Thinking about selling your business? Mispricing or picking the wrong buyer can cost you time, money, and deal momentum.
Many business owners face an important decision early on: should you sell the business yourself or hire a professional business broker? The path you choose can impact your workload, how many serious buyers you attract, and your final sale price.
This guide breaks down both options so you can make a confident, informed decision that aligns with your business sales goals.
Understanding the DIY Approach to Selling Your Business
Selling a business without a broker gives you full control, but it also means you’ll carry every step of the deal. Many business owners are drawn to this route for cost savings, but it comes with steep demands on your time and knowledge.
What Does Selling Your Business Yourself Involve?
Selling independently means managing valuation, marketing, buyer sourcing, negotiation, and due diligence yourself. You’ll also negotiate directly and handle legal paperwork without outside help.
This is a time-consuming process. It requires a solid grasp of business valuation, buyer screening, and deal structuring to avoid costly mistakes.
Advantages of Selling Your Business Independently
Choosing to sell your business without a broker can save you the upfront fee or commission costs. You’ll also keep direct control of the entire sale process, from setting the asking price to choosing who gets access to your financials.
Some business owners feel more comfortable managing the sale themselves, especially if they already know a prospective buyer.
Challenges and Risks of the DIY Method
Choosing to sell your business independently can give you more control, but it also means you face greater risks without professional guidance. Here are some common challenges to expect:
- Setting an inaccurate asking price that either drives away buyers or undercuts your business value
- Limited access to marketing channels and buyer networks, which reduces interest and competition
- Increased exposure to unqualified or unserious buyers due to a lack of screening tools
- Personal emotions affecting your ability to stay objective during negotiations
- Greater chance of delays, missed steps, or legal mistakes during the diligence process
The Role of a Business Broker in Selling Your Business
A professional business broker offers specialized knowledge and support that can lead to a smoother transaction process. For many business owners, their help turns a stressful process into a more manageable and successful sale.
Services Provided by Business Brokers
Professional business brokers take on much of the work involved in a sale and help you avoid common mistakes that can delay or weaken the deal. Here are some of the core services they provide:
- Conduct accurate business valuation using comps, earnings, and financial analysis
- Prepare a Confidential Information Memorandum (CIM) that highlights your business’s strengths
- Use targeted marketing channels and buyer lists to attract potential buyers
- Screen and verify prospective buyers to ensure they are qualified and serious
- Negotiate on your behalf and manage confidentiality throughout the sale process
Benefits of Hiring a Business Broker
Working with an experienced business broker gives you access to skills, tools, and connections that can lead to a faster, higher-value, and less stressful sale. Here are some of the top benefits:
- Offers valuable expertise to manage complex transactions with lower risk
- Applies strong negotiation skills to help secure a higher sale price
- Positions your business effectively in the market to attract qualified buyers
- Saves you time by handling calls, buyer screenings, and the due diligence process
- Allows you to focus on daily business operations while the broker manages the selling process
Considerations and Costs of Using a Broker
Before hiring a business broker, it’s important to understand the costs involved and how working with a broker might shift parts of the selling process. Keep these considerations in mind:
- Brokers typically charge a commission ranging from 5% to 15% of the final sale price
- The fee may feel high but is often justified by a smoother transaction and better results
- You may need to give up control over how the business is marketed and which buyers are contacted
- Brokers may manage negotiations and screening decisions on your behalf
- Despite the trade-offs, experienced brokers often help attract more serious, qualified buyers
Key Factors to Help You Decide Between DIY and Hiring a Broker
Both paths have pros and cons. To choose the best option, you’ll need to evaluate your capacity and experience and deal with complexity.
Assessing Your Time Availability
Selling a business yourself takes time. If you’re already busy with daily operations, managing a sale independently can lead to delays, missed steps, or burnout.
A professional broker can keep the deal moving while you continue running your business effectively.
Evaluating Your Market Knowledge and Experience
If you’ve sold other businesses before or have experience with deal structuring, you may feel confident doing it yourself. If not, you risk missteps that could affect the sale.
Experienced business brokers know how to attract potential buyers, avoid unqualified or unserious buyers, and navigate the negotiation process.
Considering the Complexity of Your Deal
Simple deals with one location and clear financials might be manageable solo. But if your business involves real estate, multiple partners, or a complex diligence process, professional assistance is often the smarter route.
A broker’s support becomes even more valuable during high-stakes or sensitive sales.
Real-Life Example: The Café Owner’s Experience
Many business owners start the process themselves and later realize they need help. Here’s one example.
Initial Attempt to Sell Independently
A café owner tried to sell their business independently to save on broker fees. They listed it online, handled inquiries, and spent weeks answering questions. Most inquiries came from unqualified buyers or people who never followed up.
After months of low offers and no progress, they began to reconsider.
Outcome After Hiring a Broker
Once they hired an experienced business broker, things changed quickly. The broker created better marketing materials, screened for serious buyers, and negotiated directly. They secured a stronger offer above their original target price, with less stress and time spent on the process.
The owner was able to step back from the sale process and focus on preparing for a new venture with confidence.
Making the Right Choice for Your Business Sale
Selling your business yourself vs hiring a broker comes down to your time, expertise, and how complex your deal is. If you choose to go solo, you might save on broker fees and maintain full control—but that also means limited buyer access, higher risk, and more time spent on every step of the process.
Hiring a professional business broker, on the other hand, gives you access to strong negotiation skills, wider marketing reach, and support in structuring deals. Their involvement can lead to a smoother transaction and a better final outcome.
Review your goals, weigh the trade-offs, and choose the path that gives you the best chance at a successful sale.
Frequently Asked Questions
What are the main advantages of selling my business without a broker
Selling independently can reduce costs and give you direct control, but it demands time, skill, and strong deal knowledge.
How much does it typically cost to hire a business broker?
Broker fees often range from 5% to 15% of the sale price, but exact structures vary by broker, deal size, and industry.
Can hiring a broker help me get a better sale price for my business
Hiring a professional business broker often leads to a higher sale price through better marketing and buyer targeting.
What factors should I consider when deciding between DIY and hiring a broker?
Key factors include your time, market knowledge, past selling experience, and the complexity of your business operations.
Is it possible to start selling my business independently and then hire a broker later?
Yes, many business owners begin solo and bring in a broker when facing challenges or limited buyer interest.
References
- Veiga, A., & Hollingsworth, H. (2024, March 19). 6% commission fees for real estate agents are going away: What to know about the new rule. NBC New York. https://www.nbcnewyork.com/news/national-international/6-commission-fees-for-real-estate-agents-are-going-away-what-to-know-about-the-new-rule/5238942/
