How to Find the Right M&A Advisor for Your Company Sale
Selling a company is a once-in-a-lifetime event for most entrepreneurs — often after decades of hard work, risk, and dedication. That is why having the right M&A advisor by your side is so important. They structure the process, bring the right buyers to the table, and fight for your price in the decisive negotiations.
But how do you recognize whether an advisor is truly right for you? The following six points will help you make your choice.
1. Sector experience — does the advisor really know your industry?
Many large M&A advisory firms can say: “We have done a deal in this area before.” But that alone is not enough. In real life, you do not go to your general practitioner for every illness — you see a specialist, an orthopedist or an oncologist. The same goes for selling a company: only an advisor who truly knows the specifics of your sub-segment and understands what really drives value in your industry can tell your story convincingly and approach the right buyers. That is precisely why specialized M&A boutiques are often the better choice — they bring industry-specific know-how and are closer to market developments.
2. Access to the right buyers — and the advisor’s commitment
The most beautiful sales prospectus is useless if it does not land on the right desks. Therefore, what matters is not just whether an advisor has a long contact list, but with what commitment they actually activate these contacts. In practice, many advisory firms send anonymized short teasers to large distribution lists — and leave it at that. But this is precisely where quality separates: a truly good advisor is characterized by their commitment. They have the necessary drive, follow up on relevant contacts persistently, and do not shy away from the sales work that ultimately determines success. Because at the end of the day, selling a company is always a sales process — and only an advisor who actively embraces this role can open doors that would otherwise remain closed. This directly impacts the speed and achievable purchase price.
3. Seniority & team quality
Many advisory firms send their senior partners for the pitch — but in day-to-day work, junior teams handle the process. Therefore, clarify in advance: who will actually sit with you in the data room? Who will accompany the management presentations? And who will negotiate later in the contract room? Especially in critical phases, you need someone with experience who is personally involved and does not stay in the background.
4. Valuation & negotiation skills
A company sale never runs completely smoothly — sooner or later it gets down to the nitty-gritty: EBITDA normalizations, net-debt definitions, working capital adjustments. This is precisely where it becomes clear whether your advisor is just pushing numbers or truly fighting for your price. Importantly: whoever negotiates clearly, consistently, and firmly with you in the preliminary discussions usually also has the ability to remain equally steadfast with buyers later — and that is crucial.
Good negotiators bring not only toughness but also a high degree of empathy. Because in the sales process, many balls need to be kept in the air simultaneously: calming buyers, soothing uncertainties, gaining time when needed — or setting clear boundaries when necessary. A strong M&A advisor knows how to flexibly assume these roles. They are thus not just a numbers specialist, but an all-rounder who combines negotiation tactics, sensitivity, and clear assertiveness.
5. Fee model — does the incentive fit?
Transparency on costs is mandatory. Pay attention to how retainer (fixed costs) and success fee (performance-based compensation) are distributed. The model should be structured so that your advisor has a genuine interest in getting the maximum for you — without you having to bear high fixed costs upfront. Clean incentive alignment ensures that both sides are pulling in the same direction.
6. Culture & communication — the chemistry must be right
In addition to competence, the personal level also counts. Does the advisor speak plainly? Do they respond quickly and reliably? Do you feel that they are truly fighting for you? Especially in stressful phases, trust is crucial. If the chemistry is not right, even the best process becomes unnecessarily cumbersome.
The right M&A advisor is more than a numbers person. They are process manager, negotiator, networker, sparring partner — and sometimes psychologist. Pay attention to sector experience, access to the right buyers, commitment, seniority, negotiation skills, a fair fee model, and good personal chemistry. Whoever chooses carefully here greatly increases their chances of a successful company sale.
Do you need support with your sales process? Feel free to contact us: valuation@adamsstrategy.de
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Note: This article is part of our healthcare industry series. Contact us at valuation@adamsstrategy.de for M&A advisory in the healthcare sector.