How to Screen Buyers When You Sell Your Business Without a Broker

Short answer: Screen buyers in four gates. Confirm who they are before the NDA, confirm funding before you share financials, confirm fit before the first call, and confirm the terms before you sign a letter of intent. Each gate asks for one thing and unlocks one stage of information.

Screening is the part of a sale most owners worry about doing alone. A broker normally acts as the filter. Without one, you need a short, repeatable process. This guide gives you the gates, the questions and the red flags. It builds on our playbook on direct seller-buyer communication and our guide to staging due diligence.

What serious buyers ask about first

In Rejigg's 2026 buyer research, buyers' first messages most often center on growth (18%), documents (16%), transition (12%) and financials (10%). On first calls, the focus shifts to financials (17%), employees (12%), price (8%) and lease or location (6%). Use those topics as a baseline. A first message that refers to your growth, your documents or your transition plan shows the buyer read your profile.

Gate 1: Before the NDA, confirm who they are

At this gate you share nothing sensitive, so ask for the basics:

• Full name, company and role.
• Type of buyer: individual operator, search fund, family office or private equity fund.
• Background and any prior acquisitions.
• Acquisition criteria: industry, size and geography.
• Why your business fits those criteria.

Check that what they tell you matches their public profile. Once the answers are consistent, send an NDA. On Rejigg, buyers submit a pitch with this information, and our team vets every buyer before they can contact sellers.

Gate 2: Before you share financials, confirm funding

Funding is the clearest line between a buyer who can close and one who is browsing. Ask:

• How do you plan to fund the acquisition: cash, an SBA loan, a seller note, or a combination?
• Has a lender pre-qualified you, or do you have committed capital?
• Can you share proof of funds, such as a bank or brokerage statement, a lender letter or an SBA pre-approval?

Rejigg's Mid-Year Insight Report 2026 found that financial documentation and SBA pre-approval together lift conversation requests by 1.8x and completed calls by 2.5x on average. Ask every buyer for proof of funding. A mixed funding plan is normal, because most acquisitions of businesses this size combine an SBA loan, a seller note and the buyer's own cash. A buyer with a clear mix is often better prepared than one who promises all cash without detail.

Gate 3: Before the first call, confirm fit

A buyer who can pay may still be the wrong buyer for your team and your customers. Set a simple agenda for the call: introductions, a high-level overview, the buyer's background and criteria, and next steps. Then ask:

• Will you run the business yourself or install outside management?
• What are your plans for the existing team?
• What transition period do you expect from me? Most deals include one, from a month or two to a year or more, and SBA program rules generally cap paid seller involvement at around 12 months.
• What attracted you to this business and not another one?

Keep what you share at the summary level: a revenue range, industry position and team structure. Hold detailed financials and customer information for later.

Gate 4: Before the LOI, confirm the terms

The LOI is the last gate before due diligence. Most LOIs include an exclusivity window, typically 60 to 120 days, so choose your buyer before you commit to it. Compare offers on more than price: financing certainty, deal structure (cash, SBA, seller note or earnout), the transition you will owe, and the exclusivity terms. Have an M&A attorney review the LOI before you sign. See what happens after you get an LOI.

Red flags that show up early

• The buyer will not sign an NDA, or pushes to skip it.
• The buyer cannot explain how they will fund the deal.
• The first message asks for customer names, employee details or full financials.
• Their story about who they are changes from one message to the next.
• They pressure you to stop talking to other buyers before there is an LOI.
• They avoid questions about experience or operating plans.

A simple scorecard

Give each buyer a yes or no on seven points. A buyer who clears all seven earns the next tier of information.

• Identity confirmed.
• Background relevant to your industry or deal size.
• Funding plan stated.
• Proof of funds received.
• NDA signed.
• Operating plan fits yours.
• Timeline matches yours.

How Rejigg handles the first screen

Every buyer on Rejigg is vetted by our team before they can contact sellers. When a buyer reaches out, they submit a pitch with their background, acquisition criteria and funding plan. You review each request and choose whom to accept, and you can decline any introduction. NDAs are signed through the platform, and your profile stays anonymous until you say otherwise. Across 9,044 deals, the median time from a buyer's pitch to a first meeting is 3.7 days. You still make every decision about who gets a conversation.

Frequently Asked Questions

How do I know a buyer is serious?

A serious buyer can explain how they will fund the deal, shares proof of funds, signs an NDA without a fight, and asks specific questions about your business. Use the four gates and the scorecard above.

What counts as proof of funds?

Common forms are a bank or brokerage statement, a lender pre-qualification letter, or an SBA pre-approval. Ask for it before you share detailed financials.

Should I talk to more than one buyer at a time?

Yes. Keep buyers on roughly parallel timelines so you can compare offers. For the wider set of risks and safeguards, see is it safe to sell a business without a broker.

Ready to Explore Your Options?

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