Seeking business broker to sell my biz

October 13, 2023

by a searcher in Chicago, IL, USA

Hi all,

Looking for recommendations for business brokers. I'm looking to sell my business and would like to explore options. Any business brokers who have low to no upfront fees would be preferred. My business is doing a million in EBITDA and is in the construction sector.

Thank you.

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Reply by an intermediary
from University of Missouri in Kansas City, MO, USA

Hello anonymous. Asking for a broker with little or no upfront fees is an easy ask and honestly, not the most relevant factor in determining who should represent your business when you are ready to sell. Upfront fees are not the most important criteria for a business owner to emphasize in selecting someone to help them sell their company. With $1 million in EBITDA--and you didn't say adjusted EBITDA-- the key is the type of business and the industry you serve, where you are geographically located. At $1M in profits, you may have a business that will attract buyers from across the country. Or it may only be of interest to a local or regional buyer. Your profits place you on the edge of whether to use a business broker or a lower middle market investment banker. Most investment bankers work under the regulatory compliance requirements of a FINRA registered broker dealer which means they can represent business owners in all 50 states and source buyers in all 50 states. My best guidance is that you place your evaluation emphasis on what they can do for you and how they will market your business and how they will source potential buyers for you and how they will work with you from engagement through deal closing. Best wishes in your process.

Reply by an intermediary
from Texas A&M University in Houston, TX, USA

Plenty of brokers here already opining so I won’t offer up my own services. I will just say to make sure you use a broker who’s going to earn their commission by actually marketing your firm to their network and universe of buyers. Not just someone who’s gonna stick it on biz buy sell. I would recommend you use someone to whom $1 MM ebitda company is meaningful so that you can get the proper attention. Good luck!

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