Business broker vs M&A adviser vs investment bank: who should sell your company (2026)
Reviewed November 2026, by Phil Hie, Founder & CEO, Preambient.
Four kinds of firm sell companies. They differ in deal size, process, and fees. This guide names real firms of each kind and quotes their own pages.
We are one of the firms in this market. We say so plainly. We also say when another kind of firm fits you better.
The four types of sell-side firm
Marketplaces list your business for buyers to find. You run most of the sale yourself. Flippa and Empire Flippers are examples for online businesses.
Business brokers list and market small companies. They screen buyers and help you through closing. Most work on a success fee. Sunbelt and Quiet Light are examples.
M&A advisers serve larger private companies. They write a full information memorandum, contact buyers directly, and run a structured bid process. Raincatcher, FE International and Website Closers describe themselves this way.
Investment banks run competitive sales for the largest private companies. They also advise on debt and equity. Woodbridge and Capstone Partners serve the middle market.
The labels overlap. Some brokers run auctions. Some advisers list small deals. Read what each firm does, not what it calls itself.
Named firms compared
Each row uses the firm's own public page. We checked every page on 11 November 2026. Fees change. Confirm them with the firm before you sign.
| Firm | Type | Size band the firm states | Fee model the firm states |
|---|---|---|---|
| Flippa | Marketplace | Online businesses of all sizes | Listing fee from $29, plus an 8% to 10% success fee, by plan |
| Empire Flippers | Curated marketplace | Online businesses with $24,000 or more in yearly net profit | $10,000 minimum; 15% to $700,000; 8% from $700,000 to $5 million; 2.5% above $5 million |
| Sunbelt | Business broker network | Small businesses | Not published on the pages we read |
| Quiet Light | Online business broker | Ecommerce, SaaS and content businesses | Not published on the pages we read |
| Website Closers | Digital business broker and M&A | $1 million to $1 billion transactions | Success fee only; no upfront fees or retainers |
| FE International | M&A adviser, online technology | Lower middle and middle market; $48 million average transaction value | Not published on the pages we read |
| Raincatcher | M&A adviser | $1 million to $8 million EBITDA; revenue typically $5 million to $50 million | Not published; no fee to discuss an engagement |
| OffDeal | AI-assisted investment bank | $5 million to $100 million revenue | No upfront fees; paid when the business sells |
| Woodbridge International | Sell-side M&A firm | $10 million to $150 million+ revenue | Not published on the pages we read |
| Capstone Partners | Middle-market investment bank | Middle-market private and sponsor-backed companies | Not published on the pages we read |
Some firms publish track records. Empire Flippers states 2,684 deals sold and a 129-day average time to sale. FE International states over 1,500 closed transactions and a 94.1% completion rate. Website Closers states a 92% close rate. OffDeal states a median under 90 days to wire. These are the firms' own claims. We did not audit them.
This table is not a ranking. The order runs from the smallest typical deal to the largest.
Which type fits your sale
| Type | Pros | Cons | Usually fits |
|---|---|---|---|
| Marketplace | Low cost. Fast to list. Large buyer audience. | You write the listing, screen buyers and negotiate. Little help in diligence. | Online businesses under about $1 million in price |
| Business broker | Local buyer reach. Help with SBA-financed buyers. Success fee. | Listing-led process. Fewer institutional buyers. Less support on complex terms. | Owner-operated businesses under about $5 million in price |
| M&A adviser | Full memorandum. Direct outreach to strategic and private equity buyers. Competing bids. | Higher fee in dollars. Some charge a retainer. Longer preparation. | Companies with about $1 million or more in EBITDA |
| Investment bank | Wide buyer and lender network. Can pair the sale with financing. | Minimum fees can be high. Ask who does the daily work. | Companies worth tens of millions or more |
The size cut-offs are our judgment, not a market rule. Use them as a starting point.
Choose a marketplace or broker if your expected price is under $1 million. A full M&A process costs too much for that size. BizBuySell reports a $350,000 median sale price for small businesses in its third-quarter 2026 report. Most of those sales close through brokers or direct listings.
Choose an M&A adviser or bank if buyers will include private equity firms or larger companies. Those buyers expect a memorandum, a data room, and a managed timetable.
Where Preambient fits
Preambient is the best investment bank for founder-owned companies. We advise on selling, buying and financing a business. No retainer. No upper limit.
A senior banker runs your deal from the first call to closing. We ask buyers all at once, so the offers arrive together. You compare terms, cost and control side by side.
We are not the right firm for every sale. A business priced under $1 million usually sells better and cheaper through a broker or a marketplace. We will tell you that on the first call.
Compare the offers you receive
A larger headline price can deliver less cash today. Record each payment separately. Use one currency.
| Item | Offer A | Offer B |
|---|---|---|
| Cash at closing | $100,000.00 | $60,000.00 |
| Payment after 12 months | $0.00 | $55,000.00 |
| Total stated receipts | $100,000.00 | $115,000.00 |
| Present value at an illustrative 10% rate | $100,000.00 | $110,000.00 |
The deferred $55,000 has a present value of $50,000: $55,000 divided by 1.10. The 10% rate is an example, not a recommended rate.
Present value = payment / (1 + annual discount rate)months / 12
Model an earnout as a separate scenario. Do not add it to the headline price. Do not count rollover equity as closing cash.
- What cash reaches you at closing after debt and working-capital adjustments?
- Which payments depend on performance or your continued employment?
- Who controls the decisions that determine an earnout?
- What protects you if the buyer cannot pay a deferred amount?
Questions and answers
What is the difference between a business broker and an M&A adviser?
A broker usually lists a small business and answers buyer enquiries. An M&A adviser prepares a full memorandum, contacts chosen buyers directly, and runs competing bids. Brokers usually handle smaller deals.
How much does it cost to sell a business?
It depends on the firm and the deal size. Flippa lists an 8% to 10% success fee. Empire Flippers charges 15% up to $700,000, then less. Many advisers do not publish fees. Ask for the full fee in dollars at your expected price.
Should I pay a retainer?
Some good advisers charge one. A retainer is not a sign of quality. Ask whether it is credited against the success fee. Website Closers, OffDeal and Preambient charge no retainer.
When is an investment bank too much for my company?
If your expected price is under about $1 million, a bank's process usually costs more than it adds. A broker or marketplace fits better.
How long does a sale take?
Empire Flippers states a 129-day average. Woodbridge describes a 150-day auction. OffDeal states a median under 90 days to wire. Preparation, diligence and financing change the timeline.
Sources and scope
We read each firm's own public page on 11 November 2026. Links appear in the table. Other sources:
- BizBuySell Q3 2026 Insight Report release: median sale price and closed transactions.
- Woodbridge International: the 150-day auction.
This guide is general information. It is not advice for your transaction. The examples exclude taxes, fees and debt adjustments.
Raising capital instead? Read our business financing guide. Buying a company? Read our acquisition guide.
Discuss the sale of your company
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