If you are building a business to sell, having an exit plan should be a critical component of your overall strategy, and depending on the kind of business you are building, deciding whether to hire a business broker or an M&A advisor could make the difference between getting a few hundred thousand (or million?) dollars extra or not. There are significant differences between a typical business broker and an M&A advisor, and in today's episode, I'm joined by Chris Shipferling and Jason Sommerville; two of the partners at an M&A advisory firm that specializes in selling digitally-based businesses.  In our discussion, we talk through the differences between the services one can expect from a typical business broker, and that of a firm like theirs, and, as you will hear when you listen, the differences could results in a significant difference in the value of your company when you sell. Questions I Asked Chris: [04:10] What is the difference between a business broker and an M&A advisor? [06:30] What is the difference between a financial buyers and a strategic buyer? [11:00] What market segment do you deal with? [13:25] What is the minimum size of a company that you generally work with and why? [14:50] How does your view of exit valuation compare to that of a business broker? [18:50] How does the background of an M&A advisor generally differ from that of a business broker, and why should the seller of a sub $3M business care? [22:39] How do the fees differ between working with an M&A advisor and a business broker? [25:23] What is your process vs a broker process to sell a business? [28:38] Who defines the portion of the deal book that speaks to opportunities for growth? [34:00] How does your buyer network differ from that of a business broker? Resource links can be found at https://brightideas.co/chris-shipferling-interview/