When it comes to selling a business, choosing the right business broker can make or break the deal. A broker’s activity level and their ability to financially support advertising your listing are critical factors that deserve a business owner’s full attention. Too often, owners focus solely on a broker’s promises or commission rates, overlooking the practical realities of how their business will be marketed and sold. To illustrate this, let’s draw a parallel to a famous line from attorney John Morgan, founder of Morgan & Morgan, who once quipped in an advertisement, “Not all attorneys are the same.” I always found this to be so on point. And I thought it appropriate for my business as well. Here’s why you should dig deeper into a broker’s hustle and financial backing—and how it impacts the sale of your business.
The John Morgan Lesson: Motivation Matters
John Morgan in this clip points out that in the attorneys often are running on fumes. Namely their big wins are few and far between and as such their balance sheet sucks and they settle before they should. Now, swap “attorney” for “business broker.” A broker who’s barely active or can’t afford to market your listing properly is like that settlement-hungry lawyer—more focused on their own survival than your success. A business sale isn’t a quick flip; it’s a complex process that requires effort, visibility, and patience. If your broker isn’t putting in the work or lacks the funds to showcase your business to the right buyers, you’re the one who loses out.
The Broker’s Hustle Is Your Lifeline
A broker’s activity level is the heartbeat of your sale. Are they proactively reaching out to potential buyers? Are they tapping into their network, attending industry events, or leveraging online platforms to get your listing in front of the right eyes? Are they active on all elements of social media, are they sought by attorneys, CPA’s, Financial Planners. Do they have a solid financial footing to run the ads needed to get your deal done?
Think about it: selling a business isn’t like listing a house on Zillow with a few photos and a catchy tagline. It’s a niche market, often requiring targeted outreach to buyers who understand your industry and see the value in your operation. A high-activity broker doesn’t just post your listing and call it a day—they’re working the phones, emailing prospects, and negotiating on your behalf. If they’re not showing that kind of hustle, your business could languish on the market, losing momentum and value.
Ask yourself: How many deals has this broker closed recently? Can they show you a track record of active engagement with clients and buyers? Size Matters…your broker needs to be able to spend and spend big.
Financial Support: Advertising Isn’t Cheap, but It’s Essential
Here’s where the rubber meets the road: advertising your business listing costs money, and not every broker has the resources to do it well. A broker’s ability to financially support marketing efforts can mean the difference between a listing that gathers dust and one that attracts serious offers. Professional photos, detailed write-ups, paid placements on business-for-sale platforms, and even targeted digital ads—all of these require investment. If your broker’s operating on a shoestring budget, your listing might end up as a bare-bones posting buried under a pile of better-promoted competitors.
John Morgan’s success didn’t come from whispering in the dark—he spent big on advertising (over $350 million a year, by some estimates) to make sure everyone knew his name and his firm’s mission. While a business broker doesn’t need that kind of budget, they do need enough financial muscle to give your listing a fighting chance. A broker who can’t or won’t invest in marketing is essentially asking you to bankroll their limitations—meanwhile, your business sits unsold, and you’re left wondering why the phone isn’t ringing.
Dig into this when vetting brokers. Ask: What’s your marketing plan for my listing? How much are you willing to spend to promote it? Will you cover advertising costs upfront, or are you expecting me to foot the bill? A broker who’s confident in their ability to sell your business will often front the advertising costs, knowing they’ll recoup it from a successful sale. One who balks at the question might be more interested in a quick commission than a top-dollar deal. Do you have a podcast, a youtube channel, are you active on linkedin, facebook, tiktok, instagram, and X? Do you attend networking events? Do you Co-broker?
How to Choose Wisely
So, what should a business owner do? Start by treating your broker search like a job interview—because it is. Look for someone with a proven track record of activity: deals closed, clients served, and a clear strategy for finding buyers. Then, drill down on their financial commitment. Do they have the cash flow to advertise your listing effectively, or are they scraping by, hoping your sale bails them out? Get specifics—platforms they’ll use, budgets they’ll allocate, and how they’ll measure success.
Finally, trust your gut. If a broker’s more focused on their commission than your goals, they’re not the right fit. You need a partner who’s as invested in your success as you are—someone who’ll hustle and spend to get your business the attention it deserves.
Outcomes Matter, Size Matters…way back in 2008 I learned a very important lesson. Namely “he who has the best balance sheet wins”. If the broker doesn’t have the money to market…they will feed themselves first before their client…and your listing will suffer.
Fore more on buying and selling a business in Tampa Bay contact Transworlds Number 1 Business Broker Michael Shea at 321-287-0349
NOT ALL BUSINESS BROKERS ARE THE SAME