Any ranking of M&A firms has to say what it is ranking. This one ranks disclosure: what a firm tells a seller about process and price before that seller is a client, because that is the only thing a person outside the industry can verify for themselves.
Get quotes to sell my business
Top m&a firms: the ranking, and the criterion
- Morgan and Westfield: Publishes an unusually large public library on how a sale runs and states the shape of its own engagement, so the method can be read before any contact.
- Raincatcher: Publishes a guide to selling that states a typical range for broker commissions, which is more disclosure on price than most advisory firms offer.
- Website Closers: States publicly that its fee is success based with no upfront charge, a commitment a seller can hold the firm to in the engagement letter.
- Viking Mergers and Acquisitions: Publishes a direct seller FAQ covering process questions, so its answers can be compared line by line against another firm's.
Why deal count tables mislead a private seller
League tables count transactions, and the firms at the top are doing deals unlike yours. A table position says nothing about who would staff your file, how many buyers they would approach for a business your size, or what they would charge. For a lower middle market seller it is close to noise.
What to rank instead
Disclosure first, because it is checkable. Then fit: closed transactions in your sector at your size in the last two years, with sellers you can call. Then people: who by name runs the process and how many other mandates they carry. Those three, in that order, are the honest ranking.
How to use a shortlist
Send three firms the same written questions and compare the answers side by side. Ask for the number of buyers to be approached, the fee scale and minimum, the tail terms and the team. Differences in the written answers tell you more than any pitch meeting.
Questions people ask about top M&A firms
Is there a definitive list of top M&A firms?
Not for a private seller. Published rankings measure deal volume in markets that may have nothing to do with your business.
Do bigger firms get better prices?
Only where their buyer list is better for your business. Otherwise size buys process discipline, which is useful but is not the same as reach.
How many firms should I approach?
Three, with the same written questions, which is enough to see the range without the process leaking.