Many American business owners assume that selling a business requires a broker. It does not. While brokers serve a purpose in certain situations, a growing number of owners are choosing to sell directly to qualified buyers — saving tens or hundreds of thousands of dollars in commissions and maintaining far greater control over the process. This guide explains how to sell your business in the United States without a broker, and what to look for in a direct buyer.
What Does a Business Broker Actually Do?
A business broker acts as an intermediary between a seller and potential buyers. They typically prepare a Confidential Information Memorandum (CIM), market the business to their buyer network, manage initial enquiries, and facilitate negotiations. In exchange, they charge a success fee based on a percentage of the transaction value — often based on the Lehman Formula — which can represent a substantial sum paid to someone who did not build your business.
When You Don't Need a Broker
If you already have a qualified buyer — or are willing to approach one directly — a broker adds little value and significant cost. A qualified buyer does not need a broker. They can manage the entire process in-house: conducting their own due diligence, handling legal and financial coordination, and guiding the seller through every stage of the transaction. This keeps the process streamlined, proactive, and extremely confidential. There is no CIM to prepare, no auction process, and no competing bids that can collapse at the last moment. For the seller, it is a no-hassle experience — one point of contact, one clear process, and a buyer who is genuinely committed from the first conversation.
The Problem With Brokers
Brokers can be helpful in managing initial inquiries and facilitating negotiations — but they come with real drawbacks that sellers rarely consider upfront. First, a broker charges a success fee, which means their financial interest ends at closing. They are incentivised to get a deal done, not necessarily the right deal for you. Second, a broker must market your business to find buyers — which means your business is, by definition, not confidential. Competitors, employees, customers, and suppliers may learn that the business is for sale before you are ready for that information to be public. Third, a broker adds a layer between you and the buyer. You cannot have a direct conversation. You cannot assess whether the buyer is a genuine fit for your business, your employees, or your legacy. The most successful transactions are the ones where the buyer and seller can speak directly — where there is no intermediary filtering the relationship and adding complexity at every stage.
How to Protect Yourself Without a Broker
The primary risk of selling without a broker is not having adequate professional support. This is easily addressed by engaging a qualified business attorney and a CPA or tax advisor independently. Your attorney will review and negotiate the purchase agreement, representations and warranties, and any non-compete provisions. Your accountant will advise on tax structuring, whether an asset sale or stock sale is more advantageous, and how to optimise the allocation of the purchase price. These professionals cost a fraction of a broker's commission and provide far more targeted protection.
What to Look for in a Direct Buyer
Not every direct buyer is the right buyer. When evaluating a buyer who approaches you without a broker, look for a clear acquisition thesis and a verifiable track record, transparency about their intentions for the business and its employees, a willingness to share their valuation methodology upfront, and the ability to manage the full transaction process without requiring you to do the heavy lifting. CMBB, led by Leonardo Obodoeke, with a board chaired by Darie Urbanky and a team of internal and external advisors, provides all of this from the first conversation. We do not require sellers to sign exclusivity agreements before we have earned their trust.
CMBB's Direct Acquisition Process in the USA
CMBB is actively acquiring businesses across the United States, with a current focus on Florida and Texas. Our process is straightforward: a confidential initial conversation, a transparent valuation, a written offer with full methodology disclosed, and a due diligence process that is thorough but efficient. Most transactions close within 60–90 days of the initial offer. There are no fees charged to the seller at any stage.
CMBB is actively acquiring businesses across the United States. Start a confidential, no-obligation conversation today.
Start a Confidential Conversation→