A broker's work is five tasks, and a seller deciding whether to hire one should price each of them separately rather than treating the commission as one indivisible thing. Two of the five are hard to do alone; three are mostly time.
Get quotes to sell my business
The three that are mostly time
Preparing the listing and the information pack. Fielding and answering enquiries. Coordinating diligence so it does not drift. A determined owner with a clean set of accounts can do all three, and doing them is what makes a private sale work. What it costs is several hours a week for six months at exactly the time the business also needs running.
The two that are hard alone
Reaching buyers you cannot find, which for anything institutional means a contact list rather than a listing. And negotiating with somebody you also need to like you, which is where most owners concede more than they intended. Having a third party say the difficult thing is worth real money and is the least appreciated part of the service.
What the fee should buy in practice
A named number of buyers approached. Screening that keeps your accounts away from the curious. A price argued from evidence rather than from what wins the mandate. And someone answering the buyer's adviser during diligence. Ask a firm which of these they will commit to in writing, because the ones that will are the ones doing the job.
Other questions people ask
Do brokers value the business?
They give an opinion of value, which is guidance rather than a formal appraisal. Where you need a defensible valuation for tax or a dispute, that is separate specialist work.
Do they handle the legal work?
No. The purchase agreement and the disclosure schedules are your lawyer's work, and a broker who offers to draft them is offering something they should not.
What should I expect in the first month?
A completed information pack you recognize, a buyer approach list you can argue with, and honest feedback on your price expectation.