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July 12.2025
1 Minute Read

Business Brokerage Services That Boost Your Sale Fast

Did you know? Businesses that leverage professional business brokerage services sell on average four times faster and for up to 30% more value compared to independent sales (Industry Report, 2023). If you’re a business owner considering selling your business, this is a game-changer. Discover how partnering with expert business brokers not only accelerates your sale but also transforms your selling experience—connecting you with vetted buyers and guiding you every step of the way to a highly profitable, hassle-free transaction.

business brokerage services dynamic group of professionals shaking hands over contract

Did You Know? Proven Impact of Business Brokerage Services on Fast, Profitable Transactions

The decision to use business brokerage services can greatly influence the speed and success of your business transaction . Recent studies indicate that over 70% of businesses sold through a business broker reach a successful closing within 6-9 months, compared to a timeline of 18-24 months through traditional, owner-driven selling methods. Business brokers leverage deep market knowledge, robust networks, and strategic negotiations to deliver superior closed transactions —maximizing value and expediting outcomes for both buyers and sellers .

If you are ready to sell your business or explore options to buy a business, understanding the difference a brokerage service makes is crucial. Not only do professional brokers offer tailored marketing, comprehensive business valuation , and strict confidentiality, but their ability to attract and qualify serious potential buyers sets you up for a smooth, lucrative sale. Let’s compare how business brokerage outperforms the traditional approach.

How Business Brokerage Services Outperform Traditional Selling Methods

Traditional selling methods rely heavily on owner-led efforts, word-of-mouth, and limited advertising—often leading to longer waiting periods, lower offers, and uncertain negotiations. In contrast, business brokerage services tap into expansive buyer networks, specialized databases, and targeted marketing strategies. These factors increase visibility, boost buyer interest, and lead to faster, more competitive bids. The specialized expertise and negotiation skills of a business broker often mean a higher sale price, reduced risk, and a streamlined sales process for business owners seeking the best possible outcome.

Further, business brokers protect your confidentiality, preventing sensitive details from leaking to the market, employees, or competitors. Their years of experience handling complex transactions also ensure that legal, financial, and operational nuances are managed with precision, ultimately producing an optimal outcome for all parties involved.

For a deeper look at how trusted business brokerage services can unlock hidden profits and provide a competitive edge during your sale, you may want to explore this guide on maximizing value with reputable brokers . It offers practical insights into leveraging broker expertise for optimal results.

Key Metrics: Traditional Sale vs. Using Business Brokerage Services

Key Metric Traditional Sale Business Brokerage Services
Average Time to Close 18-24 months 6-9 months
Average Sale Value Realized Market Value or Lower Up to 30% Higher
Buyer Pool Accessed Limited, Local Extensive, Vetted Global
Deal Confidentiality Low Very High
Transaction Success Rate Below 50% 70%-90%

Unlocking Value with Expert Business Broker Support

Achieving the best result when selling a business means more than simply listing and waiting. With the expert guidance of a business broker or specialized brokerage firm , sellers can unlock added value through careful planning, precise valuation strategies, and curated negotiations. Business brokerage services provide unparalleled support, handling everything from document preparation and due diligence to complex negotiations, allowing you to focus on running your business until the successful closing.

By relying on a business brokerage service, business owners are assured a streamlined, high-value transaction. Brokers leverage years of experience, market insights, and established buyer relationships to uncover value that might otherwise be missed and avoid costly pitfalls along the way.

Why You Need Business Brokers for Selling a Business

Selling a business is no small feat—it’s a complex, high-stakes process involving confidential financial data, legal details, and negotiations with numerous potential buyers . Business brokers act as trusted advisors, ensuring confidentiality, increasing sale price, and managing communications. From filtering out unqualified buyers to guiding you through a structured sales process, they de-risk your transaction and deliver measurable results.

"A seasoned business broker can help you realize up to 30% more value than selling independently." – Industry Report

business broker reviewing company valuation report with client business brokerage services

What Makes a Business Brokerage Service Exceptional?

Not all business brokerage firms offer the same level of service. Exceptional business brokerage services stand out by providing a blend of deep industry expertise, proven closed transactions, and personalized support through every stage of the business transaction . They employ rigorous buyer screening, use data-driven business valuation methods, and integrate advanced marketing to attract serious, capable buyers.

A top-tier business brokerage service is characterized by transparency, proactive communication, and an unwavering commitment to confidentiality. Their strong negotiation skills ensure you secure the best terms possible, while their reputation is often built on a track record of successful, reported closed transactions and rave client testimonials.

Buyer Networks and Market Reach in Modern Business Brokerage Services

In today’s competitive market, having wide-reaching buyer networks is your ticket to a faster, more lucrative sale. Leading business brokerage services rely on proprietary databases, industry connections, and targeted advertising to maximize exposure for your business for sale . By leveraging these platforms, business brokers connect motivated buyers and sellers, creating an environment where multiple offers—and even bidding wars—are possible.

Whether you’re trying to sell your business on Main Street or in a specialized sector, a broader market reach brings greater opportunities. Brokers are adept at pinpointing strategic buyers whose goals and resources align closely with the value of your enterprise, significantly improving your odds for a successful closing.

Connecting Buyers and Sellers—Faster Closings with Brokerage Services

The hallmark of a strong business brokerage is its ability to efficiently connect compatible buyers and sellers . Professional brokers utilize advanced CRM systems, digital marketing, and industry events to cultivate extensive buyer lists. This matchmaking prowess shortens the timeline from listing to closing and ensures that buyers are prequalified and financially capable, eliminating unnecessary delays and uncertainty.

With sophisticated tools and highly responsive strategies, brokers coordinate interest, negotiate terms, and facilitate all communications—meaning you won’t field calls from unvetted prospects but instead respond only to those with serious intentions. The result? Quicker, cleaner transactions with optimal results.

  • Curated buyer databases continuously updated with qualified leads
  • Strategic online and offline marketing campaigns
  • Collaboration with industry partners and referral networks to widen the buyer pool
  • Detailed buyer screenings to ensure financial capability and genuine interest
  • Personal introductions and NDA procedures for serious buyers

The Complete Process: From Listing to Closed Transactions with a Business Brokerage

When selling your business, the path from initial inquiry to a successfully closed transaction is intricate and fraught with risk—unless you have a seasoned business broker in your corner. A professional business brokerage delivers a clear, step-by-step roadmap, keeping you informed and empowered while handling the complex logistics behind the scenes.

This process involves thorough business valuation , attractive listing development, strategic marketing, buyer vetting and engagement, negotiations, and comprehensive due diligence. Each stage is built to maximize speed, ensure confidentiality, and capture the highest value for all involved.

Step-by-Step: Your Business for Sale Journey Using Professional Brokerage Services

Step one is a detailed consultation and business valuation , where your business broker assesses financials, market position, and assets. Next is the creation of a compelling, confidential business profile, marketed directly to targeted buyers. As interest builds, your broker manages all inquiries, facilitates presentations, and screens for seriousness and buying power.

Once offers are made, your business broker leads negotiations—balancing price, terms, and contingencies—before guiding you through legal paperwork and due diligence. The process culminates with a smooth transition at closing, ensuring funds and obligations are properly handled, all within a tightly managed timeline.

business brokerage services entrepreneurs reviewing sale process flowchart
  • Initial Valuation – Accurate assessment to determine your business's true market value
  • Confidential Listing – Preparing materials and marketing discreetly to vetted buyers
  • Buyer Qualification – Screening and background checks for genuine interest
  • Negotiation – Securing optimal sale price and favorable terms
  • Due Diligence – Coordinating thorough inspection and document review
  • Closing – Completing the transaction and ensuring seamless transition

FAQs Answered: All About Business Brokerage Services

What is a business brokerage service?

A business brokerage service is a professional organization that facilitates buying or selling a business, handling confidentiality, valuation, negotiations, and all paperwork to ensure a seamless business transaction.

What is the typical fee for a business broker?

Business broker fees usually range between 8-12% of the total sale price, with factors like business size, complexity, and sector influencing the final rate.

business broker explaining fees brokerage service chart business brokerage services

Is it worth using a business broker?

Engaging a business broker often leads to faster closed transactions and higher sale values, making their services highly beneficial for both buyers and sellers.

What are brokerages in business?

Business brokerages are firms that specialize in facilitating business sales, supporting both individuals and companies looking to buy a business or sell a business for optimal value.

What sets leading business brokerage services apart?

Leading business brokerage services are distinguished by their unwavering focus on confidentiality, robust negotiation expertise, rigorous buyer vetting, and marketing excellence. They streamline the entire sales process and deliver track records packed with reported closed transactions that reflect their discernment and proficiency.

Expect a high-performing business broker to provide customized marketing materials, professional valuation, and a database of strategic buyers. These firms' reputations are built on trust, confidentiality, and their ability to achieve an optimal outcome with minimal disruption to your operations.

  • Customized marketing tailored to your industry and business
  • Access to pools of pre-qualified and vetted buyers
  • Absolute confidentiality at every stage
  • Proven negotiation skills resulting in optimal deal structures
  • Consistent track record of successful, reported closed transactions
"Confidentiality and strategic networking are at the core of every reputable business brokerage service."

confident business broker leading confidential meeting business brokerage services

Success Stories: Real Examples of Business for Sale Achieving Fast Results

How Professional Business Brokers Deliver Speed and Value

Fast, rewarding sales are no accident. Take the case of a Main Street retailer that recently sold in just 60 days above its asking price, thanks to an experienced business broker’s targeted marketing and connections to motivated buyers. In another example, a technology firm leveraged their brokerage service’s strategic outreach to attract multiple offers, prompting a competitive bidding war that increased the sale value by 25%.

Success stories across every industry—from restaurants and service companies to manufacturing and B2B enterprises—show how business brokers harness years of experience and robust buyer networks to deliver speedy, value-packed business transactions . Sellers benefit from maximized sale prices, smooth timelines, and the ability to focus on running their business right up to closing day.

Choosing the Right Business Broker: Essential Questions and Criteria

Selecting the ideal partner is critical for a successful, stress-free business sale. Assess each business broker’s credentials, track record, and approach to marketing and confidentiality. Look for brokers with deep sector experience, a portfolio of reported closed transactions , and clear communication. Their ability to guide you through the sales process with attentive support and transparency will make all the difference in your transaction’s outcome.

What should you ask before hiring a brokerage firm? Here’s a critical checklist to help you evaluate your options and secure the best possible representation.

  1. How many closed transactions do you have in my industry?
  2. What is your average time to close a business for sale?
  3. How do you value businesses and what methods do you use?
  4. What marketing strategies do you employ to attract potential buyers?
  5. How are buyer qualifications and confidentiality managed?
  6. What is your commission structure?
  7. Can you provide references from businesses sold recently?

business broker and owner reviewing checklist business brokerage services

How to Get Started with a Business Brokerage Service Today

Your Path to a Faster, More Profitable Business Sale Begins Here

Ready to sell your business or take the next step toward financial freedom? Begin by reaching out to a reputable business brokerage service for a confidential consultation. Their team will walk you through risk-free evaluations, explain your options, and help set realistic expectations for timeline and value. In today’s fast-paced market, harnessing the expertise of a qualified business broker gives you decisiveness, clarity, and access to the best buyers—ensuring the successful closing you deserve.

Don’t wait until your business is ready for sale—early engagement with a brokerage service means more strategic planning, more buyer interest, and the confidence to secure your goals on your terms. Start your business for sale journey with the right team behind you.

Key Takeaways for Sellers Considering Business Brokerage Services

  • Maximize Value: Brokerage services help you unlock hidden value and attract higher offers
  • Faster Sales: Connect with qualified buyers in less time
  • Confidentiality and Safety: Discreet listings and professional screening protect your interests
  • Seamless Transactions: Expert management ensures a smooth process from listing to closing

Act now: Connect with trusted business brokers to accelerate your success and boost your final sale value.

If you’re eager to take your business sale strategy to the next level, consider broadening your understanding of how trusted brokerage services can unlock even greater profits and streamline your exit. By exploring advanced approaches and learning from industry leaders, you’ll be better equipped to make informed decisions that maximize your outcome. For a comprehensive perspective on leveraging broker expertise for long-term financial success, discover how top brokers help sellers achieve optimal results . Your next step could be the key to a more rewarding and efficient business transition.

Sources

  • https://www.ibba.org – International Business Brokers Association
  • https://www.bizbuysell.com – BizBuySell
  • https://www.forbes.com – How a Business Broker Can Add Value
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Calculating Business Value: From Financial Records to Final Sale Price Calculating what a business is worth starts with an analysis of key financial records—primarily EBITDA, SDE, and other relevant indicators like gross margin and cash flow. Errors in calculation often arise from overestimating goodwill or neglecting non-operational assets and liabilities. Business owners should seek professional valuations, avoid common mistakes (such as including one-time gains), and use at least two valuation methods to confirm a realistic price. Overview of EBITDA, SDE, and relevant financial metrics Common mistakes business owners make in valuation Validate your conclusions using industry-specific benchmarks and multiples to ensure your price attracts both sophisticated and first-time buyers. Frequently Asked Questions for Business Owners Selling a Business How long does it take to sell your business from start to finish? The average sale of a business typically takes 6 to 12 months, depending on industry, business size, preparation of financial records, buyer interest, and market conditions. Can I sell my business if I have outstanding debt? Yes, you can generally sell your business with debt. However, debts are typically settled at closing, either from proceeds or as negotiated with the buyer—ensure clear documentation to avoid complications. What role does confidentiality play when selling a business? Confidentiality is crucial to safeguarding sensitive information, preventing disruptions in staff or supplier relations, and maintaining day-to-day business performance during the sale process. Use NDAs and blind listings for protection. What are common reasons sales fall through? The most frequent deal-breakers include inaccurate financial records, disputes over valuation, buyer financing falling through, or failures uncovered during due diligence. Proactive preparation reduces these risks. Key Takeaways for Business Owners Preparing to Sell a Business Successful selling of a business starts with preparation and professional advice Accurate business valuation and clean financial records maximize sale price Working with a business broker often increases the pool of prospective buyers Legal documents and due diligence are critical for a smooth business sale "Selling a business is one of the most important transactions a business owner will ever face—planning, details, and professional guidance make all the difference." - Industry Veteran Ready to Maximize the Value When Selling Your Business? Contact expert business brokers today for a personalized consultation Download our comprehensive checklist for business owners selling a business Start your confidential business valuation and discover your true exit potential Next Steps: Begin your journey today by engaging a trusted business broker, organizing your financial documents, and outlining your goals. The sooner you prepare, the better your outcome when selling a business. Selling your business is a pivotal milestone, but true success comes from understanding every element that shapes your final deal. If you’re ready to go beyond the basics and uncover what’s truly included in a business sale—from assets and contracts to intangible value—take the next step with this in-depth guide on what to know about a business sale . You’ll gain clarity on the finer points that can influence negotiations and protect your interests. Empower yourself with advanced knowledge and ensure you’re fully prepared to maximize every opportunity in your business exit.

07.12.2025

Broker Fees Responsibility: Find Out Who Covers the Cost

"Nearly 50% of homebuyers and renters enter negotiations without knowing who covers the broker fee—a knowledge gap that could cost thousands." Did you know that confusion over broker fees responsibility can leave buyers, sellers, and renters paying thousands they didn’t expect? Real estate transactions are complex, but the question of “who pays the broker fee” is fundamental—and often misunderstood. With recent changes like the FARE Act in New York City and fierce negotiations in today’s housing market, understanding broker fees responsibility is essential for making smart and strategic decisions. In this guide, we’ll demystify the process, break down standard practices, and reveal how you can protect your bottom line in any real estate deal. Understanding Broker Fees Responsibility: Real Estate Practices Explained At its core, broker fees responsibility refers to who—the buyer, seller, landlord, or renter—is contractually obligated to pay the broker or agent's compensation in a real estate transaction. In traditional home sales, the seller typically pays both their own listing agent and the buyer's agent via commissions deducted from the sale proceeds. But in rentals—especially in markets like New York City—the responsibility can shift to the tenant, dramatically increasing their upfront costs. Consider common scenarios: In a home purchase , the seller hires a listing agent, who then offers a portion of their commission to a buyer's agent (if one is involved). In apartment rentals , an estate agent may represent just the landlord, or both parties, with negotiated fees often passed onto the renter. The distinction between "real estate agent" (licensed sales professional) and "estate broker" (who may supervise agents and administer commissions) plays a pivotal role. Real estate brokers are responsible for ensuring legal compliance and often set fee structures for their associated agents. Definition of broker fees responsibility Common real estate scenarios involving broker fees Difference between real estate agent and estate broker roles Who Pays the Broker Fee? Exploring Responsibilities for Buyers, Sellers, and Renters The responsibility for the broker fee largely depends on the local market, prevailing regulations, and terms set during negotiations. Let’s break down the most common arrangements to clarify who shoulders the costs in various real estate situations. Whether you’re buying your first home, selling an investment property, or signing a lease on an apartment, understanding your obligations can save you from costly surprises. Broker Fees Responsibility in Residential Real Estate Transactions In residential property sales, it’s standard for the seller to cover the combined broker fee, which is then split between the listing agent and the buyer’s agent. Typically, this fee falls between 5-6% of the selling price , though it’s always negotiable. Buyers generally do not pay these fees directly, but as the cost is factored into the sale price, they could still impact the net amount the seller receives and what buyers ultimately pay. However, special circumstances, such as “for sale by owner” deals or limited-service brokers, may disrupt this norm, making it crucial for both buyers and sellers to confirm the fee structure before proceeding. For renters in many metropolitan areas, the broker fees responsibility often falls on the tenants. Some cities, like New York City, have a historical precedent for renters paying hefty upfront broker fees—sometimes equal to a month’s rent or more. While these practices are shifting due to local legislation and the news app-driven demand for more transparency, renters should always ask whether they will pay a broker fee before signing any agreement. Commercial Real Estate Agent and Estate Agent: Broker Fee Distribution Commercial real estate deals introduce unique complexities regarding broker fees responsibility . Here, either the landlord or the tenant (in the case of a lease), or the buyer or seller (in a sale), may pay the commission, based on negotiation outcomes and local customs. Commercial commissions are often structured differently—frequently percentage-based but potentially subject to floors, ceilings, and hybrid fee structures. Both commercial estate agents and estate brokers commonly draft comprehensive contracts specifying who is responsible for payment . These agreements should clearly outline whether the landlord, tenant, buyer, or seller pays, and if the parties agree to split costs. In some instances, a tenant looking for specialized space may hire an agent directly, resulting in a direct fee responsibility. Given the high cost and long-term nature of commercial leases, legal and broker fee considerations carry significant weight and should not be overlooked. Key Factors Influencing Broker Fees Responsibility Broker fees responsibility is shaped by a handful of crucial variables that differ regionally and even from transaction to transaction. Among the most significant is location . For example, New York City's unique property market and regulations—such as those imposed by the city council and recent laws like the FARE Act —often redefine who shoulders the broker fee for apartment rentals and property sales. Negotiation and contract specifics also play a central role. The way parties negotiate responsibilities with their real estate agent or estate agent can result in varying fee splits. Sometimes, buyers and sellers (or landlords and tenants) may agree to split the brokerage fee to facilitate the transaction. Finally, laws like the FARE Act and evolving court decisions, particularly in cities like NYC, mean all involved parties must review local statutes and consult real estate professionals before signing a contract. Transparency and written agreements protect against misunderstandings that can lead to disputes or even legal claims. Location: How NYC and other city regulations shape the responsibility The impact of the FARE Act on broker fees Negotiation and contract specifics between buyer, seller, and their real estate agents Comparative Table: Broker Fee Responsibility by Transaction Type and Region Transaction Type NYC California Texas Home Purchase (Buyer/Seller) Seller pays (may split with buyer after negotiation) Seller pays (negotiable) Seller pays (negotiable) Residential Rental (Landlord/Renter) Landlord often pays after FARE Act, but still negotiated Landlord typically pays, though tenant may share Landlord typically pays, though tenant may share Commercial Lease (Landlord/Tenant) Negotiable; often split based on brokerage agreement Negotiable; local custom varies Negotiable; local custom varies Broker Fees Breakdown: Standard Rates, Structures, and Hidden Costs The norms for broker fees can feel like a maze, but understanding the standard structures helps demystify this critical component of any real estate deal. The 3% broker fee is a widely cited rule of thumb—especially for home sales—but the reality is much more nuanced. Some agents charge as little as 2%, while highly sought-after brokers, or those handling luxury listings, may negotiate higher rates. Standard broker fee percentages (including the 3% broker fee norm) Flat fee vs. percentage-based broker fees in real estate Additional hidden or administrative fees charged by an estate agent or broker Flat fee brokerage is a modern trend, especially for those seeking to control upfront costs . In some cases, brokers or estate agents may charge a non-percentage-based fee for limited services, such as listing a property or preparing legal paperwork. However, beware of hidden or administrative fees . These can include advertising costs, transaction coordinator fees, and even document preparation charges, which add to the overall cost of selling or renting a home. It’s crucial to request a breakdown of all fees and confirm which services are included to avoid unpleasant surprises. "A well-negotiated broker fee agreement can significantly reduce the cost burden for one or both parties." The FARE Act and Broker Fees Responsibility: What Real Estate Brokers and Clients Need to Know The Fairness in Apartment Rental (FARE) Act has reshaped the broker fees landscape, especially in York City and markets with robust tenant protections. This legislation, enacted by the york city council , aims to create more transparency in how broker fees are assigned and limit excessive upfront costs for renters. For property owners, the FARE Act can mean taking on broker costs that had traditionally been pushed onto tenants. However, every transaction is unique, and negotiations or exceptions based on the specifics of the deal remain possible. How the FARE Act Shapes Broker Fees for Real Estate Agents in NYC In NYC , the FARE Act has shifted much of the broker fees responsibility from tenants to landlords. Previously, it was commonplace for renters to pay broker fees as an additional out-of-pocket expense, often running into the thousands, simply for the privilege of signing a lease. With the new legal landscape, real estate brokers must align their contracts to comply, and tenants benefit from reduced upfront costs . This regulatory push has further encouraged landlords and estate brokers to negotiate creative solutions, occasionally resulting in split fees or landlord incentives. Comparing Broker Fee Regulations in Major U.S. Cities Nationally, broker fee rules differ widely. Cities like San Francisco and Los Angeles reflect more tenant-friendly policies, whereas regions in Texas tend to follow more traditional, landlord-centric practices. In all cases, the key takeaway is to understand how local statutes and ongoing changes—like the FARE Act—impact your broker fees responsibility before entering into any housing agreement. Consulting a local real estate agent ensures compliance and avoids unexpected costs. People Also Ask About Broker Fees Responsibility Who is responsible for brokerage fees? The party responsible for brokerage fees depends on local laws, transaction type, and negotiation details. In many real estate transactions, the seller pays the broker fee , but in some rental markets, especially in cities like NYC, the tenant may be responsible. Always review contracts and consult your real estate agent for clarity. Who should pay the broker fee? Broker fee payment is typically negotiated during the transaction process. Home sellers traditionally pay the broker fee, which is split between the listing and buyer's agents. In rental markets, landlords or renters may pay based on regional practices and agreements. What is the new broker fee law in NYC? The FARE Act has changed broker fee dynamics in NYC, often shifting the responsibility from tenants to landlords. However, case-by-case agreements still apply based on the specifics of each real estate transaction. Is 3% a reasonable broker fee? A 3% broker fee is considered standard in many real estate transactions, particularly for sales. Some real estate brokers may charge higher or lower percentages depending on property value, services provided, and local competition. Tips for Managing Broker Fees Responsibility in Real Estate Transactions Always clarify and negotiate broker fees before signing any agreement with a real estate agent or broker. Research regional laws, including the FARE Act. Ask for a breakdown of all broker fees and potential add-ons. Consult with a real estate attorney for complex transactions. Expert Insights on Broker Fees Responsibility "Understanding who pays the broker fee can prevent costly surprises and smooth the real estate process for everyone involved." – Certified Real Estate Broker Frequently Asked Questions on Broker Fees Responsibility Can broker fees be negotiated? Yes, broker fees are almost always negotiable. Discuss your expectations with your real estate agent or estate broker before signing any agreement and request written confirmation of all costs. Are broker fees tax deductible? Broker fees are generally not tax-deductible for homebuyers or renters, though sellers may be able to claim some expenses in connection with the sale of property. Always consult a tax professional for personalized advice. What happens if the responsible party refuses to pay the broker fee? If a responsible party refuses to pay the agreed-upon brokerage fee, legal disputes or contract enforcement actions may follow. It’s vital to address payment responsibilities in a clear, written contract to avoid complications. Is it common for both buyer and seller to split broker fees? While most transactions designate the seller as the responsible party, some regions and specific deals allow for a negotiated split between buyer and seller or landlord and tenant, especially when both sides want to expedite the process. Essential Takeaways: Navigating Broker Fees Responsibility in Real Estate Broker fees responsibility varies by region and transaction type Recent laws like the FARE Act can shift responsibility Both sellers and landlords often initially cover broker fees, but negotiation rules apply Transparency and communication with your real estate agent or broker are essential Your Guide to Broker Fees Responsibility: Make Informed Real Estate Decisions Consult licensed estate agents and attorneys before signing Review local laws and contract details for maximum savings Stay proactive to avoid unexpected costs Further Learning: Videos on Broker Fees Responsibility Comprehensive video guide: "Broker Fees Responsibility in Real Estate Explained" Expert panel discussion: Navigating Broker Fees, the FARE Act, and Real Estate Agent Practices Take Action Now Proactively clarify broker fees responsibility up front and consult local regulations and experts to ensure you never overpay in your next real estate transaction.

07.12.2025

Business Valuation Tips to Boost Your Sale Price

Did you know that businesses using professional business valuation methods can sell for up to 20% more than those that don’t? Whether you’re a small business owner eyeing retirement or an entrepreneur preparing for your next big move, mastering business valuation is the single most important factor in maximizing your sale price. This guide will reveal the top methods, surprising valuation truths, and actionable steps to help you command the highest sales outcome possible. Read on to ensure you don’t leave money on the table when selling your business. Did You Know? Surprising Facts About Business Valuation That Impact Every Sale Recent data shows that owners who obtain professional business valuations before selling enjoy, on average, a 15-20% increase in final sale price compared to those who rely on informal estimates. In fact, a majority of closed sales above asking price cite accurate business valuation as a key contributor. Many business owners misconstrue fair market value as simply the price they want or need, rather than a figure derived from cash flow analysis and market comparisons. Cash flow—the lifeblood of your business—plays a much larger role in determining value than most realize. Too often, misconceptions about ignored add-backs, unreported revenue, or underestimating the worth of intangible assets lead to undervalued sales and missed opportunities. Understanding Business Valuation for Maximizing Sale Price Business valuation is the process of determining the economic worth of a business by considering a range of factors, including financial performance, industry trends, assets, and cash flows. For business owners, knowing your business’s value is crucial when selling, securing funding, or planning for succession. A properly conducted business valuation ensures you don’t underprice your company—or scare buyers away with unrealistic expectations. Imagine two identical small businesses: One has precise, up-to-date valuation reports to justify its asking price, while the other relies on gut feeling. In negotiations, buyers of the first business are more willing to trust the numbers and move quickly, often leading to a faster sale at or above asking price. The second? Protracted bargaining, heavy due diligence, and potentially, a discounted offer due to uncertainty. The right business valuation method transforms uncertain negotiations into confident closings. While understanding the fundamentals of business valuation is essential, uncovering the lesser-known factors that can influence your final sale price can give you a significant edge. For a deeper dive into these often-overlooked elements, explore business valuation secrets that can further boost your sale price and help you maximize your outcome. Key Business Valuation Methods Used by Business Owners and Business Appraisers Market-Based Valuation Method: Comparing Your Business to Similar Sales The Market-Based valuation method gauges what your business is worth by using recent sales of comparable businesses in your industry and region. Business appraisers analyze market data, financial statements, industry-specific multiples (like price-to-earnings or price-to-revenue ratios), and precedent transactions. This method is especially powerful in providing context for buyers and sellers—giving you a benchmark and helping avoid both overpricing and underpricing. Market-based valuations are often relied upon for small business sales where transparent deal data is available. However, their accuracy depends on robust, relevant comparables and up-to-date market conditions. For instance, if similar businesses have recently sold for three times their EBITDA or gross earnings, your own financial performance will be evaluated through the same lens. Local market trends, customer base stability, and even intangible assets like branding also play key roles in the final figure. When used correctly, market-based valuation methods offer actionable, real-world benchmarks you can defend during negotiations. Income-Based Valuation Method: Focus on Cash Flow and Earning Power The Income-Based valuation method emphasizes cash flow and future earnings potential . It’s highly regarded by buyers seeking returns and by lenders underwriting business acquisitions. This approach involves analyzing your business’s adjusted net cash flow, owner compensation, and one-off expenses to determine its sustainable earning power. Appraisers may use discounted cash flow (DCF) analysis or capitalize on seller’s discretionary earnings to forecast how much income the business will generate moving forward. What sets this method apart is its focus on risk and reward: higher recurring revenue streams, diverse customer bases, and minimal dependency on the owner result in a higher valuation. Conversely, volatile cash flows or concentration of sales among a small segment of customers can decrease your worth. Income-based valuations put numbers at the heart of negotiations, making your growth, profitability, and risk profile the headline story to prospective buyers. Asset-Based Valuation Method: Assessing Real Estate and Tangible Assets The Asset-Based valuation method determines your business’s value by calculating the total worth of its tangible and intangible assets, then subtracting liabilities. Tangible assets include real estate, equipment, inventory, and cash, while intangible assets might cover intellectual property or goodwill. Business owners should provide detailed, up-to-date asset listings with fair market values for an accurate asset-based valuation. Asset-based methods work best for asset-heavy businesses—such as manufacturing firms, real estate holding companies, or those with significant tangible property on the balance sheet. However, they may undervalue service or knowledge-based businesses where future cash flows and customer relationships carry more weight than physical holdings. Still, thorough documentation of both tangible and intangible assets can reassure buyers and banks of solid underlying business value. Comparison of Major Business Valuation Methods Valuation Method Pros Cons Typical Use Cases Market-Based Uses real sales data; benchmarked to current market conditions; trusted by buyers Needs access to comparable sales; results can fluctuate by region/industry Retail, service sector, businesses in active markets Income-Based Focuses on earnings power; reflects business’s future potential; adjusts for risk Complex cash flow adjustments; sensitive to forecasting assumptions Professional services, fast-growth companies, transaction-driven Asset-Based Clear for asset-heavy businesses; strong for liquidation value; covers tangible assets May ignore earnings power; undervalues intangible assets Manufacturing, real estate, distribution, holdings Maximizing Value: Essential Steps for Small Business Owners During Valuation Process Organize and verify your financial records : Accurate financial statements are the backbone of the valuation process. Ensure your books are clean, reconciled, and reflect true cash flow, including adjustments for owner compensation and one-time expenses. Understand adjustments for owner compensation : Buyers—and business appraisers—scrutinize financials for add-backs and non-operating expenses. Adjust your numbers to reflect fair market value, not just tax-minimization tactics. This gives a more honest picture of what the business is worth to a buyer. Account for all business assets : Create a thorough inventory of tangible and intangible assets, such as intellectual property, trade secrets, real estate, and inventory. Omissions may result in undervaluation or delayed deals. Benchmark using industry ratios and recent sales : Compare your business’s performance to industry standards and recent competitor transactions. This context arms you with defensible numbers during negotiations and helps set realistic expectations for sale price. Choosing the Right Business Appraiser for Accurate Business Valuations Look for credentials and experience in a professional business appraiser. Seek those with accreditation from recognized industry bodies and a solid track record in your industry or business size segment. A certified business appraisal not only enhances your business’s credibility with buyers, lenders, and stakeholders—it can also satisfy tax purposes and facilitate smoother due diligence. Interview potential business appraisers thoroughly: Ask about their experience with small businesses, specific valuation methods they use, sample valuation reports, and how they address unique industry risks and market conditions. Their expertise can be the difference between a good sale and a great one. Watch this comprehensive video walkthrough: discover how to collect required documents, work with a business appraiser, understand the parts of a business valuation report, and confidently review the valuation outcome before listing your business for sale. How Accurate Business Valuation Impacts Deal Structure and Sale Price Business valuations directly shape buyer offers and negotiation tactics. With an independent, credible valuation in hand, buyers are more likely to make strong, fair-market-aligned bids. Sellers can contest lowball offers with substantiated data, shifting negotiations in their favor and speeding up deal timelines. Valuation results influence deal terms : Details like down payments, earn-outs, and seller financing are structured according to the perceived risk and return embedded in the business valuation report. Higher valuations support more favorable terms for sellers—potentially higher upfront cash and reduced holdbacks—while lower or uncertain valuations may push buyers to introduce risk-mitigation elements such as contingent payouts. Fair Market Value: The Cornerstone of Every Business Sale Fair market value represents the price at which a willing buyer and seller would transact in an open market, without undue pressure. It’s distinct from asset value or book value, which may not account for cash flows or market trends. Understanding the difference allows you to set more strategic expectations for negotiations and deal structure. Market conditions, industry performance, emerging trends, and the general health of your customer base all impact fair market value. An upturn in industry demand, favorable economic shifts, or regulatory changes can temporarily boost what your business is worth, while downturns or increased competitive pressures can lower it—even if your underlying financials remain steady. Advanced Strategies: Improving Your Business Valuation Before You Sell Increase recurring revenue streams : Subscription models, service contracts, and long-term agreements enhance cash flow stability—raising your business’s appeal to buyers and boosting valuation multiples. Reduce owner dependency : Train staff, delegate operations, and formalize processes so the business can thrive independently. Less reliance on a single person lowers buyer-perceived risk and elevates value. Diversify your customer base : Broaden your client roster to avoid overconcentration risk. Buyers want proof that cash flows are resilient even if one or two major customers depart post-sale. Address risks tied to real estate or leases : Clarify property ownership, standardize lease terms, and resolve any lingering disputes. Clean, transferable real estate arrangements strengthen negotiations and prevent valuation discounts. "A well-documented business valuation can be the single biggest factor in achieving a premium sale price. – Leading Business Appraiser" Learn practical cash flow improvement tactics, from optimizing accounts receivable to renegotiating supplier terms, and see real-life case studies where these changes led directly to increased business sale prices. People Also Ask: Answers to Top Business Valuation Questions How do I calculate the value of my business? Common methods include applying industry “rules of thumb” (such as a multiple of earnings or sales), simple asset-based estimates, and cash flow analysis. For formal business valuations—especially for deals involving outside investors or lenders—it’s best to engage a professional business appraiser. A certified appraisal leverages market, income, and asset approaches, adjusting for your business’s unique characteristics and growth prospects. How much is a business worth with $500,000 in sales? Applying industry-standard multiples (often 0.5x to 3x revenue, depending on sector, cash flow, and growth), a business with $500,000 in sales could be valued anywhere from $250,000 to $1.5 million. Key variables include EBITDA, debt obligations, tangible assets like real estate, and your business’s cash flow consistency. Professional business appraisers tailor these calculations for greater accuracy by factoring in financial statements and market conditions. What is the valuation of a company if 10% is $100,000? If 10% equity is valued at $100,000, the implied company valuation is $1 million (since $100,000 × 10 = $1 million). However, business appraisers consider if this stake includes control features, special rights, or is part of a creative financing package, which may alter the final fair market value calculation or how the valuation report is interpreted during negotiations. How much is a business that makes $1 million a year worth? Typical business valuation methods might apply 2x to 4x multiples to annual earnings, so a business generating $1 million a year could be worth $2–$4 million. However, the exact worth depends on profit margins, industry benchmarks, real estate holdings, and the consistency of cash flows. Business appraisers make further adjustments to reflect customer base diversity and market trends for a more refined valuation. Checklist: What Every Business Owner Should Prepare for a Seamless Business Valuation Up-to-date financial statements : Balance sheets, income statements, and tax returns that accurately reflect your cash flow and profitability. List of all physical and intangible assets : Real estate, inventory, equipment, customer contracts, patents, and intellectual property documentation. Organizational structure chart : Clearly defined roles and responsibilities for staff, management, and ownership. Growth and risk analysis documentation : Market condition forecasts, customer base trends, and any legal or compliance risks facing the business. Building Value: Benefits of Professional Business Valuations for Business Owners Reach a wider pool of qualified buyers who trust in substantiated business valuation reports, especially for larger transactions, SBA loans, or strategic buyer inquiries. Negotiate from strength : Professional reports justify your asking price using fair market benchmarks, cash flow analysis, and industry data—giving you more leverage during negotiations and against buyer skepticism. Strategic planning : Use formal valuations to guide business growth, secure financing, or plan succession, enabling you to run your business with clear valuation goals in mind and optimize sale timing. Delve into how real estate, leases, or property assets factor into business valuations—and why clean, market-aligned real estate records boost buyer trust and transaction speed. Frequently Asked Questions About Business Valuation How often should I revalue my business? Ideally, every 1–2 years, or with any significant event—rapid growth, downturn, ownership changes, or before tax planning and capital raises. Frequent valuations flag risk early and keep you prepared for unexpected sale opportunities. Can business owners perform DIY valuations? While business owners can use rule-of-thumb multiples or simple asset reviews, professional business appraisers offer rigorous, unbiased reports that withstand buyer and lender scrutiny. DIY valuations may miss hidden value or expose you to negotiation risks. What factors most commonly increase or decrease valuation? Strong recurring cash flows, a diverse customer base, clean financial statements, and transferable processes increase value. Weak documentation, dependent management, customer concentration, or outdated assets reduce it. Final Steps: How to Use Your Business Valuation to Achieve the Best Sale Price Release your valuation outcome strategically : Share it with serious, qualified buyers or use it as part of a controlled auction process. Deliver it as part of a comprehensive information package, including growth plans and risk mitigation measures. Leverage your high business valuation in negotiations : Anchor buyer expectations, justify counteroffers, and push for favorable deal structures like higher down payments or shorter earn-outs based on substantiated value. Treat your business valuation as a pre-sale improvement roadmap : Identify and address value gaps before listing—clean financials, address risks, and highlight strengths—to both raise your price and increase buyer confidence. Ready to Maximize Your Business Sale Price? Connect With a Certified Business Appraiser Today If you’re serious about maximizing your business sale price, don’t leave it to chance. Contact a certified business appraiser now for a tailored, professional business valuation—and take the first step towards a stronger future sale. As you prepare to leverage your business valuation for a successful sale, consider how working with the right professionals can further streamline the process and elevate your results. Partnering with an experienced business broker can help you navigate negotiations, attract qualified buyers, and ultimately secure the best possible deal. To discover how a business broker can be your strategic ally throughout the sale journey, explore the advantages of working with a business broker for your small business and unlock new opportunities for a seamless, profitable exit.

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1189","city":"Cheshire","state":"CT","zip":"06410","email":"robert@rpdesign.com","tos":"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","privacy":"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