Seven questions to ask an M&A adviser
Evaluate the team that will execute, not only the pitch.
Selecting an M&A adviser is an operating decision, not a beauty contest. The firm will represent the company in a confidential market, shape how buyers understand it, and help manage months of negotiation and diligence.
Start with seven questions:
1. Who will do the daily work, and how much senior attention is committed?
2. How will the team position this specific company rather than apply a standard template?
3. How will it build and prioritize the buyer universe?
4. Which recent assignments are genuinely comparable in size, complexity, and buyer type?
5. What conflicts exist with likely buyers, competitors, lenders, or other clients?
6. How does the engagement agreement address fees, expenses, tail provisions, termination, and excluded parties?
7. What will the adviser do if initial indications fall below the owner’s objectives?
Ask for references from both completed and discontinued processes. A closing reference can describe execution under pressure. A discontinued-process reference can reveal whether the adviser remained candid when the market did not support a transaction.
Chemistry matters, but it should not replace evidence. You need a team that communicates bad news early, protects confidentiality, and distinguishes buyer enthusiasm from buyer certainty.
Finally, compare proposed strategies. A credible adviser should explain why particular buyers may care, what could reduce value, and which preparation work should occur before outreach.