Should You Hire a Big Firm or a Boutique M&A Advisor?

The right answer depends much less on the firm's size and much more on the size of your deal.

Big firms fit best when

• Your deal is $100M+
• You need a global buyer universe
• You're a public company or being taken public
• You need significant capital markets capability alongside M&A

Boutique firms fit best when

• Your deal is under $50M — the majority of Pacific Northwest privately held businesses
• You want the senior person to actually run your deal, not an analyst
• Industry knowledge matters more than global reach
• Personal attention and responsiveness matter more than brand

The uncomfortable truth about big firms

At a bulge-bracket bank, the partner sells the engagement and then hands the day-to-day work to junior bankers. That's fine on a $500M deal. On a $15M deal, you'll rarely get their attention at all — and the fees to justify their involvement usually don't work.

The boutique risk

Not all boutiques are good. Some are one-person shops with no real process, no buyer relationships, and no track record. Vet a boutique the same way you'd vet a big firm: closed deals, references, and specific experience in your size and industry.