Should I use a business broker or an M&A adviser?

Full Explanation

Both help you sell, but they suit different deals and work in different ways. Business brokers generally handle smaller owner-managed businesses. They list and market the business, find buyers and help move a deal to completion, often for a lower fee. For a straightforward sale of a modest business, a good broker can be the right choice. Corporate finance or M&A advisers work on larger or more complex transactions. They prepare a professional information memorandum, map and approach a curated buyer universe, run a competitive process to create tension between bidders, and manage due diligence and negotiation through to completion. Their fee is usually a success fee on the price achieved, sometimes with a retainer, and the value they add is in the price and terms they secure and the process they run. Choose based on your size, the complexity of the deal, and how competitive a process you want to run. Whichever you use, the preparation is yours to do. See [how to find a buyer for your business](/insights/how-to-find-a-buyer-for-your-business).

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