What an adviser changes
One buyer is not a market.
An owner negotiating alone has no way of knowing whether the number in front of them is good, because there is nothing to compare it with.
A buyer approaching you directly has run this before, has a view on what your business is worth to them, and has every reason not to share it. You have run it once, at most. The asymmetry is not about intelligence — it is about information and repetition.
What an adviser adds is a market. We build a list of every credible buyer, approach them in parallel and on the same timetable, and let the offers be shaped by the knowledge that others exist. Price is the visible part; the terms — how much lands at completion, how long you stay, what you warrant — move at least as much.
The second thing is distance. You will still be running the business through this, and you will still need a relationship with the buyer afterwards. Having someone else make the uncomfortable arguments is worth more than owners expect.
What it is worth
Where an adviser earns the fee.
When you do not need one
There are situations where the honest answer is no.
We turn down mandates, and it is worth saying when.
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A buyer already agreed
If the price and terms are settled with someone you know and trust, a lawyer may be all you need.
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Very small transactions
Below a certain size the fee is hard to justify against the value a process adds.
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Not actually selling
If the decision is years away, the useful work is preparation, not a process.
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A conflicted adviser
An adviser with a relationship on the other side is worse than none. Ask directly.
Questions owners ask
Straight answers, no jargon.
Build the buyer universe, run every approach in parallel so competition exists, and negotiate the terms behind the headline. The last part is where most of the money is, and it is the part owners consistently underestimate.
A retainer through preparation and a success fee on completion, with the success fee as a percentage of value. We will tell you both numbers at the first meeting, in writing, before you commit to anything.
The retainer is spent and the success fee is not payable. We would rather tell you to wait than run a process that fails, which is why we decline mandates that are not ready.
You can, and some owners do. What is hard alone is approaching twenty buyers at once without your intentions leaking, and holding a negotiation while also running the company.