First Choice Business Brokers Research
Advisory Approach
First Choice Business Brokers (FCBB) operates with a distinctive consultative philosophy that sets them apart from traditional business brokers. Rather than rushing to list businesses for sale—a practice they note contributes to the industry's 70-80% failure rate for listed businesses—FCBB employs a five-phase preparation process designed to maximize outcomes through proper market readiness. Their thesis is that most business sales fail due to poor preparation: unrealistic seller expectations (23% of failures), poor financial records (45%), and overpricing. By addressing these issues before market entry, FCBB achieves an 87% success rate for businesses they bring to market, compared to the industry average of 20-30%. The firm operates on a success-fee model, meaning they only get paid when a business sells, aligning their incentives directly with seller outcomes.
Sector Focus
FCBB's practice spans Main Street businesses and the lower middle market, with particular depth in recession-resistant, service-based businesses. Their industry expertise encompasses business services, including staffing, facilities management, and B2B services; consumer services such as restaurants, retail establishments, and personal services; healthcare services including home health care, outpatient care, and senior care facilities; and construction/engineering trades. They also maintain active practices in manufacturing (particularly discrete manufacturing and specialized production), distribution and logistics, and transportation/fleet services. Notably, FCBB has identified "AI-proof" businesses—essential service companies with predictable, recurring revenue that remained stable even during the 2008 recession—as a key focus area. Examples include trash hauling, waste management, and other essential services that cannot be automated or offshored.
Deal Track Record
Since its founding in 1994, First Choice Business Brokers has listed and managed over $15 billion in businesses for sale. The firm has facilitated transactions across every major industry category, with a particular concentration in owner-operated businesses valued between $500,000 and $50 million. A representative 2025 transaction in Charlotte, NC illustrates their approach: Dave Raleigh, a former private equity VP now with FCBB, sold a trash hauling company that had grown from scratch to a quarter-million-dollar operation in three years. The transaction generated over 50 prospective buyer inquiries in just six weeks and went under contract, funding the owner's retirement dream. This deal exemplifies FCBB's strategy of targeting recession-resistant businesses and leveraging institutional-quality buyer outreach. Another notable deal involved a $6.9 million company sale at full asking price, achieved through Mike Lee and Mark Cardoza's Idaho office, demonstrating the firm's ability to execute on complex transactions outside major metro areas.
Process & Fee Structure
FCBB's consultative approach begins with a thorough assessment phase lasting 1-6 months, during which they evaluate business readiness, identify value-creation opportunities, and prepare financial documentation. Only when the business is properly positioned do they initiate marketing. This preparation-focused model yields superior results: 94% of asking price achieved on average (vs. 85% industry average), 4.7-month average time to close (vs. 9-12 months industry average), and 23% higher sale prices compared to unprepared listings. Their fee structure is commission-based success fees paid at closing, with some offices offering retainer options that are credited against the final success fee. While specific fee percentages vary by transaction size and complexity, the firm's alignment with seller success is central to their model.
Buyer Network
FCBB maintains a national database of vetted, qualified buyers actively searching for businesses across all industries. Their network includes individual buyers, private equity groups, strategic acquirers, and family offices. The franchise structure provides local market knowledge backed by nationwide reach, allowing them to connect sellers with buyers across geographic boundaries. For lower middle market transactions, FCBB has particular strength accessing private equity buyers and family offices seeking recession-resistant businesses. Their systematic buyer outreach generates the kind of interest seen in the Charlotte trash hauling deal—50+ qualified buyers in six weeks.
Competitive Positioning
First Choice differentiates through its preparation-first philosophy, national scale with local presence, and franchise model that combines entrepreneurial ownership with centralized systems and training. The firm has been recognized in Entrepreneur Magazine's Franchise 500 multiple times and has grown from 30 to 119 territories since 2022. Key differentiators include their five-phase consultative process, institutional-quality buyer outreach, and technology platform that enhances both buyer experience and transaction efficiency. The franchise model ensures each office has local market expertise while benefiting from the brand's national reputation and proprietary tools.
Not a Fit If
FCBB typically declines engagements where sellers refuse proper preparation, have unrealistic valuation expectations, or demand immediate listing without addressing market-readiness issues. They are not positioned for businesses below $500,000 in enterprise value, distressed asset sales, or transactions requiring complex restructuring. Sellers seeking a limited-process sale or unwilling to invest in preparation may find other brokers more aligned with their approach.
Team
The firm was founded in 1994 by Jeff Nyman (CEO) and Linda Hentges-Nyman (COO), who continue to lead the company. The executive team includes Melissa Sallyer as EVP of Franchise Development. Key franchisees and brokers include Dave Raleigh (Charlotte, NC), a former private equity VP who brings buy-side operational expertise; Mike Lee and Mark Cardoza (Idaho); and Tim Johnson (Hampton Roads, VA), a former corporate executive who transitioned to franchise ownership. The organization comprises 278 business brokers across 119 territories, each office independently owned and operated under the franchise model.
Geographic Coverage
Headquartered in Las Vegas, Nevada, with 119 territories covering every state across the United States. Key regional offices include Salt Lake City, UT (Mountain West); Jackson, WY; Missoula, MT; Charlotte, NC; Los Angeles, CA; and Atlanta Metro, among others. The franchise model ensures local presence in markets nationwide while maintaining national brand consistency and referral networks.