The size of the business determines the skill set needed to sell it. Businesses with $1 million in revenue or less, such as a dry cleaner or florist, are best suited for a business broker. Business brokers use a listing service similar to that used by real estate brokers.   Closed transactions for similar businesses are available from databases such as the state’s business broker association, Pratts Stats, BizComps and the Institute of Business Appraisers.  Such data gives an indicate of sales multiples for similar transactions.

For businesses with revenue over several million dollars, the characteristics of the business will drive the best marketing source.  An advisory firm specializing in sales of businesses with $3 to $50 million in revenue will have the expertise to market your business to the best buyer whether it be to a private equity or venture capital group or a strategic partnership.

Larger businesses that may be considering going public may consider an investment banker and may have a department that specializing in mergers and acquisitions.