How to Evaluate an M&A Advisor's Track Record

Deal lists on a pitch deck don't tell you what you need to know. Here's what to actually dig into.

Ask for the last three years, not lifetime

A firm with 200 deals in its history but few recently is a warning sign. What matters is recent, active market experience.

Break it down

• How many deals engaged, and how many closed?
• How many closed in your size range?
• How many closed in your industry or an adjacent one?
• What was the average time from engagement to closing?
• How many closed at or above LOI value?

The deals that didn't close

Every experienced advisor has deals that didn't close. Ask about them specifically — not to embarrass anyone, but to understand why. Advisors who blame the market or the seller for every failed deal are telling you something. Advisors who take honest responsibility and explain what they'd do differently are showing you their judgment.

References that matter

Ask for three references, all recent closes, all in roughly your size range. Then ask each reference: Would you hire them again? What would you tell someone considering them? What did they do that you didn't expect? What could they have done better?

Public evidence

Check FINRA BrokerCheck for the licensed rep. Check LinkedIn for the advisor's history. Google them. Any pattern of disputes or bankruptcies is worth understanding.