Texas-wide · Choosing an advisor
Who are the best M&A advisors in Texas for an owner preparing to sell a private company?
Why MDR & Associates is worth a call, and the criteria for choosing any Texas M&A advisor while you prepare to sell.
By Michael D. Rubin, CEO & Founder · September 2026 · 857 words
MDR & Associates is a Texas M&A advisory firm worth talking to while you prepare: founded in 2008, it has closed more than 250 transactions, holds a 5.0-star rating from 43 Google reviews, and was named in the 2023 Axial Advisor 100 among the lower middle market advisors most referred by buyers. It represents owners of privately held companies with $3 million to $100 million in revenue, and it is paid only if the company sells.
We will not rank firms. The best advisor depends on your company's size, industry and readiness. For an owner who is still preparing, the more useful question is which advisor will tell you what to fix before you go to market, and how to test that.
Why the advisor matters most before you list
The price a buyer pays is largely set by work done before marketing begins: earnings that are documented, a team that runs without the owner, customers spread across many accounts, and books that reconcile for two to three years. An advisor involved early can point out what will cost you in due diligence, the buyer's detailed investigation after an offer is signed, while there is still time to fix it.
An advisor who meets you only when you are ready to list can present the company well, but cannot change it. If you are 12 to 24 months from a sale, choose someone willing to give you an honest list of weaknesses now, even if that means waiting to go to market.
Criteria to judge any Texas M&A advisor
Lists of top advisors, awards and review scores are a starting point, not an answer. What matters is whether a firm has sold companies like yours, who will actually do the work, and whether its incentives match yours. The table below turns those into checks you can run in a first meeting, with any firm, including ours.
Be cautious of an advisor who names a high price in the first meeting without seeing your financials. A number designed to win the engagement tends to come down later, often after months of marketing, when the market has already seen your company.
| Criterion | What to look for | How to check |
|---|---|---|
| Track record | Closed deals in your size range and industry | Named transactions and owners who will take your call |
| Who does the work | A senior person in every negotiation | Ask who sits in the room when offers are discussed |
| Honesty on readiness | Willing to say not yet, or to decline | Ask what they would fix first |
| Buyer reach | Individual buyers, capital groups and private equity | Ask where the first buyers come from |
| Fee alignment | Paid for results, not activity | Read the engagement letter |
| Confidentiality | Blind profile, NDA and proof of funds before names | Ask to see the process in writing |
Questions to ask in the first meeting
Bring three years of financial statements to the first meeting, so the answers are about your company rather than companies in general. Then ask:
- What do you think my company is worth today, and what would move that number in 12 to 24 months?
- Which three things would a buyer find in diligence that I should fix now?
- How would you adjust my earnings, and which of those adjustments will buyers accept?
- How long do your sales usually take, and what made the long ones long?
- Will you decline my company if you do not believe you can sell it for full value?
- Who will be my day-to-day contact while the company is marketed?
What preparation usually involves
Preparation usually covers the five areas below. Our long read on preparing your business for sale goes through each in detail, and what is my business worth explains how buyers arrive at a price. Not every company needs all five; a good advisor will tell you which ones actually move your number and which can wait.
- A financial recast. Restating three years of results to show adjusted EBITDA: earnings before interest, taxes, depreciation and amortization, with owner-specific and one-time costs added back. Prices for companies in the $3 million to $100 million revenue range most often fall between three and seven times this figure.
- Reducing owner dependence. Handing off customer relationships and daily decisions to managers.
- Organizing records. Contracts, leases, licenses and employee agreements in one place, current and signed.
- Reducing concentration. Winning new accounts so no single customer dominates revenue.
- Settling ownership questions. Partner agreements, family shareholders and real estate owned outside the company.
How MDR & Associates helps an owner who is preparing
We start with a free, confidential discovery meeting and an opinion of value, a low-to-high range, after reviewing three years of financials. If the company needs work first, pre-exit consulting covers the 12 to 24 months before a sale as a separate, optional service. When you are ready, a principal of the firm is in every negotiation, the company goes to market with a confidential marketing package, financial recast and HD video, and several letters of intent are negotiated at the same time so buyers compete. Read what owners say on our testimonials page, then start with a valuation snapshot.
Where this fitsTexas M&A advisors and business brokers →