When it comes to business broker referrals, asking people you already trust can save time, reduce risk, and help you close more deals. Business owners often prefer to refer brokers they’ve worked with directly because those referrals are based on actual closing results, not just marketing claims.
A solid referral gives you insight into the broker’s process, communication style, and ability to get a sale to the finish line. Instead of starting cold, you gain access to a broker who has already proven value to someone in your network. This simple step can lead to more money, stronger relationships, and a smoother transaction.
Who Should You Ask for Broker Referrals?
The best business broker referrals often come from professionals involved in the deal process. These people see how brokers work and can tell you who delivers results.
Ask your accountant or CPA for inside deal knowledge
Accountants and CPAs help structure deals, explain valuation adjustments, and work closely with both buyers and sellers. They know which business brokers pay attention to financial details and help identify tax issues that could affect deal terms or closing timelines.
Since they often see multiple deals from start to finish, they can point you toward brokers who follow the entire process and prepare sellers for what to expect. A referral from an accountant often means the broker is reliable, understands numbers, and helps business owners keep more money from their sale.
Leverage commercial bankers who see which deals get funded
Commercial bankers evaluate loan applications, often see how well-prepared deals are, and can note which brokers consistently work with clients whose documents meet lending standards. They see who submits clean financials, strong buyer packages, and correct forms—like a one-page referral agreement—making the financing step smoother.
A banker’s insight is valuable because funding delays can hold up the sale. A solid referral from a banker often leads to more deals and fewer headaches. If your buyer needs a loan, this connection can be a game changer for the seller and the broker.
Learn from fellow business owners with firsthand experience
Only business owners who’ve sold a company know how involved the referral process can be. They’ve seen if the broker managed expectations, respected confidentiality, and kept the deal moving. These owners can also share how the broker handled the referral form, paid referral fees, and maintained contact throughout the transaction.
Their feedback helps you understand how brokers handle pressure, follow up, and communicate. These peer referrals often highlight brokers who bring in serious buyers and support the entire team during the sale.
What to Ask for Useful Broker Insights
Once you find the right people to ask, the next step is knowing what to ask. The right questions uncover facts about how a broker works and whether they meet your standards.
The broker’s name and how many offers they generated
Ask which broker they used and how many serious offers that broker brought to the table. This shows how well the broker attracts real buyers, not just leads. A broker who gets multiple offers gives the seller more options and usually earns more money.
It also shows they know how to market a business and screen buyers based on solid acceptance criteria. This is where just the referral isn’t enough—you need performance data.
What they wish they had known before hiring that broker
Ask what they wish they had clarified before signing the referral agreement or starting the process. Their answer can reveal gaps in the broker’s service, such as weak negotiation skills or a lack of follow-through.
Learning this early helps you avoid brokers who don’t formally detail timelines or who delay payments after the sale closes. It’s a good way to assess the broker’s relationship management and whether the company earned its referral commission.
How responsive and communicative the broker really was
Ask how quickly the broker replied to questions and how often they checked in. A broker who stays in contact, updates clients regularly, and communicates clearly is more likely to get to a fully executed deal. Responsiveness matters in almost every type of sale, and delays often cost the business owner time and money.
Poor communication can stall the transaction, frustrate the team, and reduce the value of the service. Brokers who earn strong recommendations often stand out for clear follow-up and consistent communication.
Using a Referral Tracker to Stay Organized
Managing business broker referrals can get messy if you don’t track who said what. A simple worksheet helps you stay focused, follow up quickly, and move closer to the right broker for your deal.
What to include in your referral tracking worksheet
Your referral tracker should capture more than just names. It should include specific details that help you remember who referred which broker, what was said, and what actions you need to take next. This ensures you don’t miss a valuable referral and keeps the entire process clear for your team.
Include the following in your worksheet:
- Referral contact name – The person who referred the broker.
- Their role – CPA, commercial banker, or fellow business owner.
- Broker referred – Full name and company of the broker.
- Referral insight – What the referrer said (e.g., “closed three deals in six months”).
- Referral form or agreement mentioned – If any referral agreement or fee discussion took place.
- Follow-up date – When to check back or schedule a call.
- Next step – What action to take, such as requesting an intro or comparing notes.
Sample fields: Contact, Role, Broker Name, Key Insight
Keeping your worksheet clear and structured makes it easier to scan and share. Standardized fields help you gather and review consistent information across all your referral sources.
Use these fields in your tracking sheet:
- Contact – Full name of the person giving the referral.
- Role – Indicate if they are a CPA, banker, or a seller who completed a deal.
- Broker Name – The broker they’re referring, including the firm or company.
- Key Insight – A useful comment, such as “got four offers in 30 days” or “strong with seller financing.”
How to act on the data: compare, contact, or request intro
Once your data is organized, the next step is to use it. Look for patterns in the insights. Some brokers may offer referral fees where permitted and have regional experience in states like California or South Dakota.
Steps to take:
- Compare brokers using the key insight field to see who brings in the best results.
- Contact the referrer again if you need more detail or want to ask follow-up questions.
- Request an intro to the broker directly to keep the conversation moving forward and increase your chances of a successful transaction.
Building a Shortlist With Confidence
Once your referrals are tracked and reviewed, the next step is narrowing your list to the brokers most likely to deliver. Strong referrals give you both numbers and stories to back your decision.
Use metrics and stories to filter top broker candidates
Some referrals are more valuable because they include both facts and real examples. If one broker helped close a high-value deal with multiple offers, that’s a solid indicator. If another broker took too long to respond or didn’t explain the referral commission structure, that’s a red flag.
Use both success metrics and actual stories to figure out which business brokers fit your needs. The goal is to create a shortlist of brokers who add value, communicate clearly, and help sellers get paid after the sale closes.
Plan your next step: reach out, interview, or compare notes
Once you’ve filtered your top options, take the next step to keep the momentum going. Don’t wait too long—great brokers are often busy with other clients or new deals.
Choose one of these next steps:
- Reach out via phone or email to schedule a quick intro call.
- Interview the broker directly and ask questions about their referral agreement, referral fee policy, and involvement in the actual closing.
- Compare notes from all referrers and see which broker matches your goals, fits your company style, and understands the type of business you want to sell.
Find the Right Broker Through Smart Referrals
Finding the right broker starts with using your existing network and asking the right questions that reveal proven performance. A well-placed referral from a CPA, banker, or fellow business owner can improve your chances of a smoother transaction or better broker match.
Using a simple referral tracker and focusing on real insights—not just names—gives you a clear edge. Instead of wasting time on cold leads, you can connect with business brokers who meet your standards, offer referral compensation where appropriate, and support the full transaction.
Frequently Asked Questions
Who gives the best referrals for business brokers?
Accountants, commercial bankers, and business owners who’ve recently closed deals often give the most reliable referrals.
What questions should I ask when getting a broker referral?
Ask about the broker’s name, how many offers they generated, what they wish they’d known earlier, and how responsive the broker was.
How do I know if a referral is trustworthy?
A trustworthy referral includes clear details, metrics, or firsthand experience—not just general praise.
Can peer business owners really help me find a good broker?
Yes, peer business owners offer insights based on real transactions and how the broker performed throughout the deal.
What is a referral tracker, and how do I use one?
A referral tracker is a worksheet that helps you organize contacts, broker referrals, insights, and follow-up actions to stay on top of the entire process.
References
- Internal Revenue Service. (2025). Sale of a business. https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-a-business
- Investopedia. (2025). What Is a Finder’s Fee? Definition, Standard Fees, and Examples. https://www.investopedia.com/terms/f/finders-fee.asp
- National Association of Realtors. (2022). Real Estate Settlement Procedures Act (RESPA). https://www.nar.realtor/real-estate-settlement-procedures-act-respa
- U.S. Department of Justice. (2007). Competition in the Real Estate Brokerage Industry. https://www.justice.gov/sites/default/files/atr/legacy/2007/05/08/223094.pdf
- U.S. Small Business Administration. (2025). Buy an existing business or franchise. https://www.sba.gov/business-guide/plan-your-business/buy-existing-business-or-franchise
