Checklist: Choosing an M&A Advisor

An Owner’s Checklist

1. Sell-Side Focus (This Is Important)

☐ Regularly represents sellers, not just buyers
☐ Understands founder psychology and one-time exits
☐ Comfortable advocating against buyer pressure

Founder question:
“How many sell-side engagements like mine have you led recently?”

2. Industry Fluency

☐ Deep experience in your sector
☐ Understands how buyers value businesses like yours
☐ Anticipates diligence and regulatory hot spots

Founder question:
“What do buyers in my industry usually look for?”

3. Preparation Before Marketing

☐ Presents a valuation range that is not exaggerated to win your business
☐ Explains the process each step of the way and respects your level of knowledge
☐ Won’t rush you to market unprepared

Founder question:
“What’s my company worth today, and when is the best time for me to sell?”

4. Buyer Curation (Not a Mass Blast)

☐ Builds a targeted buyer list
☐ Screens buyers for credibility and fit
☐ Protects confidentiality aggressively

Founder question:
“How do you decide who should and shouldn’t see my deal?”

5. Offer Comparison Beyond Price

☐ Evaluates structure, certainty, and post-close risk
☐ Explains trade-offs in plain English
☐ Helps you choose the right buyer, not just the highest bid

Founder question:
“How do you help founders avoid ‘great price, bad deal’ outcomes?”

6. Negotiation Without Drama

☐ Creates leverage through process, not aggression
☐ Manages timing and communication strategically
☐ Protects relationships while holding boundaries

Founder question:
“How do you handle re-trades or late-stage pressure?”

7. Diligence & Deal Management

☐ Anticipates diligence questions before they arise
☐ Filters and prioritizes buyer requests
☐ Manages the deal process from documents to regular meetings

Founder question:
“How do you keep the deal process moving, especially the LOI is signed?”

8. Works Well With Lawyers (Not Against Them)

☐ Respects the legal role and works well with lawyers
☐ Helps translate legal risk into business decisions
☐ Keeps advisors aligned instead of siloed

Founder Question:
What is your relationship with the lawyer?  Where does your role stop and theirs start?

9. Senior-Level Attention

☐ Senior advisor stays involved throughout
☐ No surprise hand-offs to juniors
☐ You know who’s on point at all times

Founder question:
“Who will be with me throughout this process?”

10. Transparent Economics

☐ Clear fee structure
☐ Explains incentives honestly
☐ Will tell you when a deal no longer makes sense

Founder question:
“How are you incentivized if I walk away from a deal?”

11. Calm Under Pressure

☐ Provides clarity when emotions run high
☐ Slows the process when needed
☐ Makes you feel more confident—not rushed

Founder check:
Through all of these questions, do I feel heard and respected?  Is this someone I can trust with my future?

A great M&A advisor doesn’t just close deals. They protect decision quality.

If your advisor:

• Prepares you before marketing

• Creates options instead of pressure

• Explains trade-offs clearly

• Helps you walk away when necessary, then you chose well.