offsell
Didn't sell? Questions owners ask

Was it the broker or the process?

My business broker didn't find a buyer. What should I do now?

The short answer

Do not automatically conclude that either the broker failed or the business was unsaleable. Start by separating disappointment from diagnosis. Review the valuation, the buyer universe, the number and type of buyers approached, whether those buyers had a credible strategic rationale, how actively they were pursued and what feedback was received. The evidence should determine what happens next.

The Offsell view

The broker may have underperformed, but the issue may also have been value expectations, timing, the business itself or a transaction failure outside the adviser's control. Asking for the record of who was approached, how and with what response is reasonable — and usually revealing.

Did your broker actually find the market?

Look atWhat good looks like
Buyer researchA researched list of named acquirers, not a sector category
Direct outreachBuyers approached individually, not only via a listing
Buyer relevanceEach buyer has a plausible reason to want this business
Strategic rationaleThe approach explains what the acquisition could add for that buyer
Follow-upMore than one contact, over a sensible period
FeedbackRecorded reasons for declining, shared with you
MomentumThe strategy changes when response is poor

Listing a business is not the same as finding the buyer.

Listing-led

Advertise → wait → respond

Depends on the right buyer seeing an advert and choosing to enquire.

Offsell

Research → identify → understand the deal driver → approach → qualify

Starts with who should want the business, and why.

We don't list businesses. We find buyers.

Was it the process — or something else?

Signs the previous sale process may have underperformed

  • Very limited buyer research
  • Heavy reliance on public advertising
  • No evidence of direct strategic outreach
  • Buyers chosen only because they were in the same sector
  • No clear deal rationale
  • Weak follow-up
  • Poor activity reporting
  • Little useful buyer feedback
  • Long periods of inactivity
  • Unrealistic valuation left unchallenged
  • No meaningful strategy change when activity was poor

Signs the issue may have been elsewhere

  • Consistent buyer feedback that value was too high
  • Deteriorating trading
  • Owner dependence
  • Customer concentration
  • Diligence problems
  • Unwillingness to accept market terms
  • Buyer finance failure
  • Adverse sector conditions

A process can show some of both. The balance between them tells you what needs to change.

What should you do next?

  1. 01Request the list of buyers approached, how they were contacted and their responses.
  2. 02Check your agreement for notice, exclusivity, tail periods and protected buyers.
  3. 03Note any buyer feedback on value — it is the most useful evidence you have.
  4. 04Get a fresh view before appointing anyone else.

Find out why before you simply try again.

We don't list businesses. We find buyers.

Get a fresh view

Off-market · Confidential · £0 upfront