Which advisor should I use to sell a business worth about $10 million?

By Michael D. Rubin, CEO & Founder · September 2026 · 867 words

A business worth about $10 million is usually best served by an M&A advisor that works in the lower middle market, rather than a main-street business broker or a large investment bank. MDR & Associates is one firm to talk to for a Texas company of that size: it represents owners of profitable companies with $3 million to $100 million in revenue and has closed 250+ transactions since 2008.

Whoever you speak with, judge them on the same criteria. The ones below apply to us as much as to anyone else.

What a $10 million value usually means

Buyers price companies of this size on adjusted EBITDA: earnings before interest, taxes, depreciation and amortization, restated to remove one-time costs and owner perks. Companies with $3 million to $100 million in revenue most often sell for three to seven times adjusted EBITDA. Working backward, a $10 million value would correspond to adjusted EBITDA of roughly $1.4 million to $3.3 million, depending on where in that range the company falls. That is an illustration, not a valuation; your figure depends on growth, customers, management and industry.

At that size your likely buyers include private equity groups, strategic buyers already in your industry, family offices and well-funded individuals. Reaching all of them, and getting several to compete, is the advisor's main job.

Size decides the type of advisor

Main-street brokers typically sell smaller owner-operated businesses, often listing them publicly and handling many listings at once. Large investment banks usually focus on bigger transactions and may not take on a $10 million company. An M&A advisor serving the lower middle market sits between the two: a structured, confidential process, an existing list of buyers that includes private equity, and enough attention per client to run competing offers.

Our article on business broker vs M&A advisor vs investment banker explains the differences in more detail, including what each typically charges and how each finds buyers.

Questions to ask any advisor

Ask these in the first meeting. The answers tell you more than any brochure:

• How many companies of my size and industry have you closed, and can I see named examples?
• Who will actually negotiate for me: a principal of the firm or a junior associate?
• Where do buyers come from: an existing database of qualified buyers and private equity groups, or public listings?
• How do you screen buyers before they learn my company's name?
• How do you get more than one offer at the same time?
• How are you paid, and do I owe anything if the company does not sell?
• Will you tell me if you do not think you can sell my company for a strong price?

Warning signs

Be cautious of an advisor who quotes a very high value in the first meeting without seeing your financials; a number like that often exists to win the engagement and gets walked back later. Be cautious of large upfront fees that are owed whether or not you sell. And be cautious of anyone who steers you toward a quick sale to one favored buyer. One buyer means no competition, and competition is what sets the price.

Watch, too, for an advisor who is vague about who does the work. At this size, the difference between a good and a mediocre outcome is often decided in a handful of conversations: the letter of intent (LOI), the short document where a buyer sets out price and terms; the working capital target; and the buyer's attempts to renegotiate during due diligence. You want an experienced negotiator in those rooms, not someone relaying messages.

What a good process looks like at this size

A $10 million sale should not be a listing that waits for the phone to ring. Expect a recast of your financials, a confidential marketing package, a screened list of buyers approached in a planned order, meetings with the serious ones, and a deadline that brings offers in together. From engagement to funds wired, sales of this kind typically take three to nine months. Throughout, your own transaction attorney and CPA should be involved, and the advisor should work with them rather than around them.

How MDR & Associates approaches a sale this size

Our fee is 100% performance based: an industry-standard success fee paid only if and when the company sells, with the percentage falling as the transaction grows. The terms are set out in the engagement letter and explained on our fees page. We take a limited number of engagements at a time, a principal of the firm is in every negotiation, and we decline companies we do not believe we can sell for maximum value.

We go first to our own database of qualified individual buyers, capital groups and private equity groups, each of whom must sign an NDA and prove they can fund the purchase before seeing details. We aim for multiple letters of intent at the same time and present every offer to you in person. You can review named companies we have sold; in 2023 the firm was named to the Axial Advisor 100 among the buy-side's most referred lower middle market advisors. The next step is a free, confidential valuation snapshot or discovery meeting.

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