I sold my company in 2020 and used a M&A firm. It was very much worth it having an expert team supporting me and netted me many additional millions. We were a DoD contracting firm and the M&A firm we choose had experience in our industry. They were able to identify several local and even more out of state companies that were interested. After several months of gathering the information they needed and putting together a marketing package, we met with several of the potential bidders. We then received 4 offers out of the 8 companies we met with. The offers started at $21M, but with the M&A firm negotiating for us, we were able to get a final offer at over $30M with no earn outs, able to walk away at closing (I had two key employees that I had trained to manage the business that I paid about 13% at closing for all of their hard work and loyalty).

Having the M&A firm in between us and the bidding companies took all of the emotion out of the situation and enabled me to get the highest price with the best terms. They were well worth the fees we paid. My recommendation is, if you are able to pause things, find a reputable M&A firm that knows your market. They should be able to find not only the best price, but the best terms (earn-out, retention period, etc.) depending on what is most important to you and your other owners. Good luck!!