The Business Broker’s Guide to Selling a Business
What Business Owners Need to Know Before Going to Market
Selling a business is one of the most significant financial transactions most entrepreneurs will ever complete. For many owners, their company represents decades of work, personal investment, and risk.
Yet when it comes time to sell, most business owners have never been through the process before.
This is where an experienced business broker or mergers & acquisitions intermediary plays a critical role.
At Exit Game Plan, business brokers Carson Bomar (Tampa, Florida) and Matt Perkins (Ohio) work with founders and business owners across the United States to prepare businesses for sale, identify qualified buyers, and manage the entire transaction process from initial valuation through closing.
This guide explains what a business broker does, how the process works, and how business owners can maximize the value of their company when preparing for an exit.
What Does a Business Broker Do?
A business broker is a professional advisor who represents business owners in the sale of privately held companies. Business brokers help sellers prepare their companies for market, identify qualified buyers, manage negotiations, and guide transactions through due diligence and closing.
In larger transactions, the role is often referred to as a mergers & acquisitions (M&A) intermediary or M&A advisor, but the core objective is the same: helping business owners successfully sell their companies.
Key responsibilities of a business broker include:
• Business valuation and pricing strategy
• Preparing marketing materials and confidential information memorandums
• Identifying and screening qualified buyers
• Managing confidentiality during the sale process
• Negotiating deal structure and purchase terms
• Coordinating due diligence
• Guiding the transaction through closing
An experienced business broker does more than simply list a business for sale. They help create a structured process that maximizes competition among buyers and protects the seller’s negotiating position.
When Should You Hire a Business Broker?
Many business owners begin exploring a sale 12–36 months before they intend to exit.
Hiring a business broker early allows time to:
• Improve financial reporting
• Address operational weaknesses
• Identify value drivers that buyers will pay for
• Prepare documentation for due diligence
• Develop a go-to-market strategy
Owners who wait until they are ready to sell often find that buyers identify issues during diligence that reduce valuation or delay closing.
Working with a business broker and M&A intermediary early allows sellers to prepare their companies properly before going to market.
How Business Brokers Value a Company
One of the first steps in selling a business is determining its market value.
Business brokers typically evaluate companies using several methods, including:
Seller’s Discretionary Earnings (SDE) - For small and lower middle-market companies, valuation often begins with Seller’s Discretionary Earnings, which represents the total financial benefit a single owner receives from the business.
EBITDA Multiples - Larger companies may be valued using EBITDA multiples, which focus on normalized earnings before interest, taxes, depreciation, and amortization.
Market Comparable's - Experienced business brokers also rely on comparable transactions in the same industry to understand how buyers are valuing similar businesses.
At Exit Game Plan, we combine financial modeling, market comparable's, and buyer behavior analysis to determine realistic valuation ranges.
The Process of Selling a Business
Selling a business typically follows a structured process designed to protect confidentiality while attracting qualified buyers.
1. Business Valuation and Exit Planning: The first step is establishing a realistic valuation and preparing the business for sale.
2. Marketing and Buyer Outreach: A professional business broker markets the opportunity confidentially to qualified buyers while protecting sensitive company information.
3. Buyer Screening and NDA Process: Interested buyers must typically sign a non-disclosure agreement (NDA) before receiving detailed financial information.
4. Offers and Letters of Intent: Qualified buyers submit offers or Letters of Intent (LOIs) outlining purchase price and deal structure.
5. Due Diligence: During due diligence, buyers review financial records, customer contracts, operations, and legal documents.
6. Closing the Transaction: Once diligence is complete and financing is secured, the transaction proceeds to closing.
An experienced business broker or M&A intermediary helps manage each step of the process to ensure transactions stay on track.
Why Business Owners Choose to Work With a Business Broker
Some owners initially consider selling their businesses independently.
However, selling a company without experienced representation can create several risks:
• Undervaluing the business
• Attracting unqualified buyers
• Exposing confidential information prematurely
• Accepting unfavorable deal terms
• Losing negotiating leverage
Professional business brokers help avoid these risks by managing the process and protecting the seller’s interests.
In many cases, the structured sale process managed by a broker results in higher valuations and stronger deal terms.
Industries We Serve
At Exit Game Plan, our business brokers and M&A intermediaries work with business owners across a wide range of industries, including:
• Professional services and B2B services
• SaaS and technology companies
• Healthcare and medical billing companies
• Digital agencies and marketing firms
• eCommerce and consumer brands
• Logistics and transportation businesses
• Manufacturing and distribution companies
Our experience across these sectors allows us to anticipate buyer expectations and structure transactions accordingly.
Thinking About Selling Your Business?
If you're considering selling your company in the next 12–36 months, understanding how buyers evaluate businesses is the first step toward a successful exit.
Carson Bomar and Matt Perkins are experienced business brokers and mergers & acquisitions intermediaries and the Co-Founders of Exit Game Plan. Carson Bomar operates from Tampa, Florida, while Matt Perkins is based in Ohio. Together they advise business owners and represent clients across the United States in the sale and acquisition of privately held businesses.
As professional business brokers and M&A intermediaries, Carson and Matt help business owners prepare for sale, position their companies for maximum value, and run structured sale processes designed to attract qualified buyers and competitive offers.
Because selling a business isn’t just about finding a buyer, it’s about finding the right buyer at the right price and on the right terms.
If you're exploring an exit, contact Carson Bomar or Matt Perkins, Business Brokers and Mergers & Acquisitions Intermediaries at Exit Game Plan, for a confidential, no-pressure conversation about your options.