TrueValue M&A Network

M&A advisers

A lead adviser runs the process: preparing the business or the buyer, approaching the other side, managing the information flow, negotiating the terms and getting the deal to completion with the lawyers and accountants in step.

M&A advisers

Verified and featured professionals are listed first. Refine by location, sector or deal size.

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What m&a advisers do

On the sell side an M&A adviser prepares the business for market, writes the information memorandum, builds and works a buyer list, runs a competitive process and negotiates the heads of terms. On the buy side they help define the acquisition criteria, find and approach targets, value the business, structure the offer and lead the negotiation through to the share purchase agreement.

The adviser is the one party who sees the whole transaction. Lawyers own the documents, accountants own the numbers and lenders own the debt; the adviser owns the timetable and the relationship with the other side, which is where most deals are actually won or lost.

When to engage them

Engage an adviser before you go to market or before you make a first approach — not after. A seller who has already spoken to one buyer has given away the competitive tension an adviser would have created, and a buyer who has already named a price has little for an adviser to negotiate.

For a first acquisition, or any deal above the size you have done before, an adviser on your side of the table is the difference between a process you run and a process that runs you.

Usually active at

  • Exploring
  • Sourcing
  • Evaluating a specific business
  • Making or negotiating an offer
  • In due diligence
  • Legal documents and completion
  • Selling a business

What they typically help with

  • Preparing a business for sale and writing the information memorandum
  • Building a buyer or target list and making the approaches
  • Running a competitive process and managing bidders
  • Valuation and the structure of the offer
  • Negotiating heads of terms and steering the deal to completion
  • Coordinating lawyers, accountants and lenders on one timetable

Questions to ask before you engage

  1. 1. How many deals of this size and in this sector have you completed in the last three years, and can I speak to two of those clients?
  2. 2. Who on your team will actually run my process day to day?
  3. 3. What is your fee structure — retainer, success fee, or both — and what is the minimum fee?
  4. 4. How long is your exclusivity and what tail period applies after it ends?
  5. 5. What do you think this business is worth today, and what would change that number?

How m&a advisers are paid

Most advisers charge a monthly retainer through the process and a success fee on completion, calculated as a percentage of the transaction value with a minimum. Retainers are sometimes offset against the success fee. The percentage usually steps down as the deal size rises, and some advisers add a ratchet for a price above an agreed threshold. Ask for the engagement letter early and read the definition of transaction value — it decides what the percentage is charged on.

How TrueValue fits alongside

TrueValue is the workspace the deal runs in, alongside the adviser rather than instead of one. A buyer can screen a target with CIM analysis, value it with the five-method valuation software and take a first view with Value My Deal before an adviser is engaged, and then run the deal management, the data room and the documents in one place the whole deal team can see.

Frequently asked

Do I need an M&A adviser to buy a small business?

Not always. A buyer with transaction experience acquiring a business well inside their comfort zone may run the process with a lawyer and an accountant. A first-time buyer, or anyone acquiring at a size above their experience, usually recovers the adviser’s fee several times over in price, structure and avoided mistakes.

What is the difference between an M&A adviser and a business broker?

The terms overlap. In UK practice a broker typically markets owner-managed businesses at the smaller end and is paid by the seller on completion, while an adviser runs a fuller process — valuation, information memorandum, negotiation and coordination of the professional team — for larger or more complex transactions.

Is an M&A adviser regulated?

Corporate finance advice may fall within the scope of FCA regulation depending on what is being advised on. Ask any adviser whether they are authorised and by whom, and verify it on the regulator’s register. A listing in this network does not confirm regulated status.

Listings in the TrueValue M&A Network are provided for information. A listing is not an endorsement or a recommendation, and TrueValue does not guarantee any professional’s performance. You must carry out your own due diligence before engaging anyone, verify regulated status independently with the relevant regulator, and seek qualified legal, financial and tax advice where appropriate.