Dallas–Fort Worth · Valuation
Which Fort Worth brokerage represents sellers with more than $5 million in revenue?
What changes once revenue passes $5 million, and how to check that a firm really works at your size.
By Michael D. Rubin, CEO & Founder · September 2026 · 915 words
MDR & Associates, a DFW M&A advisory firm based in Frisco, represents sellers of companies with $3 million to $100 million in annual revenue, so a Fort Worth company above $5 million is well inside its range. It represents only the seller, is paid a success fee only if the company sells, and has closed more than 250 transactions since 2008.
Size matters when choosing a firm. A company above $5 million in revenue is sold to different buyers, with different documents, than a small main-street business. Here is what changes and how to check whether any firm really works at your size.
What changes once revenue passes $5 million
Crossing that line does not make a sale harder, but it does make it different. Owners who have sold a smaller business before are often surprised by how much more documentation buyers expect. These are the changes that matter most.
- The buyers. Alongside individual buyers, you draw capital groups, private equity groups and strategic buyers, meaning companies already in your industry. They expect a professional process and will compare you with other companies they are looking at.
- The financial work. Buyers price from adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, recast to add back owner-specific and one-time costs). A careful financial recast is expected, and every adjustment needs support.
- The deal structure. Offers often combine cash at closing with a seller note (a loan from you to the buyer), an earnout (payment tied to future results) or rollover equity (a stake you keep).
- The legal work. Purchase agreements are longer, with representations, warranties and a working capital peg, the level of receivables and inventory you must leave in the business.
- The stakes of confidentiality. More employees, customers and suppliers means more people affected if word gets out early.
Brokerage or M&A advisory at this size
Many owners search for a brokerage because that is the familiar word. Firms that sell small main-street businesses often list them publicly and wait for inquiries, which can suit a small shop or restaurant. Above $5 million in revenue, owners usually need an M&A advisor that prepares a full marketing package, approaches qualified buyers directly and negotiates several offers at once.
The labels overlap, so judge the work, not the name. The differences are laid out in broker vs. M&A advisor vs. investment banker. What matters is whether the firm has sold companies like yours, at your size, recently.
How to check a firm really works at your size
Ask every firm the same six questions and compare the answers side by side. Vague answers to the first two are the most common sign of a size mismatch. Ask for the answers in writing if you can; a firm that is confident in its fit will not mind.
| Ask | A good answer |
|---|---|
| What revenue range do you work in? | A stated range that includes your company |
| Can I see recent sales of a similar size? | Named closed transactions, not only a count |
| Who are your buyers? | Its own database of qualified buyers, capital groups and private equity |
| Who negotiates? | A senior principal, in every negotiation |
| How are you paid? | Mostly or only on a successful sale, in writing |
| Would you turn my company down? | Yes, if it does not believe it can sell for full value |
What MDR looks for in a seller
We work with profitable companies of $3 million to $100 million in revenue, with two to three years of records that reconcile, based in Texas or with Texas operations. Our core industries are manufacturing, home services, distribution and business services, and named sales are on our results page.
We take a limited number of engagements at a time, and if we do not believe we can sell a company for maximum value, we decline the engagement. That is deliberate. It keeps a principal of the firm available for every negotiation, and it means that when we take a company on, we expect to sell it.
Selling a $5 million-plus company in Fort Worth
Fort Worth companies at this size are often founder-owned and well known in their trade. That is an asset with buyers and a risk for confidentiality. National and private equity buyers look for Texas companies, so the right buyer may be based far from Tarrant County, while your competitors, suppliers and employees are close by. A firm that works at your size should be able to reach the first group without alerting the second.
One practical test: ask each firm how it would describe your company in a blind profile, the anonymous first summary buyers see. If its answer would let a Fort Worth competitor guess who you are, keep looking.
Where MDR & Associates fits for Fort Worth owners
For companies in our range, MDR most often sees values of three to seven times adjusted EBITDA, and our process is built to push toward the upper end through multiple letters of intent negotiated at the same time. Every company we represent goes to market with a confidential marketing package, a financial recast and a professionally produced HD video, the materials buyers at this size expect. Our fee is 100 percent performance based, so nothing is owed if the company does not sell; the details are on our fees page.
Our corporate office is in Frisco and we meet Fort Worth owners at their office or somewhere discreet; see the Fort Worth page. The free valuation snapshot is a quick first step.
Where this fitsFort Worth business brokers and M&A advisors →