SaaS Business Broker: 2026 Guide to Picking the Right Advisor
A SaaS business broker sells subscription software companies for a success fee: published seller fees run from 0% at Investors Club to 15% at Empire Flippers (October 2026), and companies with $1M+ EBITDA usually need an M&A advisor.
By Christoph Totter, Founder of CT Acquisitions · Last reviewed: October 2026
Key takeaways
- Empire Flippers charges 15% of the sale price up to $700,000, 8% on the part between $700,000 and $5,000,000, and 2.5% above $5,000,000, with a $10,000 minimum (Empire Flippers sell page, October 2026).
- Acquire.com charges sellers an 8% closing fee below a $250k asking price, 7% from $250k to $1M and 6% above $1M, plus $25 to $100 a month to list (Acquire.com seller pricing, October 2026).
- Investors Club advertises a 0% success fee and no exclusivity, so it can run alongside any broker search (Investors Club, October 2026).
- On a $1,500,000 sale, the published schedules put the seller fee at $169,000 with Empire Flippers and $90,600 with Acquire.com: a $78,400 gap that pays for managed vetting, buyer communication and migration.
- Brokers selling stock or LLC interests can rely on the federal M&A broker exemption only when the company had EBITDA under $25,000,000 or gross revenues under $250,000,000, among other conditions (15 U.S.C. 78o(b)(13)).
| Number | What it means | Source |
|---|---|---|
| 15% up to $700,000 | Empire Flippers commission on the first $700,000 of sale price | Empire Flippers |
| 6% to 8% | Acquire.com closing fee, by asking price band | Acquire.com |
| $24,000 | Minimum annual net profit Empire Flippers accepts for a listing | Empire Flippers |
| $100k TTM revenue | Entry point for Guided by Acquire, the hands-on Acquire.com service | Acquire.com |
| 130 days | Average time to sale reported by Empire Flippers across 2,682 deals | Empire Flippers |
| $25,000,000 EBITDA | Upper limit for the federal M&A broker registration exemption | Exchange Act 15(b)(13) |
What does a SaaS business broker do?
A SaaS business broker, also called a software business broker, finds buyers for a subscription software company, packages its ARR, churn and profit data, screens buyers under NDA and manages the deal to closing for a success fee. In October 2026 the market splits into four models: self-serve listings, fee-based marketplaces, managed marketplaces such as Empire Flippers, and M&A advisors for larger companies.
No fee to you on buy-side introductions; sell-side mandates are paid on success at closing.
The four models differ in who does the selling work, not just in price. A self-serve listing on Investors Club or Flippa puts buyer screening on the founder. Empire Flippers, by its own description, handles all buyer communication and has migrated over two thousand websites and online businesses. An M&A advisor writes a confidential information memorandum (CIM), contacts private equity and strategic buyers directly and runs competing letters of intent.
| Model | Who screens buyers and runs calls | How the seller pays | Named example (source) |
|---|---|---|---|
| Self-serve listing | Founder | Listing fee or nothing at closing | Investors Club, 0% success fee; Flippa from $29 (Flippa pricing) |
| Fee-based marketplace | Founder, with platform escrow and support | 6% to 8% closing fee plus $25 to $100 a month | Acquire.com (seller pricing page) |
| Managed marketplace or broker | Platform or broker team | Tiered success fee, 15% then 8% then 2.5% | Empire Flippers (sell page); Flippa brokered, 6% to 10% |
| M&A advisor | Advisor, through a structured sell-side process | Success fee at closing, terms negotiated per mandate | FE International, Raincatcher (Raincatcher SaaS page), CT Acquisitions |
For the full sale sequence from preparation to closing, the step-by-step guide on how to sell a SaaS business covers each stage.
Which SaaS business brokers and marketplaces publish their fees?
Four platforms publish seller fee schedules as of October 2026: Empire Flippers, Acquire.com, Flippa and Investors Club. FE International, Quiet Light and Raincatcher publish deal counts or client size ranges but no fee schedule, so their terms come only from a written proposal. The table lists each firm with the exact terms on its own page and the date we read it.
| Firm | Model | Seller fee as published | Eligibility or size | Exclusivity | Source |
|---|---|---|---|---|---|
| Empire Flippers | Managed marketplace | $10,000 up to $66,666.66; 15% to $700,000; 8% on $700,000 to $5,000,000; 2.5% above $5,000,000 | $24,000+ annual net profit, 12 months of history | 2 months | empireflippers.com/sell |
| Acquire.com | Marketplace | 8% under $250k, 7% from $250k to $1M, 6% above $1M, plus $25, $50 or $100 a month to list | Any size; escrow included | Not stated | acquire.com/seller-pricing |
| Guided by Acquire | Hands-on advisory inside Acquire.com | Not published | Profitable SaaS with $100k+ TTM revenue | Not stated | Acquire.com seller pricing |
| Flippa self-serve | Listing site | $29 to $699 listing packages; NDA add-on $199 | Any size | Not stated | flippa.com/pricing |
| Flippa brokered | Broker service | $399 to $1,299 upfront plus 6% to 10% success fee, 6-month term | Tiered by sale price | 6-month term | Flippa pricing |
| Investors Club | Curated marketplace | 0% success fee, no commission | Any size | None | investors.club |
| FE International | Advisor and broker | Not published | Reports 1,500+ transactions worth $50 billion+, 94.1% success rate (self-reported) | Ask | feinternational.com |
| Raincatcher | M&A advisor | Not published | Owners with $2M to $50M annual revenue | Ask | Raincatcher SaaS page |
| Quiet Light | Broker | Not published on a page we could retrieve | Ask | Ask | quietlight.com |
Acquire.com’s own comparison table puts business brokers at a 10% to 15% closing fee and other marketplaces at 2.5% to 15%. Treat that as a competitor’s summary, not a market survey: a fee schedule only counts once it is in your engagement letter. For broker fee mechanics outside SaaS, including Lehman-style tiers, the business broker fees breakdown compares the common structures.
How much will a SaaS business broker cost at your sale price?
At a $500,000 sale price, the published schedules put the seller fee at $75,000 with Empire Flippers, $35,300 with Acquire.com and nothing with Investors Club. At $4,000,000 the gap between the first two widens to $128,400. Percentages fall as price rises because Empire Flippers drops to 8% above $700,000 and Acquire.com drops to 6% above $1M.
| Sale price | Empire Flippers fee (effective %) | Acquire.com fee incl. 6 months listing (effective %) | Investors Club fee | Net to seller: Empire Flippers / Acquire.com | Gap between the two |
|---|---|---|---|---|---|
| $150,000 | $22,500 (15.0%) | $12,000 + $150 = $12,150 (8.1%) | None | $127,500 / $137,850 | $10,350 |
| $500,000 | $75,000 (15.0%) | $35,000 + $300 = $35,300 (7.1%) | None | $425,000 / $464,700 | $39,700 |
| $1,500,000 | $105,000 + $64,000 = $169,000 (11.3%) | $90,000 + $600 = $90,600 (6.0%) | None | $1,331,000 / $1,409,400 | $78,400 |
| $4,000,000 | $105,000 + $264,000 = $369,000 (9.2%) | $240,000 + $600 = $240,600 (6.0%) | None | $3,631,000 / $3,759,400 | $128,400 |
Two assumptions sit under every row. The sale closes at the asking price, because Acquire.com sets its band on asking price, and the Acquire.com listing stays live for 6 months at $25, $50 or $100 a month. Legal fees, a quality of earnings report and escrow charges are excluded on both sides; the M&A advisor fees guide covers those costs for larger deals.
How does the Empire Flippers blended commission work?
Empire Flippers applies its rates to slices of the price, not to the whole price. The first $700,000 carries 15%, the slice from $700,000 to $5,000,000 carries 8%, and anything above $5,000,000 carries 2.5%. A $1,500,000 sale therefore pays $105,000 on the first slice plus $64,000 on the next $800,000, for $169,000 in total.
- Take 15% of the first $700,000: $105,000. Below $66,666.66 the fee is a flat $10,000 instead.
- Take 8% of the amount between $700,000 and $5,000,000: on a $4,000,000 sale that slice is $3,300,000, so $264,000.
- Take 2.5% of anything above $5,000,000.
- Add the slices: $105,000 + $264,000 = $369,000 on a $4,000,000 sale, an effective 9.2%.
Earnouts change the base. If part of the price is paid later on retention targets, ask whether the commission is charged on the maximum earnout or only on amounts received; the earnout guide explains why that wording matters for SaaS deals with churn risk.
Which route fits your SaaS company?
Match the route to profit, price and buyer type. Below $24,000 of annual net profit, Empire Flippers will not list the business, so a self-serve listing is the realistic path. Up to about $1M of sale price, a marketplace keeps fees near 6% to 8%. With $1M or more of EBITDA, private equity and strategic buyers expect an M&A advisor’s process.
| If your situation is | Choose | Why (published threshold) |
|---|---|---|
| If net profit is under $24,000 a year or you have under 12 months of history | Self-serve listing: Investors Club, Flippa or Acquire.com | Below the Empire Flippers listing minimum |
| If the sale price is under $250k and you will screen buyers yourself | Acquire.com at 8% or Investors Club at 0% | Acquire.com’s lowest band; Investors Club charges no success fee |
| If you have $100k+ TTM revenue, are profitable and want hands-on help | Guided by Acquire or Flippa brokered; compare written terms | Guided by Acquire entry point; Flippa brokered 6% to 10% |
| If you want the sale fully managed and the price is up to about $5,000,000 | Empire Flippers or a SaaS broker such as Quiet Light or FE International | Empire Flippers 8% band ends at $5,000,000 |
| If EBITDA is $1M or more and PE or strategic buyers are likely | M&A advisor with a competitive sell-side process | Lower middle market advisory range starts at $1M EBITDA |
| If EBITDA is $25,000,000 or more and the deal is a stock sale | Registered broker-dealer or investment bank | Above the Exchange Act 15(b)(13) exemption limit |
Run two routes at once where the terms allow it. Investors Club asks for no exclusivity and Empire Flippers asks for 2 months, so a founder can test buyer demand on an open listing before signing a longer broker exclusivity. For sub-$1M exits, the guide on how to sell a small SaaS business covers buyer types and ARR multiples at that size.
Does a SaaS business broker need to be registered?
Sometimes. When a SaaS company is sold as stock or LLC interests, the intermediary is handling a securities transaction. Since March 29, 2023, Exchange Act Section 15(b)(13) lets M&A brokers skip SEC broker-dealer registration only when the company had EBITDA under $25,000,000 or gross revenues under $250,000,000 and several conduct rules are met (Locke Lord summary).
| Condition | Rule in the statute | What to ask the broker |
|---|---|---|
| Company size | EBITDA under $25,000,000 or gross revenues under $250,000,000 in the fiscal year before engagement | Which size test does my company meet? |
| Funds | The broker may not receive, hold, transmit or have custody of the funds or securities | Who holds the purchase money: an escrow agent or the broker? |
| Buyer | The buyer must take control and actively manage; no passive buyers | Is any bidder a passive investor group? |
| Financing | The broker may not provide financing for the transfer | Will the broker or an affiliate lend to the buyer? |
| Both sides | Representing buyer and seller requires clear written disclosure and consent from both | Is the broker paid by the buyer too? |
| Index | Dollar limits adjust every five years from December 29, 2022 | Which limit applies on my engagement date? |
The exemption is federal only. State securities and business broker rules apply on top of it, and an asset sale is analysed differently from a stock sale, so ask your deal lawyer which structure your buyer is proposing before the broker question matters. The full statutory text is at the Legal Information Institute at Cornell Law School.
When does an M&A advisor fit better than a SaaS business broker?
An M&A advisor fits when the company has $1M or more of EBITDA and the likely buyers are private equity funds, serial acquirers or strategic software companies. Those buyers expect a CIM, a data room, quality of earnings support and several letters of intent at once, which marketplace listings do not provide. Below that size, the published marketplace fees in this guide usually win on cost.
CT Acquisitions is an M&A advisory firm for founder-owned businesses, working on the sell side, the buy side and exit planning with a network of 500+ private equity, family office and search fund buyers. It is not a marketplace and does not list companies publicly. No fee to you on buy-side introductions; sell-side mandates are paid on success at closing.
This page compares broker and marketplace routes and their published fees. The separate SaaS and software M&A advisor guide covers what a sell-side advisor does once a SaaS company is large enough for an institutional process: valuation on ARR and EBITDA, the buyer universe, LOI terms and tax structuring. The M&A advisor vs business broker comparison explains the same split for companies outside software.
What should you ask a SaaS business broker before signing?
Ask for the fee schedule in writing at your exact sale price, the exclusivity length, the tail period, how earnouts are charged and who holds the funds. Then compare answers against the published benchmarks: Empire Flippers asks for 2 months of exclusivity and reports 130 days on average to sale, so a request for 12 months of exclusivity needs a reason.
- What is my total fee at my likely sale price, in dollars, including any minimum such as the $10,000 Empire Flippers floor?
- Is there an upfront fee, such as the $399 to $1,299 Flippa brokered charge, and is it credited at closing?
- How long is exclusivity, and what happens if no buyer signs in that window?
- How long is the tail period, during which a buyer you introduced still triggers a fee after the agreement ends?
- Is commission charged on earnouts and seller notes when signed or only when paid?
- Who holds buyer funds at closing? Under Exchange Act 15(b)(13) an exempt M&A broker may not.
- How many SaaS companies near my ARR did you close in the last 24 months, and can I speak to two of those sellers?
- Which buyers will see my company first: individuals, search funds, SaaS holding companies or private equity?
Customer concentration changes which buyers stay in the process. If one customer brings in a large share of ARR, raise it on the first broker call; the guide on how customer concentration affects valuation shows how buyers price that risk.
Who buys SaaS companies sold through brokers?
Buyers sort by check size. Individuals and search funds dominate marketplace deals; BizBuySell’s software, apps and SaaS benchmark shows a median sale price of $625,000 and an average revenue multiple of 1.70x (BizBuySell valuation benchmark). Above that, SaaS holding companies, serial acquirers and software private equity price on ARR, retention and EBITDA.
- Software private equity. Thoma Bravo, Vista Equity Partners and Hg buy at scale; lower middle market funds buy software companies as platforms or add-ons.
- Serial acquirers of vertical software. Constellation Software and its operating groups (Volaris, Jonas, Harris and Perseus), Valsoft and Banyan Software buy niche software and hold it long term.
- SaaS holding companies. Tiny and saas.group buy smaller, profitable SaaS businesses, often directly from founders.
- Strategic acquirers. Larger software companies buying a product, a customer base or a team.
- Search funds and individual buyers. Common for smaller SaaS with steady recurring revenue, often financed with SBA loans and seller notes.
How each buyer group prices ARR, net revenue retention and growth is covered in the SaaS business valuation guide, and founders ready to start a confidential process can begin at the sell your SaaS business page.
How we compiled this
We read the seller pricing and sell pages of Empire Flippers, Acquire.com, Flippa, Investors Club, FE International and Raincatcher, plus the text of 15 U.S.C. 78o(b)(13), on October 26, 2026, and calculated every fee in the worked table from those published schedules. Quiet Light’s and BizBuySell’s pages refused direct access that day; the BizBuySell figures were checked against the search index. We excluded forum anecdotes and unsourced commission ranges from broker blogs.
Frequently asked questions
What is a SaaS business broker?
A SaaS business broker is an intermediary that sells subscription software companies for a success fee. Published schedules in October 2026 range from 6% to 8% at Acquire.com to 15% on the first $700,000 at Empire Flippers. Firms that run a full sell-side process for larger companies usually call themselves M&A advisors rather than brokers.
How much do SaaS business brokers charge?
As of October 2026, Empire Flippers charges 15% up to $700,000, 8% from $700,000 to $5,000,000 and 2.5% above that. Acquire.com charges a 6% to 8% closing fee plus $25 to $100 a month to list. Flippa brokered packages show 6% to 10% plus a $399 to $1,299 upfront fee. Investors Club charges sellers no success fee.
Can I sell my SaaS business without a broker?
Yes. Investors Club lets sellers list with a 0% success fee and no exclusivity, and Flippa self-serve listings start at $29. Selling direct means you screen buyers, run calls, draft the asset purchase agreement and manage escrow yourself. At a $150,000 sale price, skipping Empire Flippers saves $22,500 in commission under its published tiers.
Do I need an M&A advisor or a SaaS business broker?
Use a marketplace or broker when the buyers are individuals and small funds and the sale price sits under about $5,000,000, where the Empire Flippers 8% band ends. Use an M&A advisor when EBITDA reaches $1,000,000 or more and private equity or strategic buyers are realistic, because those buyers expect a managed process with a CIM, a data room and competing letters of intent.
Does a SaaS business broker need to be registered?
Sometimes, and the deal structure decides it. A sale of stock or LLC interests can be a securities transaction. Exchange Act Section 15(b)(13) exempts M&A brokers from SEC registration when the company had EBITDA under $25,000,000 or gross revenues under $250,000,000, the buyer takes control, and the broker never holds the funds. State rules apply separately, so ask which exemption the broker relies on.
How long does it take to sell a SaaS business through a broker?
Empire Flippers reports an average of 130 days to sale across 2,682 deals and asks for only 2 months of exclusivity. Full sell-side processes for larger SaaS companies take longer because of quality of earnings work, technical due diligence and purchase agreement negotiation. Ask every broker for its median days to close at your sale price, not its fastest deal.
Sources
- Empire Flippers, Sell page (commission tiers, listing criteria, exclusivity, deal statistics), accessed October 26, 2026.
- Acquire.com, Seller pricing (closing fees, listing fees, Guided by Acquire), accessed October 26, 2026.
- Flippa, Pricing (listing packages, brokered packages), accessed October 26, 2026.
- Investors Club, homepage (seller fees, exclusivity), accessed October 26, 2026.
- FE International, homepage (transaction count, success rate), accessed October 26, 2026.
- Raincatcher, SaaS Business Brokers (client revenue range), accessed October 26, 2026.
- 15 U.S.C. 78o(b)(13), Cornell Law School Legal Information Institute, accessed October 26, 2026.
- Locke Lord, New Federal Statutory M&A Broker Exemption (effective date), accessed October 26, 2026.
- BizBuySell, Valuation Benchmarks: Software, Apps and SaaS, accessed October 26, 2026.
Related Guide: How to Sell a SaaS Business, Complete framework for SaaS business sales.
Related Guide: How to Sell a Small SaaS Business, Sub-1 million SaaS sale strategies.
Related Guide: SaaS Business Valuation, Valuation methodology for SaaS businesses.
Related Guide: M&A Advisor Fees 2026, Broader M&A advisor fee structures and economics.
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