Yes, it is possible to sell a business without a broker, just as it is possible to sue someone without the help of an attorney. Although a broker is not always necessary, there are instances when a broker may be useful and other times when you can manage a sale without the help of a broker.
We recommend using a broker in these situations:
- You have never sold a business before.
- You would like to maximize the purchase price of your business.
- You would like to sell your business as quickly as possible.
- You do not want the sale of the business to distract you from running your business.
- You are working full time in the business and cannot invest a significant amount of time in the sale process.
- You have been approached by a potential buyer, either with or without an offer.
Here are a few situations in which we believe it is not necessary to hire a broker:
- You have already negotiated a price with a buyer, and you are not concerned about maximizing the price. While you may not need a full-service broker in a case like this, we still recommend hiring an attorney or a broker to assist with the closing .
- You are selling your business to an insider, such as a family member or an employee. Our recommendation is to hire an attorney in this case.
- You are a serial entrepreneur and have sold multiple businesses before.