A first broker conversation should help you assess fit. It should not require you to arrive with a polished presentation or commit to a listing agreement.
Some preparation still matters. Without it, the meeting can collapse into a rough multiple, a long sales pitch, and very little discussion of what a good handoff means to you.
Bring a clean financial outline
Prepare three years of revenue, operating profit, and owner compensation in a form you understand. Note major one-time expenses, personal items running through the company, unusual customer losses, and investments that changed the recent numbers.
Do not manufacture “add-backs” to improve the story. Flag the items and ask how the broker would treat them. The quality of that answer is useful evidence about the broker.
Describe how the company actually runs
Be ready to explain what you do each week, who else makes decisions, where sales come from, and which relationships rely on you personally.
Also identify the next layer of management. A broker needs to understand whether a buyer is acquiring an operating company, buying themselves a demanding job, or relying on the seller for an extended period.
Know your constraints
Price is only one constraint. Think about how long you are willing to remain, whether you would finance part of the purchase, what should happen to employees, whether the real estate is included, and how much confidentiality the process requires.
You may not have final answers. “I am not willing to stay for three years” is still useful. So is “I need to understand the tradeoff before deciding.”
Ask how the broker chooses buyers
“We have thousands of buyers” is not a process. Ask how buyers are screened, when they receive identifying information, how financial capacity is checked, and who controls the release of materials.
Ask what kinds of businesses the broker has sold at your size, in your industry, and in your region. A list of logos is less useful than a clear description of comparable assignments and what made them difficult.
Understand the engagement before signing it
Review the fee, upfront costs, exclusivity period, termination rights, tail period, marketing method, and what counts as a completed introduction. Ask who performs the work after the agreement is signed.
If any term is unclear, have your own attorney review it. The engagement controls an important relationship during a vulnerable period; it should not be treated like a routine website subscription.
Pay attention to the first conversation
Did the broker ask what you want, or mainly explain why now is the time to sell? Did they discuss weaknesses without trying to frighten you? Were they precise about confidentiality and incentives?
The first conversation is a sample of the judgment you will receive later.
Use the private handoff checklist to organize your notes. It is intentionally shorter than a sale-preparation workbook. The point is to arrive knowing which questions belong to you.