Should You Work with Realtors Who Also Broker Businesses?

August 07, 2025

by a searcher from New York University - Leonard N. Stern School of Business in New York, NY, USA

I'd love to hear your thoughts on working with business brokers who are also (or primarily) real estate agents. In your experience, is it worthwhile to build relationships with these types of intermediaries, or is it better to focus on brokers who specialize in business transactions? It certainly feels like you should stay away from these types of deal facilitators but I would love to hear your thoughts. Thanks so much for your help!

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Reply by a searcher
from Columbia University in Fairfax, VA, USA

Can it work? Yes. But in large part, getting a deal sourced and across the finish line is a game of probabilities. And your odds go way up when you're working with the right people. Here's what improves those odds from a people standpoint: > Broker: Specializes in business acquisitions. > Attorney: Focuses on lower middle market M&A. > Lender: A banker who's closed deals similar to yours. > QoE: Has performed Quality of Earnings in your specific sector. The attorney is the big one, especially on the Seller's side. During our Search, we had a great deal fall apart because the Seller used his former marriage attorney for the transaction. He just didn't understand fundamental deal terms.

Reply by a professional
from University of Michigan in Detroit, MI, USA

In my experience, these brokers can be more of a hindrance than a help. They may not understand the business buying process, which can make your life difficult (for example, when they demand that you sign a purchase agreement before conducting diligence). But that said, if they're marketing the right business, putting up with these difficulties may be worth it. I therefore wouldn't rule them out completely.

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