M&A Advisory vs. Going It Alone: What's the Real Difference?

Every year I talk with owners who've been approached by a buyer directly and are considering handling the sale themselves. Sometimes that's the right call. Usually it isn't.

What you save

The success fee, which is real money. On a $10M deal, that's $400K–$600K you keep.

What you typically give up

• Competitive tension — one buyer means one price, and they know it
• Market comps — you're negotiating without knowing what similar businesses actually sold for
• Deal terms — earnouts, escrows, reps and warranties, working capital pegs all move real dollars
• Time — running a sale is a second full-time job that pulls your attention from operating the business
• Confidentiality — direct conversations get sloppy; employees and customers find out

The math

A single-buyer negotiation typically closes 15%–30% below what a competitive process would deliver. A 5% advisor fee to unlock a 20% higher price and cleaner terms is straightforward math.

When going alone can work

Very small deals (under $1M), sales to a known family member or manager at a pre-agreed price, or deals where you truly don't care about maximizing value. Otherwise, the advisor pays for themselves.