What is typical when selling a business with a broker?

What is typical when selling a business with a broker?
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Answer :

I have a friend who recently sold what I would consider a rather large business: 150 employees, property and buildings. He contracted with broker, for a complicated fee that depended upon the sale price and other factors. First the broker made an assessment and helped with the staging. Then they went through a list of ~1000 potential companies that might be interested . That list was whittled down to about 50 prospects and letters and other info was sent to them. About 10 made reasonable offers. The broker selected 3 to bring to my friend. Then the dealing began. All 3 gave offers my friend would accept but one offered something extra he wanted. The broker received about 5% for all that work. My friend was quite happy with the whole process.
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