A Q u a r t e r l y D i g i t a l P u b l i c a t i o n o f t h e I n t e r n a t i o n a l B u s i n e s s B r o k e r s A s s o c i a t i o n
T H E B E S T I N S I G H T S O N B U Y I N G A N D S E L L I N G S M A L L B U S I N E S S E S
By James Parker, 2026 IBBA Chair
Spring 2026
The insights and opinions expressed herein are those of the authors and do not represent professional counsel nor an endorsement by the IBBA.
Plus Insights on:
+ Don’t Overlook the Human Factor
+ Delegation of Management is Key
to Selling a Business
+ The Blind Spot in Every Main
Street Deal and More!
Building the Future of
Our Profession, Together
SPRING 2026
The best insights
on buying and selling
small businesses
10
16
20
24
LETTER FROM THE CHAIR
DON’T OVERLOOK THE HUMAN FACTOR:
IT’S OFTEN THE KEY TO THE RIGHT DEAL
DELEGATION OF MANAGEMENT IS KEY
TO SELLING A BUSINESS
THE BLIND SPOT IN EVERY MAIN STREET DEAL
HOW TO HANDLE A DEAL KILLER: HVAC
In this Issue
SPRING 2026
Dear IBBA Members,
It is a true privilege to serve as your 2026 Chair of
the International Business Brokers Association.
When I think about this role, I do not think about
a title. I think about stewardship. I think about
protecting and advancing a profession that changes
lives every single day.
Like you, I am in the trenches. I have felt the
weight of holding a deal together when it seems
determined to fall apart. I have walked sellers
through emotional transitions after decades
of ownership. I have taken the late-night calls,
navigated unexpected obstacles, and experienced
the quiet satisfaction of helping a transaction close
that truly mattered.
This profession demands a great deal from us. That
is exactly why IBBA matters so much.
IBBA HAS NEVER BEEN STRONGER
A few weeks ago, our Executive Director, Emily
Bowler, and I hosted a webinar reviewing 2025 and
sharing a high-level look at where IBBA stands
and where we are headed in 2026. If you have not
watched it, I strongly encourage you to do so.
You can view it here:
The story it tells is simple and powerful. IBBA has
never been stronger.
Membership is at an all-time high with over
3,239 members, the largest in our history. We
are approaching nearly 500 Certified Business
Intermediaries, another record milestone. In 2025
alone, we welcomed 48 new CBIs. We now have 47
Master Certified Business Intermediaries. More
than 2,041 online courses were completed last year,
the highest education participation we have ever
recorded. Member satisfaction continues to rise.
We have never done better than we are doing right
now.
That momentum is not accidental. It is the result of
members choosing growth. They are investing in
JAMES PARKER
CBI, MCBI, M&AMI | 2026 IBBA Chair
Building the Future
of Our Profession, Together
education. They are pursuing credentials. They are
raising the bar on professionalism.
The CBI designation represents rigor,
accountability, and commitment to excellence.
The MCBI reflects mastery and leadership within
our field. Every time one of us earns one of these
credentials, it strengthens the credibility of every
IBBA member. We are not simply growing in size.
We are growing in quality.
THE STANDARD WE SET FOR EACH OTHER
IBBA’s greatest strength is not just in its programs
or its metrics. It is in its culture.
We operate in a competitive industry, yet within
IBBA, we collaborate openly. We take calls from
one another. We share lessons learned. We help
each other structure difficult transactions. That
generosity of knowledge is rare in business, and it is
powerful.
We are only as strong as our weakest link. That is
not criticism. It is a reminder that each of us has
the ability to elevate someone else.
This year’s scholarship recipients embody that
mindset. They are investing in themselves and in
this profession. They represent the next generation
of leadership within IBBA. Supporting their growth
is not simply encouragement. It is an investment in
the long-term strength of our association.
We are also introducing two new awards in 2026
that reflect the standards we believe in. The Rising
Star Award will recognize a newer broker already
demonstrating excellence and professionalism. The
Deal of the Year Award will honor not the largest
transaction, but the one that required extraordinary
perseverance and skill to close. Success in this
profession is defined not just by size, but by
integrity, grit, and impact.
In addition, submissions for our Member Excellence
Awards are already underway, with more than $1
billion in closed transaction volume submitted to
date — a powerful testament to the strength and
professionalism of our membership.
YOUR 2026 BOARD OF GOVERNORS
I am honored to serve alongside an exceptional
Board of Governors in 2026. These leaders are
volunteering their time and expertise to ensure
IBBA continues to lead our profession forward:
Sarah Grossman, CBI (2027 Chair Elect)
Erin Crawford, CBI (2025 Past Chairman)
Heather Valeri, CBI
Brian Stephens, CBI, MCBI, M&AMI
Kara Gibson Brzytwa, CBI
Austin Zhao, CBI, M&AMI
Tanya Popov, CBI, MCBI
Joe Shemansky, CBI, MCBI
Steve Zimmerman, CBI
John Zayac, CBI
LETTER FROM THE CHAIR
SPRING 2026
Jessica Craig, CBI
Jaclyn Ring, M&AMI, CM&AP
Jeff Snell, CBI, MCBI, M&AMI
Emily Bowler, Executive Director
Their commitment strengthens every member of
this association, and I am grateful for their service.
THE CONFERENCE IS A CATALYST
In May, we will gather in Minneapolis from May
29 through May 31 for our annual conference.
Friday will feature six in-depth educational
courses, followed by two days of general sessions
and workshops selected from a record number of
submissions. There will be networking events, our
kick-off party on Friday night, Bringing it Back to
1984, free professional headshots (in the exhibit
hall), and even a golf simulator with a closest to the
pin contest on Saturday, and opportunities to build
relationships that often last decades.
Registration is now open!
Our Conference Planning Committee has invested
tremendous effort into creating an outstanding
event, and their dedication deserves our sincere
thanks. They have spent a tremendous amount
of time making this great event happen for us. A
HUGE thank you to our conference committee!
But the most important part of the conference is
not printed on the agenda.
If you are a seasoned member attending, you have
the power to shape someone’s career.
One introduction. One conversation. One invitation
to sit at your table.
For a new broker, that simple act can change
everything. It can build confidence when they are
unsure. It can create a referral relationship that
transforms their business. It can connect them to a
mentor who shortens their learning curve by years.
Many of us can trace defining moments in our
careers back to a single connection made at
We operate in a competitive industry, yet within IBBA, we
collaborate openly. We take calls from one another. We
share lessons learned. We help each other structure difficult
transactions. That generosity of knowledge is rare in
business, and it is powerful.
SPRING 2026
an IBBA event. When you bring someone into
your circle, you are not just being welcoming.
You are accelerating their development. You are
strengthening this profession from the inside out.
Most importantly, you could alter one’s career with
a few simple conversations and introductions.
A PROFESSION WORTH BUILDING
We guide owners through one of the most
significant transitions of their lives. We help buyers
step into a new opportunity. We sit at the center
of decisions that affect families, employees, and
communities.
That responsibility demands excellence.
IBBA is thriving because members are raising
the standard. Engagement is at historic highs.
Credentials are growing. Education participation is
stronger than ever.
We are not just participating in this profession.
We are defining it.
The way we lead, the way we mentor, the way we
welcome new members, and the standards we
uphold will determine what this profession looks
like decades from now.
Let’s build something enduring. Let’s build
something we are proud to hand to the next
generation.
And let’s do it together.
With appreciation,
JAMES PARKER | CBI, MCBI, M&AMI, CM&AP
CHAIR, 2026 IBBA BOARD OF GOVERNORS
M&A Foundations Online
Your Foundation for Success in M&A
Learn More & Enroll
LEARN MORE
Dive into the IBBA’s beliefs, aspirations,
and goals with our Vision.
VISION
SPRING 2026
Don’t Overlook the Human Factor:
It’s Often the Key to the Right Deal
TANYA POPOV
CBI, MCBI
11
In our world as business intermediaries, we
spend a lot of time talking about valuation, deal
structure, and managing expectations. And yes,
those are all essential pieces of getting a deal
across the finish line. But the more time I spend
in this business, the more convinced I am that
the most important part of our role as brokers
isn’t just about negotiating the best price or most
favorable terms.
It’s about listening. Really listening.
Because no two sellers are the same, and no two
deals are either.
WHEN THE PERFECT BUYER
ISN’T THE RIGHT ONE
I recently worked with a second-generation
business owner whose father started the company
when he was just a boy. He’d been running it for
nearly 40 years. Like most businesses, it wasn’t
perfect, but it had a lot going for it and was a very
desirable acquisition.
When we went to market, we attracted strong
interest, and one buyer in particular stood out:
well-capitalized, experienced in the industry, and
ready to move quickly. On paper, it looked like a
perfect match.
BUT SOMETHING WAS OFF.
The conversations felt transactional. There was
little effort to connect or understand the business
beyond the financials. The buyer checked all the
logical boxes, but something just didn’t sit right,
and my client felt it too.
And that matters.
You can’t force a fit. I’ve learned over the years
that if a seller doesn’t feel good about who’s taking
over, if there’s unease or disconnect, it’s either not
going to close, or they’ll live with regret.
So we walked away from the “best” offer.
Eventually, we found a buyer who brought a
different kind of value. They took the time
to learn about the company culture, asked
thoughtful questions, and genuinely wanted to
understand the story behind the numbers. And
they listened, which was important, because my
client? He was a talker.
The offer wasn’t nearly as high. The terms weren’t
as strong. But it felt right.
Six months after closing, the seller told me:
“I don’t regret it. I’m sleeping at night. And I’m
excited for what’s next.”
That’s the win in my book.
WE’RE ADVISORS, NOT JUST DEALMAKERS
There’s a lot of talk in our industry about being
advisors, not just brokers. What’s important
to remember is that advising isn’t just about
SPRING 2026
educating on valuation, deal structure or walking
a client through LOIs. It’s also about knowing
when to pause, when to ask better questions, and
when to say, “This may not be the right fit.”
Sometimes our job is helping sellers say no.
No to the buyer that looks great on paper but
doesn’t share the seller’s values.
No to the rushed timeline that leaves them feeling
pressured into a deal they’re not ready for.
No to the offer that might be higher, but comes
with conditions that don’t align with their goals.
This isn’t about being soft, it’s about being
strategic and saving your time, effort while
building stellar reputation in the process. Deals
fall apart every day not because of numbers, but
because of misaligned expectations, emotional
triggers, or lack of trust. By understanding
the human side, we reduce friction and build
pathways to close.
Being a good advisor means you’re willing to walk
away from the wrong deal, even when it’s the
easiest one to close. That’s how you build trust
that lasts well beyond the closing table.
THE HUMAN SIDE OF THE DEAL
We’ve gotten better at talking about value drivers
and prepping businesses for the market. But are
we doing the same when it comes to preparing our
clients emotionally?
For a lot of sellers, this is more than a transaction.
It’s an identity shift. It’s letting go of something
they’ve built, often with their own hands, over
decades. It’s the weight of “What’s next?” that
starts to creep in as diligence moves forward.
Technology will continue to transform our
workflows. Valuation software will get better.
CRMs will get smarter. But what will always
differentiate a great intermediary is their ability
to build trust, navigate emotion, and create a deal
that works for this particular seller.
And here’s the other benefit: sellers who feel heard
are far more likely to stay engaged, cooperate
in diligence, and refer you to the next client.
Listening is not just a courtesy, it’s a business
strategy.
PRACTICAL WAYS TO ELEVATE
THE HUMAN FACTOR IN YOUR PROCESS
If you want to put more emphasis on this side of
your practice, here are a few ideas:
1. Ask better questions early on.
Instead of starting with valuation talk or diving
straight into financials, focus on the seller’s bigger
picture:
• What does a successful transition look like for
you?
• Are there things more important to you than
price?
13
• How do you envision your role after the sale?
• Who is your ideal buyer?
2. Build a “Seller Priorities” checklist into your
intake process.
Create a simple framework that helps sellers
identify what matters most to them, before the first
offer ever hits the table. Ask them to rank key deal
elements from most to least important: employee
retention, brand preservation, seller involvement,
timing, culture fit, terms, etc.
Use this as a reference point throughout the
process. When it comes time to evaluate offers,
you’re not just comparing numbers, you are also
measuring alignment.
For example:
• If the seller wants to stay involved, maybe we
structure an earnout or consulting agreement.
• If preserving the company’s legacy is a top
priority, we emphasize culture fit when
screening buyers.
• If cash at closing is critical, we steer away from
offers with heavy seller financing or complex
contingencies.
• If the seller is concerned about their team, we
dig into the buyer’s HR practices and retention
plans early on.
This kind of clarity leads to more confident
decision-making and certainly fewer second
thoughts after closing.
3. Debrief with the Seller After Buyer Meetings
Take time after each buyer interaction to check in
with your seller, not just on the facts, but on their
gut feeling. Long before an offer is submitted, ask
questions like:
• How did the conversation feel to you?
• Can you see yourself trusting this buyer?
• Would you feel comfortable working with them
during a transition?
These emotional cues can tell you just as much as
any financial term down the road. Oftentimes they
surface issues before they become deal breakers.
Remember to listen.
4. Be transparent about trade-offs.
If two offers are on the table, walk through the pros
and cons clearly and objectively. Show them how
one may better align with their priorities, even if
the dollar amount is slightly lower.
For a lot of sellers, this is more than a transaction. It’s an
identity shift. It’s letting go of something they’ve built, often
with their own hands, over decades.
SPRING 2026
5. Be mindful of seller’s emotional state.
Sometimes a seller is financially ready, but
emotionally not quite there. Part of our job is
helping them recognize that.
There will be moments when they just need to
vent - let them. And there will be times when the
best move is to hit pause, even if you’re this close
to getting the deal done. Take the break. Step back
for a day or two.
It might feel counterintuitive in a fast-moving
process, but giving the seller space to breathe can
defuse tension, rebuild clarity, and ultimately
protect the deal. And more often than not, they’ll
thank you for recognizing what they couldn’t
quite say themselves.
BEYOND THE NUMBERS
This work we do isn’t just transactional, it’s deeply
human. Behind every sale is a person who spent
years building something meaningful, and who
deserves a thoughtful, respectful transition.
Yes, our job is to get the deal done. But our higher
job is to get the right deal done.
As you head into your next listing meeting or offer
negotiation, ask yourself:
DO I REALLY KNOW WHAT
MATTERS MOST TO THIS CLIENT?
Because sometimes, it’s not about the price.
It’s about peace of mind, legacy, and knowing their
story will continue, even when they are no longer
running the business. That’s the kind of value you
can’t calculate in a spreadsheet. And, honestly,
that’s the kind of work that keeps me excited to
show up every day.
TANYA POPOV | MCBI, CM&AP
tpopov@inixbiz.com
15
The IBBA: Over 3,000+
Members Strong, and Climbing!
New Episodes Available Now!
LISTEN IN
You Belong Here
JOIN THE IBBA
SPRING 2026
Delegation of Management is Key to
Selling a Business
TJ SAINSBURY
CBI, CEPA
17
Most often an Owner starts or acquires a company
because the industry is something they’re skilled
in and (hopefully) enjoy. As their team and Sales
grow, too often they themselves work more and
more in the business and do not delegate their
management responsibilities as Founder. Waiting
until they’re ready to sell before thinking about
succession and this delegation is a costly mistake.
Heavy “Owner centricity” or “Owner reliance”
prevents them from working on the business and
is unattractive to Buyers. Delegating management
isn’t just about lightening the Owner’s load—it’s
about proving there is transferrable value – value
Buyers will pay for.
As their M&A Advisor, it’s our responsibility to do
more than just point this out and deliver a below-
expectation Most Probable Selling Price. At the
same time, it is a disservice to overpromise the
MPSP while knowing Buyers (and Appraisers)
will uncover heavy Owner reliance and discount
heavily. So how do we help them?
PUT YOURSELF IN THE BUYER’S SHOES
The first step is educating Owners. One approach
is drilling down to the range of comparable sales
for similar companies. How can two similar size
companies in the same industry sell for such
different Sales and Cash Flow multiples? It’s very
likely the different level of Owner reliance between
them.1 An Advisor can also get into the weeds (not
usually recommended) of the company-specific
Risk Premium in their Discounted Cash Flow or
the Manager’s Salary and ROI in the Buyer’s Test
valuation approaches. An Owner may be most
understanding though of the statement “Consider a
Buyer’s perspective. Noone risks their own money
to buy a risky small business and work 60 hours per
week—not without the Seller sharing a lot of risk”.
Here’s why:
When a Buyer evaluates a business, they’re
not just looking at revenue and profit margin.
They’re asking: Can this business run without the
Owner? If the answer is No, the Buyer sees a risky
operation, overly dependent on one person. That
means:
- Lower offers
- Longer due diligence
- More earn-outs and contingencies
- Or worse—no deal at all
On the other hand, delegation shows that a
business is more than the Owner’s personality. It
tells buyers, “This company is built to last”. By the
way, this is an opportunity to introduce earnouts
and seller financing.
BUT THERE IS GOOD NEWS
There is still time to make improvements.
According to IBBA,2 sales of main street and lower
middle market businesses take 6 to 10 months
from engagement to close. Additionally, Owners
are usually asked to stay on in some capacity--we
see an average of 3 to 6 months. If we’re providing
Sellers a realistic timeframe, they learn that selling
today means being active for at least another year.
So start delegating and increasing that transferable
SPRING 2026
value now. The longer the runway, the more
delegation they can accomplish.
START SMALL, START NOW
An Owner doesn’t need to overhaul the org chart
overnight. Here’s how to begin:
1. Identify key management duties still handled
personally.
2. Choose one area to delegate—something low-
risk but time-consuming.
3. Document the Standard Operating Procedure,
so others can follow.
4. Train a team member to take it over, and step
back.
5. Gradually reduce monitoring that
responsibility until the team member truly
owns it.
We provide the ExitMap® Management Succession
Worksheet, so Owners can repeat this process over
time with more responsibilities. When they do,
the company specific risk premium decreases, the
MPSP rises toward the higher end of the range for
the industry, and the Owner will sell at a higher
price on better terms.
NOBODY DOES IT AS WELL AS I CAN
This is the most common objection we hear—and
it’s understandable. Owners pour their heart into
their business. They know every client, every quirk,
every shortcut. But here’s the truth: Clinging to
control stalls the exit, and delegation doesn’t mean
disappearing. It means building an empowered
team to execute the mission statement. It means
training others to succeed, so the Owner can
succeed at stepping away.
I CAN’T AFFORD TO TAKE
MY FOOT OFF THE GAS NOW
This is a good mindset for an Owner beginning to
plan their exit. We all agree that growing Sales and
margins are important to both finding Buyers and
valuation, but we’ve all also received inquiry after
inquiry from Buyers searching for a business they
can grow. We contend that in nearly all cases the
gains from delegation, when done methodically and
Clinging to control stalls the exit, and delegation doesn’t
mean disappearing. It means building an empowered team
to execute the mission statement. It means training others to
succeed, so the Owner can succeed at stepping away.
19
monitored, far outweigh the losses from marginal
productivity of the Owner just putting in more
hours. Again, consider how heavy Owner reliance
affects the valuation, shrinks the pool of interested
Buyers, and reduces the likelihood the company will
ever sell at all.
IT’S NEVER TOO LATE
We tell clients this: The best time to start delegating
was years ago, and the second-best time is now. If
you’re thinking about selling your business in the
next 1–3 years, start preparing today. Delegation
isn’t just a management strategy—it builds and
proves value that enables Owners to exit from a
position of strength.
TJ SAINSBURY | CBI, CEPA
tj@savvybb.com
Sources
[1]: Stratford Analytics. (2025). The working owner discount: Why
owner dependence erodes manufacturing valuations and how
to fix it. https://www.stratfordanalytics.com/wp-content/
uploads/2025/12/The-Working-Owner-Discount.pdf
[2]: International Business Brokers Association, & M&A Source.
(2025). Market Pulse Q2 2025 Executive Summary
Clyth MacLeod Scholarship
Sunil Gulati
Transworld Business Advisors
of Ontario
IWEN Scholarship
Rose Willis
Transworld Business Advisors
- Phoenix
Steps to Success Scholarship
Adam Pratt
Atlantic Business Brokers
Congratulations to the 2026
CBI Scholarship Winners!
SPRING 2026
The Blind Spot in Every
Main Street Deal
NATHAN HUGHES
CBI, CCIM