What each actually does
Both a business broker and an M&A advisor exist to sell your company, and at the smaller end their work overlaps. The difference is in emphasis. A broker’s core skill is bringing a business to market and matching it with a buyer: preparing a summary, listing or circulating it, fielding enquiries and moving a genuinely interested buyer through to completion. The model leans towards reaching many potential buyers and converting the ones who raise their hand.
An M&A advisor runs a more deliberate process. They work on the equity story and the numbers before anything goes out, build a named list of buyers (often including strategic acquirers and private-equity backed groups that are not visibly looking), approach them discreetly, and try to have more than one interested party at the table at once. They also tend to stay close through negotiation, deal structure and due diligence, where a good deal of the final value is won or lost.
The titles themselves are not standardised, and they are used differently across the Netherlands, the UK, Germany, Belgium and neighbouring markets. Some firms called brokers run a full advisory process; some calling themselves advisors do little more than list. Read what the engagement actually includes rather than the label on the door.
When a broker fits, and when an advisor does
A broker often fits when the business is straightforward and well defined, sits at the smaller end, and the likely buyer is an individual, a competitor or a local trade name you could almost list yourself. In that situation a lighter-touch, lower-cost engagement can get you a fair result, and paying for a full process may add cost without adding much.
An M&A advisor tends to earn the fee when the outcome depends on things a listing will not deliver: reaching a specific set of strategic or financial buyers, creating competitive tension so no single buyer sets the price, and negotiating structure (earn-outs, deferred consideration, warranties) where the headline number and the money you actually keep can diverge sharply. Complexity, cross-border buyers and a wide gap between the best and the average buyer all point the same way.
Many owner-managed businesses in the EUR 2m to 10m revenue range sit in the overlap, and the right answer depends on the specific business and buyer pool rather than a rule. If a handful of obvious buyers exist and you know who they are, the gap narrows. If the best buyer is one you have not thought of and would never approach you unprompted, a targeted process is usually worth its cost.
The label matters less than the person
Whichever route you choose, the individual running your sale matters more than the category they sit in. Ask for completed deals in your sector and size band, not just mandates taken on. Ask how they are paid and when, how many live mandates they carry at once, and who actually does the work after you sign. Take references from owners whose deals closed, and if you can, from one whose deal did not.
Fees, and how they are treated for tax, differ by country and by how the deal is structured, so confirm the total cost and the tax position with a local adviser before you commit. The same caution applies to any regulatory or licensing requirement for intermediaries, which varies across European markets. The decision here is not really broker versus advisor; it is whether the process on offer matches what your particular sale needs, and whether the person selling your life’s work is someone you would trust to negotiate on your behalf.