Business owners preparing to sell often ask whether they need a business broker or an M&A advisor. The honest answer depends on deal size and complexity.

Business brokers typically handle main-street and lower-mid-market transactions, often owner-operated companies. M&A advisors and investment bankers step in for larger, more complex deals involving multiple buyers, structured terms and due-diligence teams.

As a rough guide: below roughly a few million in enterprise value, a broker is usually the right fit; above that, an M&A advisor’s process and buyer network tend to pay for themselves.