In some cases, business brokers may be able to increase the value of your small business before the sale by suggesting improvements. They'll also typically have greater knowledge of what's happening in the overall market, through market research, and can help forecast trends so you can optimize the timing of your sale.

Type of buyers: Business brokers may have relationships with a range of potential buyers, including individual investors and smaller businesses. Investment bankers, on the other hand, typically have access to a wider range of potential buyers, including strategic buyers, financial buyers, and private equity firms.

The first step in negotiating is understanding a business broker's standard fee structure. Most brokers charge a commission based on a percentage of the sale price, typically between 10 and 20 percent. Some brokers may be willing to lower their commission if they feel that they will have difficulty finding a buyer.