Selling without a broker saves a commission that on a small business can be a quarter of the price. It also transfers four jobs to you, and the sales that go badly are almost always the ones where a seller took the saving without taking the jobs.
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The four jobs you inherit
Reaching buyers, which means listing in the right places and approaching people directly. Screening them, which means non disclosure agreements and proof of funds before your accounts move. Negotiating, including saying no. And project managing diligence so it does not drift for months. None is difficult; together they are a part time job for half a year.
Where it goes wrong
Disclosing too much too early to someone who turns out to be a competitor. Pricing from hope and then reducing publicly, which signals weakness. Letting a buyer set the timetable. And using a template purchase agreement that leaves you with warranties you did not understand and no cap on them.
What to buy instead of a broker
A lawyer who does business sales, for the agreement and the disclosure schedules. An accountant for the add backs, the structure and the tax. Optionally a few hours of an adviser's time on an hourly basis to review your pricing and your buyer list. Together these usually cost a fraction of a commission and cover the parts where mistakes are expensive.
Other questions people ask
Will buyers take me seriously without a broker?
Yes, if your file is complete and your answers are fast. Buyers care about preparation, not representation.
How do I find buyers myself?
Marketplaces for individual buyers, trade associations and suppliers for people already in your sector, and direct approaches to competitors under agreement. The last is effective and needs the most care.
Can I hire a broker part way?
Yes, though a business already shown around is harder to market. Check that any agreement's tail does not capture buyers you found yourself.