There are four routes out of a business and they are not competing for the same seller. Which one fits depends on who your buyer is likely to be, not on how much you want to save. Choosing the wrong one costs far more than the fee difference between them.
Get quotes to sell my business
Sell it yourself on a marketplace
Cheapest by a wide margin: a listing costs tens of dollars and the work is yours. It reaches individual buyers searching by trade and location. It suits an owner with time, a tidy set of accounts and some idea of who might buy. It does not suit a business whose likely buyers are funds, because those buyers do not browse listings.
Use a main street business broker
A local firm lists the business, screens enquiries and negotiates. You pay a commission at closing, usually with a minimum fee, and you sign an exclusive agreement for a period. This is the standard route for restaurants, contractors, clinics and shops, where the buyer is an individual who wants to see the place.
Use an M&A adviser
For a business large enough that several buyers will compete, an adviser builds a buyer list, prepares an information document and runs a timetable. There is usually a retainer as well as a success fee. The extra cost buys competition, and competition is what moves the price rather than the negotiation at the end.
Sell to someone you already know
A manager, an employee group, a family member or a competitor you trade with. No marketing cost and often a faster close, but no competition either, so the price is whatever you can negotiate one to one. Paying for an independent view of value here is worth more than it is anywhere else.
Other questions people ask
Which route gets the highest price?
The one that produces the most credible buyers for your particular business. For most main street businesses that is a broker; for anything a fund would buy it is a run process; for a business only one person could realistically operate it may be a direct negotiation.
Can I switch routes part way?
Yes, but check the listing agreement's term and tail first. Switching while an exclusive agreement runs, or while a tail covers a buyer already introduced, is how sellers end up paying two fees.
Do I need all of these people at once?
No. You always need a lawyer for the agreement and an accountant for the numbers. Whether you also need a broker or an adviser is the only question worth deliberating.