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Exclusivity in a business sale. Don't want to sign it?
Thinking about selling your business but don't want to sign an exclusivity agreement with a broker? While you are free to refuse, Business Broker Paul Pal explains why this approach won't work. Finding a serious buyer requires significant effort, including advertising and online awareness campaigns. No broker will invest this effort—and money—if they are not guaranteed they will be the one to complete the sale. If a broker believes you might sell through someone else, they won't put in the necessary work, making it essential to sign exclusivity to ensure they are incentivized to find you the best buyer.

Business Broker Paul Pal discusses the necessity of signing an exclusivity agreement when selling a business:
Seller's Preference: A seller might be inclined to refuse exclusivity, telling multiple brokers to simply find a buyer, intending to sell to the best offer they receive.
Broker's Dilemma: This strategy doesn't work because finding a serious buyer requires a significant effort on the broker's part, including time, marketing, and advertising costs.
The Necessity of Exclusivity: No broker will make this financial and time commitment if they are not certain they will complete the sale. Without exclusivity, a broker risks the seller closing the deal with another party after all their efforts. Therefore, signing an exclusivity agreement ensures the broker is fully incentivized to work hard to sell the business.
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