Seller Frequently Asked Questions
(FAQs)
Why should I use a Business Broker to sell my business?
Selling a business is not like selling a house—it’s far more complex, emotional, and demanding. Business owners who have gone through the process before will often tell you it can be long, stressful, and full of unexpected challenges.
Attempting to sell your own business can actually harm its value. That’s because the selling process requires significant time and energy—exactly when your focus should be on maintaining or growing your business’s performance. Any slip in performance during this period can negatively impact buyer interest and valuation.
A professional business broker does more than just find a buyer. They bring expertise, objectivity, and proven process to guide you through every step of the journey:
- Accurate Valuation: Brokers help you understand what your business is truly worth in the current market.
- Expanded Buyer Access: They tap into existing networks of qualified buyers and market your business confidentially to a broader pool.
- Confidentiality Protection: They keep your identity and sale intentions private until the time is right—avoiding unnecessary concern from employees, customers, or competitors.
- Focus Preservation: With a broker managing the sale process, you stay focused on running your business—often the most valuable thing you can do during this time.
- Deal Management & Closing: Brokers bring experience to manage due diligence, negotiations, and closing details—helping avoid common pitfalls that derail deals.
In short, the right business broker does more than sell—they help you maximize value, minimize stress, and ensure the transaction closes successfully.
Why First Choice Business Brokers?
Since 1994, First Choice Business Brokers has set the standard for professionalism, performance, and trust in the business brokerage industry. With offices across the U.S. and a nationwide team of some of the most rigorously trained brokers, we are the clear choice for business owners who want results.
What sets us apart:
- Decades of Proven Success: With over 30 years of experience, we’ve helped thousands of owners successfully buy and sell businesses across every major industry.
- Unmatched Broker Expertise: Our brokers undergo some of the most comprehensive training in the industry, making them experts in valuation, marketing, negotiations, and deal structuring.
- Nationwide Reach, Local Insight: Our expansive office network combines national visibility with deep local market knowledge—ensuring broad buyer access without losing personal touch.
- Balanced Representation: We specialize in creating win-win outcomes, aligning the interests of both buyers and sellers for smooth, successful transitions.
When you choose First Choice, you’re not just getting a broker—you’re getting a trusted partner, a proven process, and the power of one of the industry’s most established and respected brands.
How is my business for sale kept confidential?
Confidentiality is one of the most critical aspects of selling a business—and it’s handled very differently from selling real estate. Unlike a home or commercial property, you’ll never see a “For Sale” sign in front of a business. That’s because public knowledge of a sale can cause unnecessary concern among employees, customers, suppliers, and even competitors.
At First Choice Business Brokers, we take confidentiality seriously:
- Every potential buyer must sign a Non-Disclosure Agreement (NDA)—also known as a Buyer Confidentiality Agreement—before receiving any sensitive details about your business.
- We use blind listings that share general information about the opportunity without revealing your company name or identifying details.
- All buyer inquiries are screened and qualified to ensure they are serious and capable before any direct contact is made.
This controlled, professional approach helps protect your business operations and relationships while we work behind the scenes to find the right buyer.
How will my business be advertised?
At First Choice Business Brokers, we combine strategic exposure with targeted discretion to attract the right buyers—without compromising your confidentiality.
Your business will be listed on top-performing websites tailored to your industry and region, including both national and international business-for-sale platforms. These sites are frequented by qualified buyers actively searching for opportunities like yours.
Depending on the nature and size of your business, we may also use:
- Industry-specific platforms to reach specialized buyers
- Direct outreach to buyer databases and investor networks
- Targeted digital marketing and email campaigns
- Confidential teaser profiles that protect your identity while generating interest
Every listing is crafted to highlight your business’s strengths while maintaining strict confidentiality. Our goal is to create maximum visibility to the right buyers—locally, nationally, and globally—while you continue running your business uninterrupted.
How do I know how much my business is worth?
Understanding the true value of your business is the first step in planning a successful exit—and it’s more than just multiplying your revenue or comparing to a competitor’s sale.
At First Choice Business Brokers (FCBB), we use a proven, data-driven valuation methodology that considers your financial performance, industry trends, intangible assets, and current market conditions. Our process includes:
- A detailed review of your financials with normalized (recasted) earnings
- Benchmarking against comparable business sales in your sector and region
- Analysis of key value drivers like customer concentration, recurring revenue, and operational efficiency
- Insight into buyer trends and market multiples in today’s private capital market
Our business sales professionals are some of the most highly trained experts in the industry, ensuring your valuation is accurate, realistic, and aligned with market expectations—positioning your business for the strongest possible sale.
How long will it take to sell my business?
On average, a properly priced and well-prepared business can sell in approximately 90 to 120 days—but this timeline can vary significantly depending on factors such as industry, location, financial performance, deal structure, and how easily earnings can be verified.
At First Choice Business Brokers, we don’t believe in rushing to market with an inflated price just to secure an exclusive listing. That’s a common practice in the industry—and it often leads to prolonged listings, buyer distrust, and ultimately, disappointment.
Instead, we take a strategic and realistic approach, starting with a professional valuation and an honest assessment of your business’s readiness to sell. This ensures that when your business does go to market, it’s positioned to attract qualified buyers and close efficiently.
Your local First Choice Business Sales Professional will evaluate your unique business and market conditions to give you a more accurate estimate of timing—while helping you prepare for a smoother, faster, and more successful sale.
Will Buyers be visiting my business?
After a Buyer has signed an NDA (Buyer Confidentiality), reviewed initial information and expressed a further interest in your business your FCBB business advisor will schedule a meeting for the Buyer to view your business at a time that is appropriate for your type of business.
How Do Buyers Make Offers on My Business?
When a buyer is ready to move forward, they’ll typically be represented by a professional business broker who will guide them in preparing a formal written offer. This offer will include:
- Purchase price
- Proposed terms (e.g., cash, seller financing, earn-outs)
- Contingencies, such as due diligence or financing
- Requests for additional documentation or meetings
Once the offer is complete, it is submitted to your First Choice Business Broker, who will review it with you and help you evaluate the strengths, risks, and potential next steps. Depending on the situation, the offer may be delivered directly by your broker or in collaboration with the buyer’s representative.
From there, we’ll help you decide whether to accept, counter, or decline—always with your goals and best interests in mind.
Who will handle all the inquiry calls on the sale of my business?
Your First Choice Business Advisor is trained to deal with incoming inquires (often tire kickers) and help determine which of those Buyers might be ready to move to the next level.
Who will handle the negotiations on the sale of my business?
Negotiating the sale of a business can be complex—and emotional. That’s why your First Choice Business Advisor is there to lead the way. Our agents are highly trained in deal negotiation and skilled at balancing the needs of both buyers and sellers to create win-win outcomes.
We serve as your advocate and buffer, helping to:
- Strategically present counteroffers
- Navigate deal terms and contingencies
- Keep negotiations productive and professional
- Maintain momentum through to closing
From initial offer to final agreement, your FCBB agent will be by your side—guiding, advising, and protecting your interests every step of the way.
What Kind of Training or Support Do I Provide After the Sale?
Post-sale training and support is a standard part of most business transitions—and it’s typically negotiable based on the complexity of the business.
Most buyers request a 30-day training period to ensure a smooth handover. Simpler businesses may only require a week or two of guidance, while more complex operations might call for a longer familiarization phase.
When extended involvement is needed, it’s common for sellers to negotiate a paid consulting agreement after the initial training period ends. This gives the buyer continued access to your insights, while fairly compensating you for your time and expertise.
Your First Choice Business Broker will help structure these arrangements to ensure clarity, fairness, and a seamless transition for both parties.
After I sell my business can I open another one at some point in the future?
All Buyers will ask that you sign a covenant not to compete within a certain area and/or time period.
Will I need to finance part of the purchase price of the business?
There is no requirement that you "carry paper" on your business however in today's market it is very common that Buyers will ask for some type of Seller Carry Note which in reality opens your business to a larger pool of Buyers.
When should I notify my employees that I am selling the business?
While you may have a close relationship with your employees it has been proven time and time again that the best time to tell your employees is when you introduce them to the new owners. This may be difficult for you emotionally however experience dictates that silence is the best practice. The exception to this rule would be if a "key" employee is part of the negotiation for the Buyer to keep them on after the sale is complete. In this case there may be some advance notice required to this person and this person alone.
Will First Choice qualify the Buyer by checking their credit?
First Choice does not check the credit of Buyers however through the offer and acceptance process you may request that the Buyer provide you with a copy of their credit report. This is not often asked of the Buyer as the property owner and/or landlord will likely be obtaining a credit report for their review.