Dallas–Fort Worth · Choosing an advisor
Which DFW M&A advisors work with companies between $3 million and $100 million in revenue?
What qualifies a company for the $3 million to $100 million range, how a sale changes across it, and how to confirm an advisor works at your size.
By Michael D. Rubin, CEO & Founder · September 2026 · 807 words
MDR & Associates is a DFW M&A advisor that works specifically with companies between $3 million and $100 million in annual revenue: profitable, with two to three years of records that reconcile, and based in Texas or with Texas operations. The firm works from Frisco and has closed 250+ transactions since 2008.
Because that range is wide, a $4 million company and an $80 million company sell in quite different ways. This article explains what fits the range, how a sale changes from one end to the other, and how to check that any advisor truly works at your size.
What qualifies a company for this range
Revenue sets the band, but profit and records decide whether a sale can work. Buyers of companies this size pay for earnings, so the company should be profitable, with financial statements that tie to tax returns for at least two to three years. Industry matters too. MDR & Associates focuses on manufacturing, home services, distribution and wholesale, and business services, the sectors where it knows the buyers and what they examine.
A company can sit in the range and still not be ready: for example, if most revenue comes from one customer, or if the owner handles every sale personally. That is a preparation question, not a disqualification, and it is often fixable within a year or two.
It also helps to know your adjusted EBITDA, not just your revenue. Two companies with the same sales can have very different profits, and buyers price the profit.
How a sale changes across the range
These are tendencies, not rules. A strong $8 million company can attract a private equity group, and a much larger company may sell to a group of individual investors. The point is that one process does not fit every company, and the advisor should shape the buyer list, the marketing and the preparation to where your company sits.
| Lower end of the range | Upper end of the range | |
|---|---|---|
| Common buyers | Individual buyers, private equity add-ons, regional strategic buyers | Private equity platforms and add-ons, larger strategic buyers, capital groups |
| Common financing | SBA-backed loans, conventional bank debt, seller notes | Private equity capital and debt, rollover equity, conventional debt |
| Owner's role | Often central; transition planning is key | A management team is usually in place |
| Diligence depth | A careful, lender-shaped review of records | Formal review, often including a quality of earnings report |
| Deal documents | Negotiated, moderate length | Longer, with more detailed protections for the buyer |
Valuation across the range
Value is most often three to seven times adjusted EBITDA for a business in the $3 million to $100 million revenue range. EBITDA is earnings before interest, taxes, depreciation and amortization; adjusted EBITDA adds back owner perks and one-time costs to show what the business really earns.
Larger companies with management teams, diverse customers and steady growth tend to sit higher in that band, and smaller or owner-dependent companies lower. But each factor matters more than size alone: a well-run small company can outprice a larger one with a single dominant customer. Our long read on what drives business value explains the drivers.
How to check an advisor works at your size
Listen for whether the answers change with your size. An advisor that describes the same buyers and the same process for every company is not really adjusting to yours.
- Ask for closed sales near your revenue, not just the firm's biggest.
- Ask which buyers it would call first for a company like yours, and why.
- Ask how it handles financing: SBA, conventional and seller-financed structures at the lower end, private equity structures at the upper end.
- Ask whether a senior person will negotiate your deal, whatever its size.
- Ask how the fee changes with transaction size, and get it in writing.
Below or above the range?
If your company is well under $3 million in revenue, a business broker focused on smaller companies may fit better, because the buyers and financing at that size are different. If it is well above $100 million, an investment bank that runs large processes may be the better choice. Our comparison of brokers, M&A advisors and investment bankers explains the differences, and a good advisor will tell you honestly if you fall outside its range.
Where MDR & Associates fits across DFW
Our whole practice sits inside the $3 million to $100 million range. We serve owners in Dallas, Fort Worth, Plano, Frisco and the rest of the Metroplex from our Frisco office, and we can arrange SBA, conventional and seller-financed structures when a buyer needs them, as described on our business financing page. Our fee is 100% performance based, and the percentage falls as the transaction grows. A principal of the firm is in every negotiation, whether the company has $4 million in revenue or $80 million. Start with the free valuation snapshot.
Where this fitsDallas business brokers and M&A advisors →