Compare Baton: Brokers, Marketplaces, and M&A Advisors Side by Side
Chat Joglekar
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7 min read
There are four main ways to sell a small business: hire a broker, list it on a marketplace, hire an M&A advisor or investment bank, or sell it yourself. Baton combines a marketplace with a dedicated advisor who runs the sale, for no retainer and a 6% success fee paid only when your business sells.
This page puts every option we have compared side by side, with what each typically costs the seller, who does the work, and who it fits best. Each row links to a full comparison with sources. Pricing was checked in October 2026 and changes often, so confirm current terms before you sign anything.
Every option at a glance
Option | Typical cost to the seller | Who runs the sale | Best for |
|---|---|---|---|
No retainer. 6% of the total purchase price, paid at close | A dedicated Baton advisor, through diligence and close | Main Street and lower-middle-market owners who want the sale run for them | |
Typically 8% to 15%, often with a minimum fee | An individual broker, often local | Owners who want an in-person local broker | |
Set by each office; brokers commonly charge 10% or more | A broker at your local franchise office | Owners who want a large local broker network | |
Tiered; one 2026 quote was 12% of the first $1M, then 10% and 8% | A broker at your local franchise office | Owners who want a local broker, including outside the U.S. | |
Success fee only; rate not published | Business Exits advisors | Companies with $2M+ in revenue and $500K+ EBITDA | |
Not published; Murphy articles cite 5% to 15% plus a minimum | A broker at your local franchise office | Owners who want a local broker, including in Canada | |
$74.95 to $199.95 a month; no success fee | You | Owners who will run the sale themselves and want wide exposure | |
About $59.95 a month; no success fee | You | Owners selling smaller businesses on their own | |
$199 to $399 one time; no success fee | You | Owners who want international exposure | |
Free to list; a fee at closing that is not published | You | Owners whose broker already lists there | |
Free, or $20 a person a month; no fee at close | You (it is not a broker) | Owners preparing to sell a year or more out | |
Free to owners; buyers pay a success fee at close | You, unless you add its paid Assist service | Owners comfortable running buyer conversations themselves | |
Free to sellers; buyers pay a tiered success fee | Dealonomy advisors, who say they work both sides | Owners whose top priority is paying no seller fee | |
Listing fees plus a 5% to 10% success fee | You, or Flippa brokers on larger sales | Online businesses: websites, ecommerce, SaaS, and apps | |
$25 to $100 a month plus a 6% to 8% closing fee | You | SaaS and online businesses | |
$10K minimum; 15% up to $700K, then 8% | Empire Flippers brokers | Online businesses with $24K+ a year in profit | |
10% of the first $1M, sliding to 3%; $25K minimum | A Quiet Light advisor | Online businesses | |
Success fee, not published; no upfront fee | A Website Closers broker | Online and tech businesses of $1M and up | |
Advisory fee not published; marketplace 3% to 5% | FE advisors, or you on its marketplace | SaaS and online businesses | |
Success fee only; rate not published (reported 5% to 10%) | M&A advisors supported by AI tools | Companies with $5M to $100M in revenue | |
Tiered success fee, not published; a work fee may apply | A named advisor on Iconic’s platform | Established companies with several million dollars in revenue | |
Engagement fee when you hire it, plus a success fee; amounts not published | A deal team of advisors | Larger companies that want a banker-style team | |
Retainer when you sign, plus a success fee with a minimum | A deal team of 10 or more | Companies with $5M to $250M in revenue | |
Usually a monthly retainer, a Lehman-style success fee, and a minimum fee | A banking team running a structured auction | Companies worth roughly $10M or more | |
Listing and legal fees, often a few thousand to $25,000 or more | You, while running the business | Owners who already have a qualified, financed buyer |
Business brokers
Brokers run the sale for you and are strongest when your buyers are likely to be local. Commissions typically run 8% to 15% with a minimum fee, and listing agreements often lock you in for 6 to 12 months. Read Baton vs a business broker, or the comparisons for the largest networks: Sunbelt, Transworld, and Murphy Business Sales, plus top-ranked Business Exits.
Marketplaces and listing sites
Marketplaces cost less, and some are free to sellers, but on most of them you run the sale yourself. On buyer-paid platforms, the buyer brings that fee in cash at closing, so it tends to show up in what they offer. See our BizBuySell review, Baton vs Rejigg, Baton vs Dealonomy, BizQuest, BusinessesForSale.com, BizScout, and SMB.co. For online businesses, see Flippa, Acquire.com, Empire Flippers, Quiet Light, Website Closers, and FE International. Our guide to the best websites to sell a small business compares listing fees across ten sites.
M&A advisors and investment banks
Advisory firms and banks run competitive processes for larger companies, and at $10 million and up their fees can match or beat a flat 6%. Below that size, many will not take the deal or will charge a retainer and a minimum fee. Compare Baton vs an investment bank, OffDeal, Iconic, Generational Equity, and Benchmark International.
Selling it yourself
If you already have a qualified, financed buyer who agrees on price, selling it yourself costs the least. If you do not, you take on the marketing, buyer screening, negotiation, and diligence while running the business. Read Baton vs selling your business yourself.
Where Baton fits
Baton is built for owners of Main Street and lower-middle-market businesses, focused on companies worth $500K to $100M. You get a free valuation, a free anonymous listing to test buyer interest privately, and, on the Seller Plan, a dedicated advisor, 30,000 vetted buyers, placement on major business-for-sale sites, outreach to strategic buyers, and SBA and bank pre-qualification for interested buyers. There is no retainer: a three-month exclusive, then month to month, and a 6% success fee only when your business sells. See Baton pricing and how selling with Baton works.
Start with a number
Whichever route you take, know what your business is worth before you talk to anyone about fees. Get a free Baton valuation.
FAQ
What is the best way to sell a small business? It depends on your business and how much of the work you want to do. If you have a buyer already, selling it yourself costs the least. If you want the sale run for you, compare a broker, an advisor, and Baton on fees, buyer reach, and contract terms.
How much does it cost to sell a small business? Business brokers typically charge 8% to 15% of the sale price, often with a minimum fee. Listing sites charge monthly fees, investment banks charge retainers plus success fees, and Baton charges no retainer and 6% at close.
Is Baton cheaper than a business broker? Usually. On a $1.5 million sale, Baton’s 6% is $90,000, while a 10% broker commission is $150,000. Some brokers also charge minimum fees or retainers, and Baton charges no retainer.
When is Baton not the right choice? If you already have a qualified buyer, selling it yourself may cost less. Online-only businesses may fit Flippa or Acquire.com better, companies worth $10 million or more may get competitive terms from an investment bank, and Baton serves U.S. businesses only for now.
What are the best alternatives to a business broker? The main alternatives are a managed marketplace like Baton, a listing site such as BizBuySell, a buyer-paid platform such as Rejigg, an M&A advisor or investment bank for larger companies, or selling the business yourself. The table above compares each one.