How long should you expect your engagement with a business broker to last?
It's different for every intermediary, but generally speaking, you should expect your relationship with your business broker (i.e. your contract) to last at least 12 months, as it takes a long time to sell a business properly.
Like any contract, key terms can usually be negotiated depending on the positioning of your company and the current market environment for acquisition.
What constitutes a relationship with a prospective buyer?
How will your intermediary facilitate the transaction and negotiations post-LOI?
These are all questions you should flesh out during open discussions with your intermediary prior to moving forward with a long-term engagement, so both parties can be clear on expectations and responsibilities moving forward.
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