At least once a month, I get a call from an owner who has listed their business for sale by owner. It seems to be going well until they actually get some buyer interest – and they realize they’re in over their heads.

That’s why we recommend working with a business broker – a broker can make sure the biggest transaction of your life goes as smoothly as possible. Here are some things to consider (even if you already have a buyer who’s willing to make an offer):

Trying to sell the business while running the business is time-consuming and can quickly become overwhelming. As an owner, the highest and best use of your time is to ensure your business runs smoothly and profitably. It’s easy for owners to take their foot off the gas once they’ve listed the business, and understandable: you feel like you’re in the home stretch.

Add responding to the buyer’s team, which might include an army of accountants and attorneys, to the mix of your daily responsibilities and you’re likely to burn out fast. An experienced broker can take the burden of fielding inquiries and responding to documentation requests off your hands so you can focus on running your company.

Finding buyers isn’t hard. Figuring out which ones are serious and qualified is. When you work with a business intermediary, you’ll be getting the benefit of their database of buyers who they know are a good fit for your business. They do the work of actively and confidentially marketing your company to the right kind of candidates. Then they’ll verify their financial viability and eliminate tire-kickers and people who aren’t a good fit for the company. (They’ll also be on the lookout for employees or competitors who are looking for insider information.)

Finding the right person to be your company’s new owner is both an art and a science. You’re looking for someone who will take good care of your people and the brand you’ve worked so hard to build. You’ll also want someone with the skills and experience to keep the company profitable, especially if you’re holding a seller’s note or your payout is tied to future performance.

A business intermediary is there to protect your interests and remove emotion from the negotiations. Selling a company can be an emotional roller coaster, and it’s easy for a seller to become defensive during diligence or negotiations. It’s understandable; you’re coming to terms with a big change in your life and letting go of your role as a business owner. It’s not just about the company – it’s about your legacy, as well. A business broker will make sure you get the best terms for the deal with as little rancor and contention as possible.

Your broker will also serve as the caretaker of the deal, making sure communication flows smoothly and the deal doesn’t lose momentum. They’ll use their experience to keep things moving toward a clean and quick closing.

You don’t know what you don’t know. Chances are, you’re selling a business for the first time ever – maybe the only time. In many cases, you’ll be up against professional buyers who do this every day. They are working to get the best price and most advantageous terms for themselves, and they may have written dozens of offers, so they know how to achieve them. It makes sense to have someone on your side who also works with business deals every day. Your broker will help you understand the pros and cons of every offer and avoid costly pitfalls that may not only eat away at your profit from the sale but also expose you to future liability.

I’ve made a short video on the advice I give every seller. You can find it here.