How to choose an M&A adviser for your deal
The M&A adviser is the conductor of a merger or acquisition. It identifies targets or buyers, values the business, structures the transaction, leads the negotiation and, where needed, advises on financing — all on behalf of its client, whether seller or buyer.
Contrary to a common belief, its role is not to market the deal widely: M&A relies on a confidential, targeted process (anonymous teaser, non-disclosure agreement, a restricted approach to the right counterparties). Knowing how to choose an M&A adviser is therefore decisive. Here are four criteria for selecting the right adviser from all the options available.
4 tips for choosing the right M&A adviser
Do your homework: track record and positioning
Start by looking at the M&A advisers active in your sector and at your deal size. Ask for their track record: completed deals, sectors covered, value created for their clients. Check that they master the right type of mandate — a sell-side mandate (selling) and a buy-side mandate (acquiring) do not call on the same skills.
A key point to watch: conflicts of interest. Make sure the adviser is not acting for the other party to the transaction at the same time and that it will defend your interests alone.
Understand the fee structure
M&A adviser fees generally combine a retainer (fixed fees, sometimes monthly, which fund the preparation work) and a success fee paid on completion of the deal. The success fee is often on a sliding scale according to the size of the transaction — a logic close to the so-called “Lehman” formula.
Also review the terms of the engagement letter: duration, exclusivity, scope, expenses covered. Unusually low fees may reflect less experience or fewer resources: the aim is good value for money, not the lowest price.
Assess the chemistry with the team
An M&A deal lasts several months and goes through moments of tension. The quality of the relationship is therefore crucial — and you choose a team as much as a brand. Meet the deal team who will actually handle your file, not just the partner who pitches.
Check that they listen to your objectives, understand your business and can handle the pressure of a negotiation. A responsive, transparent adviser who puts your interests first will make a real difference to the outcome of the deal.
Ask for references
Once you have a shortlist, speak to former clients of each firm. Ask them how the deal actually unfolded, whether deadlines were met, the quality of the negotiation and how unexpected issues were handled — covering strengths as well as weaknesses.
Finally, match your choice to the size of your deal: large bulge-bracket banks cover very large transactions, while M&A boutiques, often specialised, offer more personalised support for SMEs and mid-sized companies. By following these four criteria, you will choose an experienced M&A adviser, aligned with your interests and suited to your project.
Key criteria for choosing an M&A adviser at a glance
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Conclusion
The M&A adviser is the backbone of a merger or acquisition: the right partner helps you find the deal, structure it in a balanced way and see it through methodically. To choose an M&A adviser well, do your homework on the track record, understand the fee structure, assess the chemistry with the deal team and check references and the absence of conflicts of interest — you will give yourself every chance, for the success of the deal and for your peace of mind.
Frequently asked questions
What is an M&A adviser?
An M&A adviser is a financial adviser that runs a merger or acquisition: identifying targets or buyers, valuation, negotiation and advice on financing, on behalf of its client.
How do you choose an M&A adviser for your deal?
By examining its track record and sector expertise, its fee structure, the absence of conflicts of interest, the quality of the relationship (chemistry and listening) and references from past clients.
How are M&A adviser fees calculated?
Generally through a combination of a retainer (fixed fees) and a success fee linked to completion of the deal, often on a sliding scale according to deal size. Lower fees may reflect less experience or fewer resources.
Large bank or M&A boutique: what is the difference?
Large (bulge-bracket) banks cover very large transactions; M&A boutiques, often specialised, offer more personalised support for SMEs and mid-sized companies.
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