Best M&A advisory firms lists are league tables, and a league table ranks by deal count or aggregate value, which says almost nothing about who should run a mid-market sale. We sell software to advisory firms, so read our ranking as a shortlist, not a verdict: five mid-market firms ranked by how well their shape fits a sale of that size. What separates them for your sale is the four answers below, none of which appears in any table.
Best m&a advisory firms: the ranking, and the criterion
- Houlihan Lokey: the mid-market generalist with the broadest sector coverage, so the buyer list on a niche sale is rarely thin
- Lincoln International: a dedicated mid-market practice with sector teams and an overseas office network for cross-border buyers
- William Blair: a growth-company franchise whose senior bankers stay on the process rather than handing it to a junior team
- Harris Williams: a sell-side specialist that runs full auction processes for founder and sponsor-owned companies
- Piper Sandler: a middle-market bank with deep coverage in a handful of sectors, strongest where your business sits in one of them
Answer one: who runs it day to day, by name
At a small firm the partner who pitched is on the calls. At a larger one the pitch team and the execution team are frequently different people, and the seller discovers that in month two. Ask for the name and then ask that person the next three questions rather than asking the firm.
Answer two: how many deals of my size did that person close last year
Not the firm, the person, and not deals worked on, deals closed. On a $12,000,000 sale a 5% fee is $600,000, which is a serious mandate at a boutique and a rounding error at a large bank. Attention follows economics rather than intention, and this question surfaces that quickly.
Answer three: which buyers would I not have found
A firm that has sold three businesses like yours can name them. A firm that has not will describe a process instead. This is the single most informative question available to an owner and it takes one meeting to ask, and the answer is checkable afterwards.
Answer four: the fee, including the crediting and the minimum
The percentage, the retainer, whether retainers are credited against the success fee, and the floor. On the worked example crediting moves the payment at close from $600,000 to $487,500, and a minimum that is invisible at this size is decisive on a smaller one.
Questions people ask about best m&a advisory firms
How should I read the ranking?
As a shortlist of mid-market firms whose shape fits a sale of that size. We sell software to advisory firms, so the ranking is an entry point, and the four answers on this page decide between the firms on it for your sale.
What do league tables measure?
Deal count or aggregate value, with credit rules that vary by compiler and often count both sides and announced rather than completed deals.
What is the most informative question?
Which buyers would I not have found. A firm that knows your sector can name them; one that does not will describe a process.