deal come to me and so I asked the broker why so little deal flow and is this normal. They said yes this was normal, and the reasons given were: 1) Q1 is typically slow b/c businesses are filing taxes and want to wait until returns complete to list business so that valuation is more accurate (I can get on board with this reason); and 2) because brokers don't like working with other brokers, i.e. they would prefer to deal directly with the buyer and so my broker is struggling to get NDAs, etc. Apparently they don't trust each other and would rather deal directly with the buyer. To test this theory, I sent a request for more info on a business I saw listed in BizBuySell and within 4 hours I had a signed NDA...so all this begs the question, should I be working with a broker or is it actually hurting me / restricting deal flow? My initial reason for wanting to work with a broker was b/c this is my first time buying a small business on my own and therefore I would benefit from professional guidance and help from a broker, but maybe this is hurting me? Maybe I can lean on a forum like this instead? I'd appreciate any thoughts you guys may have!

Reply by an intermediary
from Purdue University in St. Louis, MO, USA

As a sell-side broker, I would not characterize Q1 as the slowest part of the year. In our experience, Q1 and Q2 are typically the most active periods. I do agree that working across brokers on behalf of buyers can sometimes be challenging. Many brokers are hesitant to share commissions and often assume others feel the same way. That said, we regularly partner with other brokers when the structure of the deal supports it. Our approach is to do what is best for both the seller and the buyer first. Unfortunately, that mindset is not always shared by every broker in the market. That said, I understand your point about wanting representation. You should not go through the process alone. It makes sense to work with a professional who specializes in buy-side representation. A good buy-side advisor should bring a repeatable process, stronger market coverage, and access to consistent deal flow.

Reply by an intermediary
from University of California, Los Angeles in Irvine, CA, USA

I think it depends on the broker and the parameters you have given them. I agree with previous comments in that some sell side ( listing brokers ) get nervous about working with other brokers ( usually it is based on a belief they will have to split their commission ) but as mentioned if you work with a buyside broker, they should instantly inform the seller's broker that they are not expecting any commission/fee splits. Some brokers add value, and many probably do not, similar to real estate I suppose.

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