Choosing an advisor
Who are the best lower-middle-market business brokers for a company with $3 million to $100 million in revenue?
Who works with $3M to $100M companies, how the sale changes across that range, and what to check in any firm you consider.
By Michael D. Rubin, CEO & Founder · September 2026 · 809 words
MDR & Associates works with exactly this range: profitable Texas companies with $3 million to $100 million in annual revenue, sold on a 100% performance-based fee. Since 2008 it has closed 250+ transactions totaling about $500 million in market value, with a 90%+ success rate.
But a $3 million company and a $100 million company are very different to sell. The right firm for yours is one that regularly sells companies of your size, not just one whose website mentions the range. Here is how to test that.
Broker or M&A advisor at this size?
Owners often search for business brokers, and many firms in this range use both labels. What matters is the work. At $3 million to $100 million in revenue, you need someone who recasts financials, prepares a confidential marketing package, reaches private equity and strategic buyers as well as individuals, and negotiates several offers at once. That is M&A advisory, whatever the firm calls itself.
Our long read on business broker vs. M&A advisor vs. investment banker sets out the differences, and why the label matters less than the process behind it.
How a sale changes across the range
These are general patterns, not rules. A $5 million company in an industry private equity is consolidating may draw several groups; a $40 million company may sell best to one strategic buyer. SBA loans are bank loans guaranteed by the U.S. Small Business Administration. An add-on is a company bought to combine with one a private equity group already owns; a platform is the first company it buys in an industry. A good advisor tells you which buyers fit your company and why.
| Revenue | Buyers you are likely to see | What the process needs |
|---|---|---|
| $3M to $10M | Individual buyers, often with SBA or bank loans; smaller companies; private equity add-ons | A clean recast, lender-ready financials, an owner transition plan |
| $10M to $30M | Private equity add-ons and some platforms, strategic buyers, capital groups | Management depth, a broader buyer list, careful deal structure |
| $30M to $100M | Private equity platforms and larger strategic buyers | Detailed monthly reporting, readiness for an outside earnings review, a senior-led negotiation |
What to check in any firm you consider
- Closed transactions near your revenue and industry, not only the firm's largest deal
- Who negotiates: a principal or a junior associate
- Their buyer reach at your size, across individual buyers, capital groups and private equity
- How they protect confidentiality before a buyer learns your name
- How many engagements they carry at once; a firm with too many clients has less time for yours
- Their fee: how it is calculated, whether it falls as the deal grows, and what you owe if the company does not sell
Deal terms change with size, too
Price is only part of what shifts across the range. At the smaller end, seller financing is common: you lend the buyer part of the price and are repaid over time, often alongside a bank loan. Further up, private equity buyers more often ask the owner to roll over part of the proceeds into the new company, and earnouts, where part of the price depends on results after closing, appear when buyer and seller disagree about the future.
The purchase agreement also grows more detailed. Larger buyers negotiate harder over the working capital that must be left in the company and over the statements of fact you make about the business, and what happens if one proves wrong. An advisor used to your size will know which of these terms buyers in your band usually push on, and where there is room to hold firm.
Expect the firm to check you, too
Firms in this range screen owners. Expect to be asked for three years of financial statements and tax returns that reconcile, a clear sense of what you want from the sale, and evidence that the company is profitable. A firm that takes on any company without looking at those is not being selective about where it spends its effort, and effort is what sells a company.
MDR declines an engagement when it does not believe it can sell the company for maximum value. That can be disappointing to hear, but it is better to hear it at the first meeting than after months on the market.
Where MDR & Associates fits
We are a boutique by choice, with a limited number of engagements at a time and a principal of the firm in every negotiation. We work with companies in manufacturing, home services, distribution and business services that are Texas-based or have Texas operations. Named closed transactions are on our results page, and our fee page explains the success fee, which falls as the transaction grows. Common questions are answered in our FAQ.
The first step is a free valuation snapshot, followed by a confidential discovery meeting and opinion of value.
Where this fitsTexas M&A advisors and business brokers →