Picking the right adviser for your deal
Attention follows fee size
Investment banks staff to the fee. A $20M sale at a large bank competes for attention with mandates many times its size, and minimum fees can make the economics unattractive for both sides. At a boutique, the same deal is core business and gets senior people from the first buyer call to completion.
Sector knowledge is the buyer list
In technology M&A, the most valuable thing an adviser brings is knowing which acquirers have a strategic reason to pay a premium this year. Specialists track who is buying, at what multiples and why. Our SaaS multiples (opens in a new tab) and fintech multiples (opens in a new tab) pages show how we frame pricing.
When a bank is the right choice
For a listed-company takeover, a multi-billion-dollar carve-out or a deal that needs committed acquisition financing from the adviser, a full-service bank is the natural fit. Many large transactions pair a bank with a boutique for independent advice.
Frequently asked questions
- What is a boutique M&A advisory firm?
- A boutique is an independent advisory firm focused on M&A and capital raising, usually in specific sectors, without the lending, research, trading and underwriting businesses of a full-service investment bank.
- Do investment banks take deals under $100M?
- Bulge-bracket banks generally focus on transactions in the hundreds of millions or billions. Mid-market banks cover smaller deals, but a $10M or $30M mandate may be staffed mainly by junior bankers. Specialist boutiques are built for that range.
- Are boutiques less conflicted than banks?
- Boutiques have fewer structural conflicts because they do not lend to, research or trade the securities of the companies involved. Any adviser can still have client conflicts, so ask every firm to confirm it has none on your deal.