Alejandro Cremades - Selling Your Startup

However, in acquisitions, there is no need to be licensed as a broker-dealer. The SEC issued a no-action letter in 2014 that allowed people to be entitled to success fees without the need for registration.

Your agreement may also include breakup fees. Think of these as cancellation fees.

Breakup fees may be incurred if you change your mind, or back out of the deal and the banker has incurred costs, if you prove to be too difficult, or you haven't been transparent in representing what you have or in dealing with the potential buyers the banker has brought you.

Know how much the breakup fee is, because you'll have to pay it if you choose to walk away, if you turn down an offer that matches your ask, or you just choose to raise another round of financing or go public instead.

Trends and fees can vary over time. As a very rough guide to fees, here's what you can expect to pay based on the acquisition price:

$0 to $10 million: 10 percent

$10 million to $100 million: 3 percent to 10 percent

$100 million to $1 billion+: 1 percent to 2 percent

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