What questions should I ask an M&A advisor before hiring the firm?

By Michael D. Rubin, CEO & Founder · September 2026 · 802 words

Ask questions that force specific answers: how many companies like yours the firm has sold, who will personally negotiate your deal, where its buyers come from, exactly how it gets paid, and what you owe if the company does not sell. General questions get polished pitches. Specific questions show you how a firm actually works.

The list below is grouped in the order an owner's concerns usually come up. Take it into every advisor meeting, including ours, and write the answers down so you can compare them later.

After each meeting, note not only what the firm said but how it said it. Did it answer directly or deflect? Did it ask about your goals, or only about your numbers? Did it point out weaknesses in your company that buyers will find? An advisor willing to tell you something unwelcome before you have hired it is more likely to tell you the truth during the sale.

Experience and fit

Good answers here are concrete. A firm that can name comparable companies and put you in touch with their former owners is showing you evidence. A firm that talks only about total deal volume is showing you a headline.

• How many transactions has the firm closed, and how many in the last three years?
• Which closed deals were closest to my company in size and industry? Can I speak with those owners?
• What percentage of the companies you take on actually close?
• Have you ever turned down a company like mine, and why?
• What do you think my company is worth, and how did you get there?

People and attention

You are hiring people, not a logo. The person who wins the engagement should be the person who negotiates it.

Ask to meet the people you will actually work with before you sign, not only the person presenting. If the firm says someone else will handle marketing and buyer calls, spend twenty minutes with that person. You will talk to them more than anyone else for several months.

• Who will lead my engagement, and who will be in the room when price is negotiated?
• How many active engagements does that person carry right now?
• Who is my day-to-day contact while the company is on the market?
• What happens if my lead advisor leaves the firm during the process?

Buyers, marketing and confidentiality

Listen for a real process: a blind profile, a confidentiality agreement (NDA) before any details, proof that the buyer can pay, and a plan to create competition. Our article on selling a business confidentially explains what a sound approach includes.

• Where will buyers for my company come from? How many from your own relationships, and how many from online listings?
• How do you screen buyers before they learn my company's name?
• What will the marketing materials look like? May I see a redacted example?
• How will you keep employees, customers and competitors from finding out?
• How many letters of intent do you aim to have at the same time?

Fees and the engagement agreement

Ask for the answers in writing, then have your transaction attorney compare them with the agreement itself.

• Is any part of the fee due before the company sells, such as retainers, marketing fees or monthly charges?
• How is the success fee calculated, and does the percentage change as the deal grows?
• How long is the agreement, and how can I end it?
• Is there a tail period after the agreement ends, and which buyers does it cover?
• Is a formal valuation included, or priced separately?

Offers, due diligence and closing

A good advisor will already know where your company is likely to face pushback, and will say so before you sign. See what causes a business sale to fall apart in due diligence for the most common problems.

• Will you present every offer to me, and how?
• How do you compare an all-cash offer with one that includes an earnout (part of the price paid later if targets are hit) or a seller note?
• What usually goes wrong in due diligence for companies like mine, and how do you prepare for it?
• How do you work with my attorney and CPA?
• What happens if a buyer tries to lower the price after signing a letter of intent?

Our answers, up front

At MDR & Associates, most of these answers are on the record: more than 250 closed transactions since 2008, a success rate above 90%, a principal in every negotiation, a VP of Client Engagement as your main contact during marketing, and a 100% performance-based fee owed only if the company sells. Formal valuation and pre-exit consulting are separate, optional services with their own price. Our FAQ covers more of the common questions.

Bring your list to a free, confidential discovery meeting. Contact us to arrange one.

Where this fitsTexas M&A advisors and business brokers →