How to Sell a Business Without a Broker

“Do I really need a broker to sell my business?”

If you’re wondering if you can sell a business on your own, the answer is yes. You can browse Investors Club “For Sale by Owner” listings to see other sellers successfully selling their businesses without brokers.

This guide shows you exactly how they do it, walking you through each step from preparation to closing. But first, let’s make sure this approach fits your situation.

But first, let’s make sure selling without a broker is a smart move for you.

When It Makes Sense to Sell Without a Broker

Selling a business without a broker makes perfect sense in a few situations. 

Here are some common scenarios:

You Want to Avoid Paying Broker Fees

Business brokers typically charge 10-15% of the final sale price, and many sellers find this fee hard to justify. By selling without a broker, you get to keep more of the money. 

You Already Have a Buyer

Many sellers already know a potential buyer. It could be their competitor, supplier, customer, or business partner. By selling without a broker, it might be easier and faster to negotiate and close the deal.

You Know What You’re Doing

Experienced sellers have been through the process before, understand how things work, and often feel confident handling the process on their own. By selling without a broker, you full control from start to finish.

Your Business Is Straightforward and Easy to Transfer

Some businesses are simple to run and easy to transfer. By selling without a broker, you avoid paying someone to “sell the story” when the business speaks for itself.

You Need to Keep the Sale Confidential

Brokers often cast a wide net, and that comes with a risk of confidential information reaching a lot of people – including employees, competitors, or customers. By selling privately, you control who knows about the sale and when they find out.

You Can’t Find a Good Broker

Last but not least, some sellers would like to sell with a broker, but they simply cannot find a good one. The truth is, good brokers are very selective. Many businesses are too small or too niche for brokers to take on. Brokers will often pass when they think they are unlikely to sell a business because it is then simply not worth their time.

The Pros & Cons of Selling Your Business Without a Broker

As with everything else in life, there are some pros and cons to selling without a broker. Understanding both will help you help you make an informed decision.

Here are a few key things you will want to keep in mind:

Pros of selling without a broker

• Save on commission fees. Brokers typically charge between 10% and 15% of the sale price—this money can stay in your pocket if you sell independently.
• Attract more buyers with a lower price. Alternatively, you can lower your asking price by up to 15% and still take home the same amount as when selling with a broker.
• Stay in control of the process. You decide where and how to list, how to position the business, and all other aspects of the selling process.
• Keep it confidential. Brokers market businesses widely to attract buyers, which can make it hard to have control over who knows—and when.
• Move faster. Brokers often slow things down with layers of requests, document checks, and back-and-forth. 
• Set your own price. Brokers may refuse to list a business they think is overpriced. Selling independently means you decide what to ask for.

Cons of selling without a broker

• You’ll need to find buyers. Brokers bring a network of qualified buyers to the table. Without one, you’ll be responsible for handling the outreach, marketing, and vetting yourself.
• You’re managing the deal from start to finish. One common misconception is that selling with a broker is hands-off. It’s not. While brokers offer advice, guidance, and some support, you’ll still be involved in much of the heavy lifting—whether you use a broker or not. That said, brokers can take certain tasks off your plate. 
• Valuing your business can be tricky. There is a risk to overprice (and scare off buyers) or underprice (and leave money on the table) your business.

Step-By-Step Guide to Selling Your Small Business Without a Broker

Here’s a breakdown of the entire process, from getting your business ready for sale to closing the deal without a broker.

Step 1: Get Your Business Sale-Ready

Before you list your business, you need to get things in order. The upfront work you do here makes a big difference—both in attracting serious buyers and in what they’re willing to pay. A clean, well-documented business looks safer, easier to manage, and more valuable.

Step 2: Plan for Taxes

Before you sell, talk to a CPA who is experienced with business sales. How you structure the deal (e.g. asset sale or a stock sale) will have a big impact on how much tax you’ll owe.

Most small businesses are sold as asset sales, where the buyer purchases individual assets, not the legal entity. In asset sales, different parts of the deal (equipment, inventory, non-compete agreements, etc.) can be taxed at different rates, with some taxed as ordinary income, others as capital gains. If you agree on seller financing or earn-outs, you’ll need to ask how and when those payments get taxed, too.

Step 3: Organize Your Financials

This is the first thing every buyer will ask about. They need to see how much money the business makes, where it comes from, and what it costs to run.

Start by putting together a profit and loss (P&L) statement that covers at least the last 12 months. It doesn’t have to be fancy, but it should clearly show:

• Revenue (broken down by source: ads, affiliates, products, services, etc.)
• Expenses (hosting, software, contractors, marketing, etc.)
• Net profit (what’s left after expenses)

Feel free to reach out to Investors Club if you would like to have a template you could use.

Buyers will also expect proof to back up those numbers. Be ready with:

• Screenshots or reports from ad networks
• Affiliate dashboards
• Payment processors (Stripe, PayPal, etc.)
• Any other income documentation that verifies your claims

Make sure everything is accurate and easy to understand—messy records are a red flag for buyers.

Step 4: List All Transferable Assets

Make a list of all the assets that come with the sale. Depending on your business, this might include:

• Domain names
• Websites (including all files and databases)
• Social media accounts
• Email lists and access to your email marketing platform
• Digital products (courses, ebooks, templates, etc.)
• Affiliate partnerships or custom deals
• Ad network accounts (if transferable)
• Trademarks or other intellectual property
• Any SOPs or systems that make running the business easier
• Existing contracts with freelancers, agencies, or vendors

Step 5: Clean Up Your Traffic Data

If traffic drives your revenue, expect buyers to ask you to share Google Analytics and Google Search Console access. Make sure these analytics tools are set up and tracking properly.

Step 6: Make the Business Less Dependent on You

The less hands-on you are, the more valuable your business becomes. Buyers like businesses that can run without heavy involvement from the owner.

If you’re currently doing everything yourself, consider to delegating or at least document some of the tasks you are responsible for. 

Step 7: Document Your Processes

Even if you’re the only one running the show, describe the key processes. Standard operating procedures (SOPs) help buyers feel confident they can take over without dropping the ball. This doesn’t have to be complicated- a simple Google Docs or a video showing you dong tasks would be great.

Even if you’re the only one running the show, take the time to outline the key processes. Standard operating procedures (SOPs) make it easier for a buyer to step in and run things without dropping the ball. This doesn’t have to be complicated. A simple Google Doc or a quick screen-recording video showing how you handle tasks is often enough.

Step 8: Determine the Value of Your Business

Business valuation can get complicated fast—but if your business is relatively straightforward, you don’t need to overthink it. A simple rule of thumb works for most online businesses: they typically sell for 2 to 4 times their annual profit (also known as SDE—Seller’s Discretionary Earnings).

Where your business lands in that range depends on factors like growth trends, revenue diversification, traffic stability, and how hands-off the operation is.

Use our free valuation tool to get an instant estimate:
👉 How Much Can You Sell Your Business For?

Step 9: Find Potential Buyers

You don’t need a broker to connect with great buyers. Plenty of business owners find success through:

• Your personal and professional network. Start with who you know—friends, family, business contacts, or other entrepreneurs. You never know who might be interested or know someone who is.
• Competitors. Businesses in your space may be looking to grow through acquisition. You already have what they want: a proven product, customers, and operations in place.
• Suppliers or vendors. If your business is a valuable client for someone, they may want to protect that relationship—or expand their offerings—by buying you out.
• Customers. Loyal customers who understand the value of your business may be interested in owning it themselves.
• Social media and industry groups. LinkedIn, Facebook Groups, Reddit communities—these are great places to connect with potential buyers or get introductions.
• Online marketplaces. Platforms like Investors Club have a pool of serious buyers actively looking to acquire businesses.

Before moving forward with a potential buyer, take time to vet them. Are they financially capable of completing the purchase? Do they have experience running businesses like yours? Are they a competitor looking for inside info—or a serious buyer with good intentions?

Ask for proof of funds or financing pre-approval early. Don’t hesitate to request a buyer profile or references, especially if they’re a first-time buyer. A little due diligence on your part can prevent wasted time—or worse, a deal falling apart late in the game.

If you’re looking for serious, vetted buyers—without paying broker commissions—Investors Club is a great option. It’s free to list, and you stay in control of the process from start to finish. You can find out selling your business for free here.

Step 10: Handle Buyer Inquiries and Negotiations

This is where you answer questions, provide information, and—ideally—negotiate terms that work for both sides.

Here’s how to handle this stage effectively:

• Respond Promptly and Professionally. Quick, professional replies show you’re serious and keep potential buyers engaged. If you delay, buyers may move on to other opportunities.
• Be Honest and Transparent. Serious buyers will verify everything in due diligence—better to build trust early by being upfront.
• Expect to Answer the Same Questions (Over and Over). Most buyers ask similar questions. Create a standard FAQ or keep templated answers handy to save time.
• Provide What Buyers Need for Due Diligence. Potential buyers will want to verify the information you provided. Be ready to share key data like profit and loss statements, traffic information, proof of revenue and expenses, and more.

Once someone is interested in moving forward with the deal, you’ll need to discuss specific details of the deal and work towards terms both sides are happy with. This includes the sale price, what assets are included, how and when payment will be made, and whether you’ll provide any post-sale support. This is the best time to address any remaining concerns and clarify expectations.

In the current market, one of the terms buyers often ask an earn-out or seller financing.

• Earn-outs tie part of the payment to the future performance of the business. Earn-outs can work great for both parties when you’re confident in the business’s future success.
• Seller financing means you act as the lender, letting the buyer pay part of the purchase price over time.

By this stage, you should have already qualified the buyer and confirmed their ability to fund the purchase. Be sure not to skip the vetting step —getting deep into negotiations with an unqualified buyer can waste weeks of your time.

Some buyers will offer moving forward with a Letter of Intent (LOI). An LOI outlines the basic terms of the deal and serves as an indicator of a serious intent to purchase, but it’s typically non-binding. Keep in mind that signing an LOI often means you will agree to work exclusively with that buyer for an agreed period of time. During this time, you’are usually required stop marketing your business, and negotiations with other potential buyers. While this sounds like a great idea to keep transaction moving forward, don’t forget the “non-binding” part. We’ve seen buyers use the LOI period to delay or renegotiate. On smaller deals, it’s often easier to skip the LOI and proceed directly to the purchase agreement.

Step 11: Sign an Asset Purchase Agreement

Most small business sales are structured as asset purchases  – not stock purchases. In an asset purchase, the buyer is purchasing the business’s assets (think the website, domain, email lists, inventory), not the company itself. 

When you buy assets, you make things official by signing an Asset Purchase Agreement (APA).

The APA is the formal, legally binding contract that outlines all the terms both parties have agreed to: what’s being sold (the assets), the final purchase price, the closing date, payment terms, any post-sale obligations. Make sure every detail is spelled out clearly—vague terms often lead to disputes.

At this stage, it’s smart to work with a lawyer who can review the agreement and make sure your interests are protected. Even if the deal seems straightforward, a professional can help you avoid mistakes that might come back to bite you later.

If you’re selling through Investors Club, reach out—we’re happy to provide our APA template to make the process easier. 

Step 12: Handover and Close

Once the Asset Purchase Agreement (APA) was signed, it’s time to move on to the final stages of the sale. 

Here’s how what to expect.

Secure Payment

Payment is typically handled through escrow to protect both parties. If you’re selling privately, it’s smart to use a reputable third-party escrow service. The funds are held until both sides meet the terms of the deal, giving you peace of mind that you’ll be paid once everything is delivered.

Transfer the Assets

Once payment is secured in escrow, it’s time to transfer the assets listed in your APA. Whether you’re selling through a marketplace or privately, this step is almost always your responsibility. If you’re not comfortable handling this step, consider hiring someone who specializes in migrations.

At Investors Club, we work with partners who can manage transfers for WordPress websites—just reach out if you want an introduction.

Tip: Many sellers hold onto the domain until the buyer confirms they’ve received everything and escrow releases the funds. It’s an extra layer of protection and standard practice in most deals.

Reconcile Final Numbers

fter the sale closes, there’s often a true-up period. This is when you and the buyer sort out any final financial details. Any income earned after the closing date belongs to the buyer, even if the funds land in your account. Likewise, if you’re charged for business expenses after closing, the buyer may need to reimburse you.

Once the transfer is complete and the funds are released, the deal is done. You’ve successfully sold your business—congratulations!

Ready to sell your business for free, and without a broker? Start here.