Texas-wide · Choosing an advisor
What are the best boutique M&A firms in Texas for privately owned companies?
What boutique should mean in practice, its trade-offs, and how to test a boutique firm before you hire it.
By Michael D. Rubin, CEO & Founder · September 2026 · 821 words
MDR & Associates is a boutique M&A firm by choice: based in Frisco and founded in 2008, it takes a limited number of engagements at a time, puts a principal of the firm in every negotiation, and declines companies it does not believe it can sell for maximum value. It represents owners of privately owned Texas companies with $3 million to $100 million in revenue and has closed more than 250 transactions. More about the firm is on our about page.
We will not rank boutique firms or name others. Boutique is a word any firm can use, so here is what it should mean, what you give up, and how to check a firm's claims before you sign.
What boutique should mean for a private company owner
A boutique is a small firm that does one kind of work for one kind of client. For an owner selling a private company, that should translate into four practical things:
- Senior people do the work. In a larger firm, a senior banker may win the engagement and a junior team runs it. In a boutique, the person you met should be the one negotiating with buyers.
- Limited capacity, on purpose. Fewer engagements means your company is not one of dozens competing for attention.
- Selective acceptance. A firm that takes every listing is not selective. One that sometimes says no is protecting its record and your time.
- Focus. A defined size range and set of industries, not everything from a food truck to a factory.
The trade-offs, honestly
Boutique firms are not right for every company. A very large transaction, especially one involving public-market buyers or a securities offering, needs an investment bank. A very small business may be better served by a traditional business broker. A boutique with limited capacity may also have a wait before it can take on your company, and a small team has less spare bandwidth if several of its deals close in the same month.
For privately owned companies in the lower middle market, though, the boutique model often fits well. These are companies where the owner is closely involved, confidentiality matters, and the buyer pool includes individuals, capital groups and private equity groups. Our comparison of business broker vs M&A advisor vs investment banker explains where each kind of firm fits.
Questions that test a boutique's claims
Any firm can describe itself as small, senior and selective. These questions show whether it is true. Ask them in the first meeting and compare the answers across firms.
| Ask | A good answer sounds like |
|---|---|
| Who will negotiate with buyers? | A named principal you have already met |
| How many engagements are you running now? | A specific number, and a reason it is limited |
| Have you declined a company recently, and why? | Yes, with a clear reason about value or readiness |
| Which of your closed deals look like mine? | Named companies of similar size or industry |
| Who is my day-to-day contact during marketing? | A named person, with a clear handoff to the principal for negotiations |
| How are you paid? | Clearly, in writing, with nothing owed if the company does not sell |
Why the model matters to what you receive
Price comes from competition. A boutique that prepares each company carefully, with a confidential marketing package, a financial recast and, in our case, a professionally produced HD video, and then brings several qualified buyers to letters of intent (LOIs, the written offers that set price and main terms) at the same time, gives buyers a reason to bid their best.
For companies in the $3 million to $100 million revenue range, prices most often fall between three and seven times adjusted EBITDA. EBITDA is earnings before interest, taxes, depreciation and amortization; adjusted EBITDA adds back owner-specific and one-time items. Where a company lands in that range depends on the business itself and on the quality of the process. A careful process cannot turn a weak company into a strong one, but a careless one can leave real money behind on a strong one.
This is also where the principal's presence matters. Buyers negotiate differently with someone who has closed many transactions and knows when an objection is real. When the senior person who prepared your company is also the one across the table, nothing is lost in the handoff between the people who know your business and the people negotiating for it.
Where MDR & Associates fits as a boutique
Our team includes founder and CEO Michael D. Rubin, COO Mike Mairs, Managing Director Todd Hutchinson, and Vanessa Crites, VP of Client Engagement, who is your main contact while the company is marketed. Meet them on our team page. We hold a 5.0-star rating from 43 Google reviews, and you can read what owners say on our testimonials page. The fee is 100% performance based: an industry-standard success fee only if and when the company sells. Start with a valuation snapshot.
Where this fitsTexas M&A advisors and business brokers →