Business brokers often form agency relationships with clients and customers. Traditionally, a broker provides a full-service, commission-based relationship through a signed agreement—either a seller agreement or a buyer representation agreement. In most U.S. states, this arrangement establishes an agency relationship with fiduciary obligations, requiring the broker to act in the best interests of their client. Additionally, some states have specific statutes defining broker representation and business broker licensing requirements.

In certain U.S. states, brokers operate as transaction brokers. Unlike traditional agents, transaction brokers do not represent either party but instead facilitate the transaction, maintaining an equal level of trust with both buyer and seller. This approach is less common in the U.K., where it is generally limited to brokers specializing in the sale of accountancy practices. Transaction brokers typically receive payment from both parties, ensuring impartial guidance throughout the sale process.