How do I find a buyer without the whole market finding out?

Using a business broker

A broker markets the business, usually with a blind profile that omits the name and exact location, screens buyers for seriousness and financial capacity, and often holds the deposit once a letter of intent is signed. Brokers are paid by the seller, typically a percentage of the sale price, set out in a listing agreement that also states its length, whether it is exclusive, and whether a commission is owed if you find your own buyer or the business does not sell.

A broker is not required. Some sellers work directly with an accountant or approach a known buyer, particularly for a sale to family, an employee or a competitor.

Screening buyers before you disclose

Before sharing anything beyond a blind profile, ask an interested buyer for a signed confidentiality agreement and some indication it can actually finance a deal, such as a statement of net worth or a pre-approval letter. This does not ensure the buyer will proceed, but it filters out lookers and competitors doing research.

Keep a record of who has seen what and when. If more than one buyer is interested, decide early whether you will run a structured process with a deadline or negotiate with the first credible offer.

Selling to family, employees or a competitor

An insider sale, to family or a long-serving employee, skips much of the marketing stage but raises its own issues: financing is often tighter, so a vendor take-back or a longer transition is common, and independent professional advice for both sides protects the relationship as much as the price. A chartered business valuator's independent opinion is worth the cost here even if you never got one otherwise.

A sale to a competitor can move quickly but raises confidentiality risk if the deal does not close; require a strong confidentiality agreement and consider what information genuinely needs to be shared before signing anything binding.

The listing agreement and a broker's duties

Read the listing agreement before signing it: its length, whether it renews automatically, the commission rate and what triggers it, and any holdover clause that keeps a commission owed for a period after the listing ends if you sell to a buyer the broker introduced. A broker acting for you owes duties to you, not the buyer, though a buyer's own broker, if there is one, owes duties the other way.

We review listing agreements on request, though most of the legal work on a sale begins once an offer or a letter of intent is on the table.