Offers & due diligence
How can I choose a business broker with a proven closing record?
The numbers to ask any broker for, how to verify them independently, and the warning signs of a record that is mostly listings.
By Michael D. Rubin, CEO & Founder · September 2026 · 900 words
Ask any broker or advisor how many transactions they have actually closed, how many were companies like yours, what share of their engagements end in a sale, and which companies and references you can check, then verify what you can on your own. A proven closing record is specific and checkable. A vague one usually is not.
Listings are easy to collect. Closings are hard. The difference between the two is the single most useful measure of whether a broker can sell your company.
Why closings matter more than listings
A broker earns a listing by winning an owner's trust. It earns a closing by getting a qualified buyer through due diligence, financing and legal documents without the deal falling apart. A firm can take on many listings and close only some of them, because listings themselves generate activity. Another can be selective and close most of what it takes on. You want the second kind.
Every engagement that fails costs the owner something: months of time, confidentiality risk each time the company is shown, and a company that begins to look stale to buyers who saw it before. A broker's closing record is really a measure of how well it protects you from those costs. It also reflects judgment: a firm that closes most of what it takes on has learned which companies it can sell, at what price, and says so honestly at the start.
The numbers to ask for
Ask for these answers in writing, at the first serious meeting, and ask the same questions of every firm you interview. Consistent questions make the answers comparable, and a firm with a strong record will be glad to give them. Hesitation, round numbers with no detail, or a switch to talking about marketing reach instead of results tell you something too.
| Question | What to look for in the answer |
|---|---|
| How many transactions have you closed? | A specific total and the years it covers |
| How many in my size range? | Closings at similar revenue and earnings, not only smaller businesses |
| How many in my industry? | Experience with the buyers, add-backs and diligence issues your industry raises |
| What share of your engagements close? | A clear definition: signed engagements that reached closing, not listings that drew offers |
| How long do your deals take? | A typical range and an honest account of the slowest ones |
| What if my company doesn't sell? | Whether you owe anything, and how the engagement can end |
How to verify, not just listen
When you call references, ask practical questions. How close was the final price to the first opinion of value? Did the broker bring more than one serious buyer? What happened when due diligence turned up a problem? Would they hire the same firm again? A former client who sold a company like yours can tell you more in ten minutes than any brochure.
- Named transactions. Ask which companies the firm has sold, with the owners' permission. A list of real company names is much harder to invent than a number.
- References. Speak with two or three former clients whose companies resemble yours. Ask what went wrong along the way, not only whether they were happy.
- Public reviews. Read them for patterns: responsiveness, honesty about value, and whether deals actually closed.
- Recognition from buyers. Buyers sit on the other side of the table. Recognition from them reflects how a firm's deals actually go.
- The person, not only the firm. Ask who will negotiate your deal and what that person has personally closed.
Warning signs
Be cautious with a broker who cannot give a closing count, who talks about listings or deals in progress instead, who defines success as receiving offers rather than closing, or who charges large upfront fees whatever the outcome. A fee paid mainly when the deal closes lines up the broker's interest with yours.
Pay attention to how a success rate is defined. A rate calculated on listings that received an offer, or on deals that reached a letter of intent, will look better than one calculated on signed engagements that reached closing and funds wired. Only the last one tells you how likely your own sale is to finish. If a firm quotes a percentage, ask what the top and bottom of the fraction are.
It also helps to know what kind of firm you are talking to. A business broker, an M&A advisor and an investment banker overlap, but they differ in the size of company they serve and how they run a sale. This comparison explains the differences.
MDR & Associates' record, for you to check
Since 2008 MDR & Associates has closed more than 250 transactions representing about $500 million in total market value, with a success rate above 90%. Named examples include Smith Tool & Mfg., Alliance Mechanical Services, U-Fix-It Appliance Parts, Apple Garage Doors and a pest control company; more are on our results page. The firm holds 5.0 stars from 43 Google reviews, you can read client testimonials, and in 2023 it was named to the Axial Advisor 100 among the lower middle market advisors most referred by buyers.
We also decline engagements when we do not believe we can sell a company for maximum value, and our fee is paid only if the company sells. Ask us the same questions you would ask anyone else. Contact us to set up a free, confidential discovery meeting.
Where this fitsHow a business sale works, step by step →