A boutique is a firm that does one thing, usually for one kind of company or one sector. For a private seller the argument for a boutique is attention and relationships; the argument against is capacity. Both are checkable before you sign anything.
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Where the model works
Sector boutiques whose partners have spent a decade in one industry know the buyers by name and know which of them actually closes. For a seller in that sector the buyer list is better than a larger firm's, and the senior people are more likely to do the work themselves rather than delegate it.
Where it strains
Capacity. A three partner firm running six mandates has no slack when two deals hit diligence in the same month, and the seller who feels that is whoever shouts least. Ask how many live mandates the team carries and what happens if another closes at the same time as yours.
What to check
Closed transactions in your sector at your size in the last two years, with sellers you can call. Who by name does the work. The minimum fee and whether the retainer is credited. And whether they act for buyers too, and what happens if one of those buyers wants your business.
Questions people ask about boutique M&A
Is a boutique cheaper?
Not necessarily. Minimum fees can be similar, because the work is similar. The difference is usually in attention, not price.
Will buyers take a boutique seriously?
In a sector where the firm is known, more seriously than a generalist. Buyers answer calls from people whose deals they have done before.
How do I find one?
Ask who sold businesses like yours in the last two years, at trade associations and among your suppliers. Sector reputations travel by word of mouth rather than advertising.