What questions should I ask a broker before signing on with them?

Before signing a listing agreement, ask how long the term runs, whether it's exclusive, what happens if you find your own buyer, and whether any "tail" period keeps commission owed after the agreement ends. Ask how they plan to market the business, how they'll qualify buyers before sharing sensitive information, and who else in their office might already represent buyers in your industry.

Also ask about registration. A business broker whose deal is purely a sale of shares generally isn't required to hold a real estate licence. But if the sale includes real property — the building the business operates from, for example — the broker may need to be registered under the Real Estate and Business Brokers Act, 2002, as amended by the Trust in Real Estate Services Act, 2020, and subject to oversight by the Real Estate Council of Ontario (RECO). Don't assume either way; ask directly whether registration applies to your deal and, if so, confirm the broker's current status before sharing financials or signing anything. A Treadstone business lawyer can review the listing agreement alongside these answers.