Selling a business
Closed Transactions: What an Advisor's Deal History Tells a Seller
How to read a firm's list of closed transactions for evidence it can sell a company like yours, and which questions a list cannot answer.
By Michael D. Rubin, CEO & Founder · Updated September 2026 · 753 words
A list of closed transactions is the most concrete evidence an M&A advisor can offer: it shows which kinds of companies the firm has actually taken to the closing table, in which industries and at roughly what scale. Read it for companies like yours, then ask the questions the list cannot answer on its own.
Anyone can describe a process. A named deal that closed is much harder to claim unless it is true. That is why an owner choosing an advisor should spend more time on a firm's results than on its brochure.
What to look for in a deal list
Scan any advisor's closed transactions with five questions in mind:
- Named companies. Real business names you can look up carry more weight than generic descriptions such as a service company.
- Your industry. The buyers for an HVAC company, a machine shop and a distributor are different people. An advisor who has sold companies like yours already knows many of them.
- Your size. Deals much smaller or much larger than yours involve different buyers, financing and paperwork.
- Recent activity. A long history is good; a steady stream of recent closings shows the firm is active in the current market.
- Repeat and referred clients. Owners who come back, or send their friends, are a quiet sign of trust.
An example: what MDR & Associates' closings show
MDR & Associates' recent closings include Elite Landscape, Peterson's Landscape & Maintenance, Blooms Landcare, Apple Garage Doors, Alliance Mechanical Services and Bohden Contracting Group in home services; Smith Tool & Mfg. in manufacturing; U-Fix-It Appliance Parts in distribution; a pest control company in business services; North Texas Surveying in professional services; Edward M. Polk Associates, an insurance agency; and Party Time in consumer services.
Read that the way you would read any firm's list. It shows a concentration in home services and trades with repeat customers and crews, alongside manufacturing, distribution and service companies. It does not show prices. And it does not include general contractors or project-bid construction companies, which the firm does not represent.
Questions a deal list cannot answer
A results page is a highlight reel. Behind it, ask the questions that show how a typical engagement actually went. The answers matter more than the length of the list; for a broader framework, see how to compare M&A advisory firms before signing an engagement agreement.
- Of the engagements you signed, what share closed? MDR's answer is above 90%.
- How long did these sales take from engagement to funds wired? The firm's typical range is three to nine months.
- How many serious buyers and competing offers did a typical deal produce?
- Who negotiated these deals: a principal, or a junior associate?
- Were the buyers strategic companies, private equity groups or individuals?
- Can I speak with one or two of these owners?
Why deal history matters for your price
An advisor who has closed deals in your sector knows which buyers are active, what they focused on in due diligence, and which issues tend to derail a sale. That shortens the search and helps set a realistic value range from the start, instead of a number that has to be walked back later.
It also helps at the negotiating table. A buyer is less likely to press an unfounded concern, or to propose an unusual structure, when the advisor across the table has seen how similar deals were priced and closed.
How to use a deal list in your first meeting
Bring the list to your first meeting with any advisor and use it to steer the conversation. Pick the two or three closed deals closest to your company and ask the advisor to walk you through them: who the buyers were, what came up in due diligence, how the price was paid, and how long the owner stayed on afterward. A firm that knows its own deals will answer in detail without hesitating. One that cannot describe its listed transactions, or deflects every question by citing confidentiality, has told you something too. Names and prices can stay private; the shape of a deal should not be a secret.
Our record, and your next step
Since 2008, MDR & Associates has closed more than 250 transactions representing about $500 million in total market value, with a principal of the firm in every negotiation. You can review the full list of named closed transactions and read what owners said on the testimonials page. To learn where your company would sit among them, request a free valuation snapshot.
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Questions owners ask next
Why don't advisors publish the sale prices of their deals?
Sale prices are usually confidential. Purchase agreements often restrict disclosure, and many owners do not want employees, competitors or their community to know what they received. Expect an advisor to discuss value ranges and deal structures privately rather than publish prices.
Does MDR & Associates sell construction companies?
It represents home-services and trade companies such as HVAC, plumbing, roofing, landscaping, garage door and pest control businesses, which have repeat customers and crews. It does not represent general contractors or project-bid construction companies, and it will say so plainly at the first conversation.