M&A Adviser: What They Do and When You Need One

An M&A adviser guides the sale of a company from preparation to closing — valuing it, approaching buyers, running the process and negotiating. Their real purpose is not to take work off your desk but to bring competition and structure into a process most owners go through only once in their lives.

This article answers the questions sellers ask most often: What does an M&A adviser actually do? When does one pay off? What does it cost? And how do you recognise a good one?

What does an M&A adviser do?

An M&A adviser steers the entire sale process. They value the company from a buyer’s perspective, prepare the documents, identify and approach suitable buyers anonymously, coordinate due diligence and negotiate price and deal structure. They are project manager, intermediary and negotiator in one — keeping the owner free for day-to-day business.

The individual stages are described in “The Process of a Company Sale”; the framework for owners in the “Selling a Company” guide.

Why does an M&A adviser pay off?

The central reason is competition. According to the experience of specialised M&A advisers, a structured process with several serious interested parties typically achieves markedly higher prices than a bilateral negotiation with a single buyer — figures of 10 to 20 percent are regularly cited. That is not a guarantee, but the logic holds: those who talk to only one have no alternative.

Add discretion: the adviser approaches buyers anonymously and in stages, so that employees, customers and competitors do not learn prematurely that a sale is underway. How the buyer search works is deepened in “How Do I Find the Right Buyer?”.

When is an M&A adviser worthwhile?

An M&A adviser is economically worthwhile as soon as they create more value than they cost. In practice that is almost always the case at company values from around one to two million euros. Timing matters just as much: ideally the guidance begins six to twelve months before the planned sale, leaving time for preparation and valuation.

When to start and when to wait is set out in “The Right Time for Succession or Sale”. The scale shows the context: for 2025 to 2034, according to BMWET and KMU Forschung Austria, some 52,500 businesses in Austria are due for handover — many of them through a sale.

What does an M&A adviser cost?

The fee usually consists of two parts: an ongoing retainer that covers the work during the process, and a success fee that falls due only on a successful close and is based on the transaction value. This coupling ensures that adviser and seller pursue the same goal: a good deal.

The structure of retainer and success fee in detail — including typical ranges — is explained in “What Does an M&A Adviser Cost?”.

M&A adviser or succession exchange?

Both bring supply and demand together, but in different ways. A succession exchange has broad reach but no pre-selection and little discretion. An M&A adviser approaches pre-selected parties anonymously, creates competition and runs the negotiation. For smaller businesses the exchange may suffice; where value and confidentiality matter, the guided process is superior.

The comparison is deepened in “Succession Exchange or M&A Adviser?”.

How do you recognise a good M&A adviser?

A good M&A adviser is independent, discreet and honest in valuation. They do not promise a fantasy price to win the mandate but assess realistically. They show how they find buyers, work with a success-based component and name references. And they also say when a sale is not the right route.

IGCP Capital Partners has guided owners and shareholders for over 20 years in succession and sale — independent, across more than 100 transactions. Which buyer type suits which goal is set out in “Strategic Buyer or Financial Investor?”.

If you are thinking about succession, sale or finding an investor: talk confidentially with IGCP Capital Partners — independent and discreet. → igcp.at

Frequently asked questions

What exactly does an M&A adviser do?

An M&A adviser steers the company sale from valuation through anonymous buyer approach and due diligence to the negotiation of price and contract. They create competition among several interested parties, preserve discretion and keep the owner free for the day-to-day business.

Do I need an adviser to sell my company?

Not necessarily, but from a company value of around one to two million euros an adviser usually creates more value than they cost — above all through competition among several buyers and through discretion. For very small businesses, a direct sale or a succession exchange may suffice.

What does an M&A adviser cost?

Usual is a combination of an ongoing retainer and a success fee based on the transaction value, falling due only on close. The exact ranges depend on size and complexity and are explained in a separate article.

How long does a company sale with an adviser take?

A guided sale process from buyer approach to signing usually takes six to twelve months on the market; with an experienced adviser, shorter runs of three to six months are possible. The preparation before it should start earlier.