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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