The listing agreement is signed after one or two meetings, and most sellers ask about the commission and nothing else. These are the questions that separate firms, and the instruction that makes them useful is to ask for the answers in writing.
Get quotes to sell my business
About their record
Which businesses like mine have you sold in the last two years, and may I speak to two of those sellers. How many of your current listings are in my trade, and how long have they been listed. What proportion of the businesses you list actually sell. A firm that will not answer the last one has answered it.
About the work
Who will handle my sale day to day, and how many others are they handling. How many buyers will you approach, and how. What is your screening process before my accounts leave your office. What happens if a buyer goes quiet for two weeks. What would you do if I insisted on a price you thought was too high.
About the money
What is the commission, the minimum fee and the tail, and does the tail cover all buyers or only ones you introduced. Are there marketing charges, and are they payable if the business does not sell. Is the fee calculated on the price or on total consideration including debt assumed and deferred payments.
Questions people ask about questions to ask a business broker
How many brokers should I ask?
Three, with the same written questions, so the answers can be compared rather than remembered.
What answer should worry me?
A price estimate with no reasoning, an unwillingness to name the person doing the work, or a tail that covers every buyer for two years.
Should I ask for references?
Always, and then call them. Ask those sellers what surprised them and what they would do differently.