I have decided to sell my company. Which type of advisor should I contact first?

By Michael D. Rubin, CEO & Founder · September 2026 · 798 words

Contact an M&A advisor first (or, for a small business, a business broker), because the advisor can tell you what the company is likely worth and whether now is the right time before you spend money on anyone else. Bring in your CPA and a transaction attorney next, before you sign a letter of intent, not after.

The order matters because each professional answers a different question, and the first answer, what the company will realistically bring, changes what the others need to do.

Why the sale advisor comes first

Your first question is usually what you will get. Only someone who sees what buyers actually pay can answer it realistically. A good M&A advisor reviews three years of financials, gives you a range, explains what drives it, and tells you whether the company is ready to sell now or would benefit from a year of preparation.

That answer decides whether you sell now, prepare first, or stop. It also tells your CPA and attorney what they are planning for. An initial conversation with a sell-side advisor should be free and confidential, and it commits you to nothing.

The order that works for most owners

• 1. M&A advisor or business broker. Value range, readiness, timing and likely buyers. Pick one sized to your company; our guide to business broker vs. M&A advisor vs. investment banker explains the differences.
• 2. CPA. The tax effect of different structures, such as an asset sale versus a stock sale, seller financing or an earnout, and cleanup of your financial statements. Involve your CPA before offers arrive.
• 3. Transaction attorney. Review of the engagement letter, NDAs and, above all, the letter of intent. Use an attorney who handles business sales regularly, not only your general business lawyer.
• 4. Wealth or financial planner. What you need from the sale to fund the next stage of your life. This sets your walk-away number.
• 5. Your banker, later. Lenders may matter for a buyer's financing, but your own bank does not need to know early.

What to ask in the first call

Ask the advisor what range they think your company falls in, and why. Ask what would move it up. Ask who the likely buyers are, how they keep a sale confidential, and who will negotiate for you. Ask how they are paid and what you owe if the company does not sell. Ask how long sales like yours take, and whether they have turned down companies like yours.

Good advisors answer plainly, put the fee in writing and ask you as many questions as you ask them. If you have not gathered three years of financial statements and tax returns yet, do it before the meeting; the conversation will be far more useful.

When the first call should go to someone else

The usual order changes in a few situations. If you have partners who disagree about selling, or a buy-sell agreement that sets out how an owner can exit, speak to your transaction attorney first, because the agreement may decide who can sell and on what terms. If health or estate planning is driving the decision, your estate attorney and CPA may need to shape the structure before you talk about price.

And if a buyer has already handed you a letter of intent, call an M&A advisor and a transaction attorney the same week. Once you sign, most letters of intent restrict you from talking to other buyers for a period, so the time to test the offer against the market is before your signature, not after.

Mistakes owners make at the start

Telling employees, customers or their banker before they have a plan. Treating a buyer's first call as the start of the process, when a buyer who approaches you first gets to set the pace and anchor the price. Hiring an attorney after signing a letter of intent, when the key terms are already agreed. And choosing an advisor because they quoted the highest value; a number chosen to win your business tends to fall once real buyers look.

If you are still weighing whether this is the moment, see when is the right time to sell.

Where MDR & Associates fits

For a profitable Texas company with $3 million to $100 million in revenue, we can be that first call. We offer a free, confidential discovery meeting and an opinion of value after reviewing three years of financials, and we tell you honestly whether we believe we can sell the company for maximum value. We work alongside your own attorney and CPA throughout, and our fee is paid only if the company sells.

If you are not ready yet, pre-exit consulting covers the 12 to 24 months before a sale. The quickest first step is the free valuation snapshot.

Where this fitsTexas M&A advisors and business brokers →