Hi, I’m Chris Walton, author of this guide and CEO of Eton Venture Services.
I’ve spent much of my career working as a corporate transactional lawyer at Gunderson Dettmer, becoming an expert in tax law & venture financing. Since starting Eton, I’ve completed thousands of business valuations for companies of all sizes.
Read my full bio here.
From my 15 years of leading a buy & sell-side M&A advisory firm, I’ve seen that each transaction is unique, and requires a collaborative and nuanced approach.
Companies who choose a boutique firm over a Big Four firm get the attention and care they need to navigate deals confidently.
But choosing the right firm can be overwhelming if you’re not sure what to look for.
So, I put together this article, where I’ll go into four factors you should look for in a partner, and recommend nine boutique M&A advisory firms throughout the US.
Each firm has a unique focus area, so you can choose the right one for your unique M&A needs.
Here are the four factors I’d consider when hiring an M&A advisory boutique firm:
Here’s the comparison chart of the different boutique advisory firms listed above.
| # | Firm | Revenue Range | Years of Experience | Specialty | Based In |
| 1 | Eton Venture Services | $5M – $150M | 20 | Private equity, investors, high-net-worth individuals | Austin, TX (but we work with clients from all over the United States) |
| 2 | Fultonbridge | Not publicly available | 24 | M&A advisory and capital raising for the middle market | Chicago, IL |
| 3 | Three Sixty Seven Advisors | $10M – $1BN | 5 | M&A and Corporate Debt Advisory for Middle-Market Companies | Tampa, FL |
| 4 | M+A squared | Not publicly available | 11 | Cross-border M&A at the intersection of technology, media, communications, and life sciences | NY |
| 5 | Blackcastle Partners | $2M – $100M | Not available | M&A advisory for the AEC sector | Las Vegas, NV |
| 6 | Carter Morse & Goodrich | $25M – $250M | 35+ | Founder-led and family-held businesses | Southport, CT |
| 7 | MDR & Associates | $1M – $100M | 17 | Manufacturing, distribution, service, and construction sectors | Dallas, TX |
| 8 | Kratos Capital | $25M – $300M | 18 | Sales, divestitures, mergers, expansion through acquisition | Dallas, TX |
| 9 | Sun Mergers & Acquisitions | $3M – $75M | 25+ | Sell-side advisory for founder-led, privately held mid-market businesses | New Jersey |
Here are the top 9 Boutique M&A Advisory Firms in the US I recommend from my decades of experience in the industry:
📚 Related read: 7 Top M&A Consultants for Hire in 2024
Revenue Range: $5M – $150M
Years of Experience: 15
Specialty: Private equity firms, investors, high-net-worth individuals
Based in: Austin, TX (but we work with clients from all over the United States)
Eton Venture Services is a boutique M&A advisory and valuation firm that has completed 10,000+ valuations and guided thousands of transactions since 2010.
Led by former Big 4 consultants and Stanford Law alumni, the firm is trusted by leading companies like Pinterest and Perplexity to deliver institutional-grade deal guidance.
Every engagement is handled directly by senior advisors, no junior handoffs or account management layers. Eton also manages valuation in-house, meaning deal strategy and valuation analysis are always aligned under one roof.
Eton at a glance:
Key strengths:
Pricing: Affordable, flat-fee engagements structured by scope and complexity. Contact us for a custom quote.
Best for: Private equity firms, investors, and high-net-worth individuals seeking a boutique M&A advisory firm that combines senior-level deal guidance with in-house valuation expertise.
Here’s what clients say about working with Eton:
→ You can read more testimonials from our clients here. ←
Click here to get a free consultation with Eton Venture Services.
Revenue Range: $10M – $200M
Years of Experience: 24
Specialty: Lower middle market companies in consumer, industrial, and technology sectors
Based in: Chicago, IL
Fultonbridge is a boutique M&A firm founded in 2000 and headquartered in Chicago, specializing in lower middle market companies across the consumer, industrial, and technology sectors.
The firm has worked globally on total transactions of over $10 billion, with over half of its assignments completed for repeat clients, a strong signal of client satisfaction and trust.
Unlike larger firms, Fultonbridge takes a tailored approach to every engagement, carefully understanding each client’s goals rather than applying cookie-cutter processes.
Key strengths:
Pricing: Not publicly listed.
Best for: Lower middle market companies in the consumer, industrial, or technology sectors seeking a boutique M&A firm with a personalized, non-templated approach.
Revenue Range: $10M – $1BN
Years of Experience: 5
Specialty: M&A and Corporate Debt Advisory for Healthcare companies
Based in: Tampa, FL
Based in Tampa, Florida, Three Sixty Seven Advisors handles M&A and corporate debt advisory for middle-market companies across all sectors, with a particular strength in healthcare transactions.
The team is known for an exceptional close rate and for identifying deal-disrupting problems early, before they become costly.
Notable healthcare clients include BioSpine Institute, KNR Therapy, Autism Learning Center, and Dermatology Medical Partners.
Key strengths:
Pricing: Not publicly listed.
Best for: Middle-market healthcare companies seeking a M&A advisory boutique firm with a proven track record in healthcare transactions.
📚 You might also like: 7 Top Healthcare Valuation Firms in 2024
Revenue Range: Not publicly available
Years of Experience: 11
Specialty: Technology, media, communications, and life sciences sectors
Based in: New York
M+A Squared specializes in cross-border M&A advisory for technology, media, communications, and life sciences sectors, advising on both sell-side and buy-side transactions.
On the sell-side, their team handles the full process, from deal marketing and identifying acquirers to managing due diligence and closing, so clients can stay focused on day-to-day operations.
On the buy-side, they leverage a global network to find acquisition targets, assess their value, and negotiate deal terms on behalf of clients.
When financing is needed, they tap their lender connections to find suitable options.
Key strengths:
Pricing: Not publicly listed.
Best for: Companies in technology, media, communications, or life sciences seeking specialized M&A advisors for cross-border transactions on either the buy or sell side.
Revenue Range: $2M – $100M
Years of Experience: 13
Specialty: Architecture, Engineering, and Construction sectors
Based in: US and Canada – based in Las Vegas, NV
Blackcastle Partners focuses exclusively on M&A advisory for the AEC (Architecture, Engineering, and Construction) sector, serving firms across the U.S. and Canada from their base in Las Vegas, NV.
Within AEC, they’ve worked across architecture and interior design, construction and program management, environmental services, fire and safety, and geomatics, among others.
Key strengths:
Pricing: Not publicly listed.
Best for: Architecture, engineering, and construction firms with revenues between $2M and $100M seeking an M&A advisory firm with deep AEC-specific expertise.
Revenue Range: $25M – $250M
Years of Experience: 35+
Specialty: Founder-led and family-held businesses
Based in: Southport, CT
Carter Morse & Goodrich is one of the top boutique M&A advisory firms for founder-led and family-held businesses valued between $25 million and $250 million, with 35+ years of investment banking experience behind them.
Their senior banker team averages 25 years of experience and has completed 450+ engagements totaling over $5 billion in transaction value.
Key strengths:
Pricing: Not publicly listed.
Best for: Founder-led and family-held businesses between $25M-$250M seeking a boutique M&A advisory firm with deep investment banking experience and hands-on senior guidance.
Revenue Range: $1M – $100M
Years of Experience: 17
Specialty: Manufacturing, Distribution, Service and Construction industries
Based in: Dallas, Fort Worth, Frisco, Austin & Houston
MDR & Associates provides business valuation and M&A advisory for companies in the manufacturing, distribution, service, and construction industries, with over 200 completed transactions across 17 years.
Their sell-side process follows a proprietary 10-step approach designed to maximize value in the shortest time.
On the buy-side, they tap a network of hundreds of companies actively considering a sale to identify the right acquisition target.
When financing is needed, they cover mezzanine, equity, bridge, and accounts receivable factoring.
Key strengths:
Pricing: Not publicly listed.
Best for: Small to mid-sized companies in manufacturing, distribution, service, or construction seeking an M&A consulting firm with a structured sell-side process and hands-on advisory support.
Revenue Range: $25M – $300M
Years of Experience: 18
Specialty: Sales, divestitures, mergers, and expansion through acquisition of middle-market businesses
Based in: Dallas, TX
Kratos Capital is an independent M&A advisory firm serving a broad range of sectors across sales, divestitures, mergers, and expansion through acquisition in the private middle market. They’ve completed over 200 transactions totaling more than $1 billion.
The firm combines the high-touch approach of a small M&A advisory firm with the resources of a larger platform, prioritizing quality over quantity and consistently helping clients close at or above their initial valuation range.
Key strengths:
Pricing: Not publicly listed.
Best for: Middle-market companies across sectors seeking a boutique M&A firm that combines personalized service with the resources to compete with larger advisory platforms.
Revenue Range: $3M – $75M
Years of Experience: 25+
Specialty: Sell-side advisory for founder-led, privately held mid-market businesses
Based in: New Jersey
Sun Mergers & Acquisitions focuses exclusively on sell-side advisory for entrepreneurial, privately held companies, providing full-service support from strategy to closing.
What sets them apart is their ability to attract multiple qualified acquirers, creating more options, stronger leverage, and better outcomes for sellers. For first-time sellers, they offer hands-on guidance through every stage of the process.
Key strengths:
Pricing: Not publicly listed.
Best for: Owner-led and closely held companies with revenues between $3M – $75M seeking a boutique mergers and acquisitions firm with a proven sell-side process and hands-on support for first-time sellers.
At Eton, we work with private equity firms, investors, and high-net-worth individuals who need senior-led M&A guidance without the bottlenecks of large advisory platforms.
My team includes former Big 4 consultants and Stanford Law alumni. Every engagement is handled directly by senior advisors, with no junior handoffs and no layers of account management slowing things down.
With Eton, you get:
We’ve completed over 10,000 valuations and guided thousands of transactions since 2010, with a track record built on rigorous analysis and hands-on senior involvement at every stage.
If you’re looking for a boutique M&A advisory firm that combines institutional-grade expertise with the responsiveness and senior access you won’t get at a large firm, reach out to my team to schedule a free consultation.
Here are four reasons why:
The biggest red flag is a firm that can’t show you a consistent track record of closed deals. Close rates matter more than pitch decks. Beyond that, watch for:
Most M&A advisory firms work on a retainer plus success fee structure. The success fee is calculated as a percentage of the total transaction value depending on deal size, with smaller deals carrying higher percentages.
Some firms also charge an upfront retainer to cover early-stage work regardless of outcome.
Boutique firms generally offer more flexible and competitive fee structures than larger companies, making them a more cost-effective option for middle-market transactions.
To learn about this in more detail, I recommend reading our full article on M&A advisory fees.
Schedule a free consultation meeting to discuss your valuation needs.
Chris Walton, JD, is President and CEO and co-founded Eton Venture Services in 2010 to provide mission-critical valuations to private companies. He leads a team that collaborates closely with each client’s leadership, board of directors, internal / external counsel, and independent auditors to develop detailed financial models and create accurate, audit-ready valuations.
