Succession Exchange or M&A Adviser? What Really Lifts the Price

A succession exchange brings supply and demand together. A structured, confidential M&A process brings the right buyer to the table. The difference shows up in the end where it counts: in the price.

How we guide owners through business succession — from the first decision to the handover — is set out on our services page.

Succession exchanges are a sensible entry point — free or cheap, with broad reach. But they are a marketplace, not a process. And that is exactly what makes the difference for valuable companies.

What a succession exchange achieves — and where it reaches its limits

Platforms such as the Austrian Chamber of Commerce succession exchange or the German nexxt-change lower the barrier to entry: they cost little, are quick to set up and reach many searchers. For small, easily transferable businesses they can find the right successor.

Their limits lie in the nature of a marketplace. A listing is anonymised, but not unrecognisable — sector, region and company size are often enough for competitors, suppliers or staff to identify the business. The process is passive: you wait for who responds, instead of actively approaching the best buyers. According to the DIHK succession report 2025 (July 2025), nexxt-change carries around 8,000 current, anonymised listings and has initiated matches for more than 21,000 companies since 2006. At the same time, the chambers of commerce counted almost 10,000 consultations with owners wanting to hand over in 2024, against just over 4,000 with prospective successors.

Why the buyer pool decides the price

The most important lever for the price is not the formula but competition. Those who wait only for responses from an exchange often have one or two interested parties. Those who proceed in a structured way approach a curated selection of potential buyers specifically — strategic acquirers from the industry, financial investors, MBO/MBI candidates.

Several serious interested parties reviewing in parallel create exactly the competition that protects and lifts the price. Which buyer type fits your goals is set out in "Strategic buyer or financial investor?".

The structured, confidential process

A managed process begins not with the listing but with preparation: a realistic valuation, prepared documents, an anonymous first approach via a curated buyer list, non-disclosure agreements before any disclosure — and an auction process that narrows from a broad market test to a few serious interested parties. What this looks like is shown in "The process of selling a company" and the guide "Selling a company".

The core: not an open marketplace, but the right conversations rather than many — conducted in confidence.

What this means for the price

There is no reliable, generally valid figure for how much a managed process raises the price compared with an exchange; published percentages come from individual observations. What can be documented is the starting position: more companies on offer than buyers, and, according to the DIHK, 36 percent of advised owners asking for an excessive price. Without competing offers, a seller cannot tell whether a bid is fair.

Results depend on the individual case and cannot be guaranteed. The lever is competition between several vetted buyers who review the company in parallel.

When the exchange is enough — and when it is not

To be honest: for a small, simple business where the effort of a structured process is out of proportion to the value, a succession exchange can be the right route. It is a good "nice to have".

For a valuable, more complex company — with earning power, substance or strategic appeal — the structured, confidential process is the lever that makes the difference. Here it is not about a few percent but often about a substantial part of a life's work.

Selling a company is the most important transaction of an entrepreneur's life. Have it guided independently and discreetly — IGCP Capital Partners. → igcp.at

Frequently Asked Questions

Is a succession exchange worthwhile?

As a low-threshold entry point yes, especially for small, easily transferable businesses. It is cheap and far-reaching, but passive, and anonymised listings can still be recognisable. For valuable or complex companies a structured, confidential process usually delivers considerably better results.

Does an M&A adviser really increase the price?

There is no generally valid percentage, and no result can be guaranteed. The lever is competition: several vetted buyers bidding in parallel strengthen the seller's negotiating position compared with a single interested party from an exchange.

What is the difference between a succession exchange and an M&A adviser?

The exchange is a public marketplace where you wait for who responds. The M&A adviser runs an active, confidential process: valuation, targeted buyer approach, competitive bidding and negotiation. The difference lies in discretion, buyer pool and the price achieved.

Can I combine both?

Yes, if the listing stays anonymous and enquiries run through an intermediary who vets interested parties and obtains a non-disclosure agreement before anything is disclosed. What does not work is an open listing with direct contact details alongside a confidential process — discretion, once given up, does not return.