Selling or buying a business is not a solo act. It is as coordinated effort involving multiple professionals—each one critical to protecting value, reducing risk, and closing the deal.
Most business owners know how to run operations. Few understand how to navigate a transaction. That gap is where deals fall apart—or leave money on the table.
Understanding who is involved—and what each one costs—can mean the difference between maximizing EBITDA and sale value…or settling for less than that the business is worth.
Let’s break it down.
The Core Deal Team: Who You Actually Need
➩ Business Broker / M&A Advisor
This is the quarterback of the transaction.
A professional like our own experienced Senior Advisor, Tom Crumpton, CBI, CCIM, manages the entire process—from initial valuation and listing all the way to the closing table.
Responsibilities include:
• Valuing the business
• Confidentially marketing the business
• Vetting buyers
• Negotiating deal terms
• Preparing offering materials
• Managing the process through closing
• Suggesting other trusted professionals to round out your Deal Team if needed
Typical cost:
• 8%-12% of the sale price for a small to mid-sized business
• Lower percentages for larger middle-market deals (tiered fee structures)
Insight: Most owners believe they can sell the business themselves and “save the commission.” In reality, lack of deal structure and negotiation experience often costs far more than the fee.
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➩ CPA (Certified Public Accountant)
The CPA plays a critical role in both preparation and transaction execution.
Responsibilities include:
• Cleaning up financials
• Normalizing EBITDA
• Advising on tax implications
• Structuring the deal for tax efficiency
Typical Cost:
• $3,000 to $15,000+ depending on complexity
• Additional hourly fees for ongoing support during the deal
Pro Tip: A proactive CPA can significantly increase net proceeds by structuring the transaction properly—not just reporting the outcome after the fact.
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➩ Transaction Attorney (M&A Attorney)
This is not the same attorney who handled real estate closings or basic contracts.
An experienced M&A attorney:
• Drafts and reviews purchase agreements
• Negotiates legal terms
• Manages risk exposure
• Ensures compliance with state and federal regulations
Typical Cost:
• $10,000 to $40,000+ depending on deal size and complexity
Key Takeaway: Cheap legal work becomes expensive when problems surface post-closing. This is not the place to cut corners.
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➩ Financial Advisor / Wealth Planner (Primarily for Sellers)
For sellers, this professional focuses on life after the transaction.
Responsibilities include:
• Managing sale proceeds
• Retirement planning
• Tax-efficient investment strategies
• Estate planning
Typical Cost:
• 0.5%-1.5% of assets under management annually
• Or flat planning fees ranging from $2,000 to $10,000+
Example: A $3 million sale handled without a wealth strategy can result in unnecessary tax exposure and poor capital allocation. With proper planning, that same $3 million can support multi-generational wealth.
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➩ Lender or SBA Specialist (Primarily for Buyers)
Most buyers are not writing all-cash offers. Financing is a major component of transactions.
These professionals:
• Structure SBA or conventional loans
• Access borrower qualifications
• Coordinate underwriting and approval
Typical Cost:
• Often build into loan fees (2%-5% of loan amount)
• May include packaging fees or broker fees
Bonus: Strong lender relationships can make or break a deal timeline.
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➩ Business Valuation Expert (Sometimes Separate)
While many business brokers provide quality valuations, some situations require a certified valuation analyst.
Used for:
• Complex businesses
• Litigation or partnership disputes
• IRS or compliance purposes
Typical Cost:
• $3,000 to $20,000+
Action Tip: Even if not required, a professional valuation early in the process provides clarity—and sets realistic expectations before going to market.
The Real Total Cost Breakdown
Let’s put this into perspective for a hypothetical $2 million business sale:
➥ Broker Fee (10%): $200,000
➥ Attorney: $20,000
➥ CPA: $7,500
➥ Financial Advisor Setup: $5,000
➥ Miscellaneous / Filing / Closing Costs: $5,000
Estimated Total Transaction Costs: $237,500
That number often surprises sellers.
But here’s the truth—without the right team, the same business may sell for $1.6 million instead of $2 million.
Saving $50,000 in fees while losing $400,000 in value is not a winning strategy.
Why the Right Team Increases Business Value
A coordinated deal team does more than “assist.”
They actively increase value by:
• Positioning the business correctly in the market
• Creating competitive buyer demand
• Structuring favorable terms
• Reducing deal friction and delays
• Preventing costly mistakes
Insight: Buyers and PE firms are sophisticated. They come prepared with advisors. Sellers who don’t match that level of preparation are negotiating at a disadvantage from day one.
Common Mistakes Business Owners Make
❌ Trying to sell without a broker or using a broker who does not specialize in selling businesses
❌ Using a general practice attorney instead of an M&A specialist
❌ Waiting too long to involve a CPA
❌ Underestimating tax implications
❌ Failing to prepare financials properly
Example: A manufacturing business enters the market without normalized financials. After adjustments, EBITDA increases by 28%, resulting in a six-figure increase in final sale price. Preparation matters.
Here’s the Bottom Line…
Buying or selling a business is a team sport. Every professional involved serves a specific role—and each one protects or enhances value.
The cost of that team is not an expense. It is in investment in maximizing the outcome.
Business owners who approach a transaction with the right advisors consistently achieve higher sale prices, smoother closings, and fewer surprises.
Those who don’t often learn the hard way.
If the question is whether the business is ready to sell—or what it is truly worth—now is the time to get clarity. The right team starts with the right advisor. Business Acquisitions works directly with owners to evaluate current value, identify opportunities to increase EBITDA, and prepare for a successful exit. Whether the timeline is immediate or a few years out, the strategy begins today.
Reach out to start a confidential conversation about where the business stands and what the next move should be. There is no obligation—just real insight from professionals who have done this hundreds of times. The difference between guessing and knowing is often measured in six or seven figures.