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.
If you’re exploring a sale, preparing for a strategic exit, or advising a client through a transaction, choosing the right M&A advisory firm is one of the most important decisions you’ll make. The stakes are high, timelines are tight, and there’s often only one chance to get it right.
At Eton Venture Services, we’ve spent the last 15 years guiding business owners, investors, and private equity groups through complex transactions. Our team, made up of former Big 4 M&A consultants, brings the structure, analysis, and negotiation experience needed to support meaningful outcomes at every stage.
In this article, I’ll walk you through the four qualities that set strong M&A advisors apart and introduce you to seven other reputable firms that serve founder-led and lower-to-middle market companies. Whether or not you work with us, this guide will help you choose a partner who can move your deal forward with confidence.
After 15 years in M&A, I’ve seen the same core factors consistently shape deal outcomes. Here’s what to look for when evaluating an advisory firm:
You want to work with advisors who have a sophisticated understanding of the M&A process.
Experienced and expert advisors know all about:
You can ask the following questions to gauge their experience and expertise:
Pick a firm that specializes in your industry or similar business sectors.
Specialization often means the firm has valuable industry connections and a nuanced understanding of market-specific trends and valuation metrics, which can lead to better and even quicker deal outcomes.
To gauge their experience in your niche:
The reputation and credibility of an advisory firm are vital.
A reputable advisor ensures that all dealings are transparent and in line with legal and ethical standards.
Check their history, client testimonials, and industry recognition to gauge their standing.
Customer service and support are important both during and after an M&A deal.
You should receive prompt, clear answers to your concerns and questions, and receive guidance throughout the entire process.
This ongoing support is important for smooth post-merger integration and for addressing any issues that might arise afterwards.
For example, at Eton, we are prepared to defend M&A valuations in court later if necessary.
Here are the top 8 recommendations for independent M&A advisory firms:
Below, I’ll explain why I recommend them.
Related read: The Basic Guide to Mergers and Acquisitions
Revenue Range: $5M – $150M
Years of Experience: 20
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 the go-to M&A advisory firm for PE firms, investors, and high-net-worth individuals navigating complex deals that require hands-on expertise throughout the process.
Led by former Big 4 consultants and legal experts with over 15 years of combined experience, we execute deals with the precision high-stakes transactions demand.
Unlike firms that delegate to junior staff, you work directly with senior advisors who stay actively involved from strategy through close, ensuring immediate responses and efficient decision-making throughout.
Whether you’re preparing for a strategic exit, acquisition, or partnership, Eton is the M&A advisor you can trust to drive your transaction to a successful outcome.
Most M&A advisors work with external valuation providers. At Eton, we can handle both the advisory and valuation work in-house.
Our team has completed over 10,000 valuations, giving us deep technical fluency in how growth projections, risk factors, and market conditions affect pricing and where buyers typically challenge these inputs.
This valuation mindset shapes how we approach your transaction from day one. We help you:
Whether you’re facing detailed valuation scrutiny or complex pricing disputes, our technical expertise ensures you can engage with authority on any financial challenge that comes up during the transaction process.
Eton brings firsthand experience across sectors like technology, healthcare, consumer products, financial services, and more, enabling us to deliver guidance that reflects the specific dynamics of your industry.
Instead of relying on one-size-fits-all approaches, we understand the unique factors that drive transactions in your space:
This industry-specific perspective allows us to surface the concerns buyers are likely to raise, highlight the value levers unique to your business, and structure terms that align with what’s standard and what’s achievable in your market.
With Eton, your deal isn’t handed off to junior staff or lost in layers of communication. You work directly with senior advisors, including our CEO and team of former Big 4 consultants and legal experts, who bring over 15 years of transaction experience to every stage of the process.
Working with our senior team ensures:
From initial planning and valuation through diligence, negotiation, and post-close follow-up, our team stays actively involved to ensure your deal moves forward smoothly.
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: $3M – $50M
Years of Experience: 20
Specialty: M&A advisory for small and midcap software & technology sector
Based in: Boston | Dallas | San Francisco | Seattle
iMerge Advisors is a boutique M&A Advisory Firm for the Small & Midcap Software & Technology Sector.
If you are a software or technology business in the $3M-$50M transaction size, their unique focus will make sure that you receive specialized, industry-specific insights and strategies for your business.
Their Managing Directors have completed on average 6 M&A advisory transactions per year in the small to mid-size software & technology vertical.
Transactions include sales to private & public strategic buyers, private equity firms, family offices, and high net-worth individuals.
They have a global reach, serving clients worldwide.
Revenue Range: $1 – 30M
Years of Experience: 10
Specialty: Financial advisory for the Insurance sector
Based in: New York, New York
Sica | Fletcher, founded in 2014, is a well-known and well-respected M&A and financial advisory firm for the insurance industry.
The firm aims to maximize value for client firms through buy-side, sell-side, and strategic M&A advisory.
Sica | Fletcher dominates the industry in terms of deal volume: it has closed $17.5 billion deals in insurance agency and brokerage transactions since inception.
Based on this high volume of deals closed, the company has been ranked by S&P Global as the #1 insurance M&A advisory firm every year from 2017 to 2023.
Compared to Eton and other firms in this article, Sica | Fletcher has a shorter span of experience (10 years), although this doesn’t necessarily mean a lack of expertise.
Revenue Range: $500k – $1 Million
Years of Experience: 20+
Specialty: Strategy consulting for non-profit
Based in: Los Angeles, CA
If you’re in the social services sector, La Piana Consulting would be a great choice for you. The firm provides M&A advisory for nonprofits, foundations, and social enterprises.
In the last 20 years since its foundation, it has helped 1,500+ clients with:
Some of its notable clients include:
La Piana Consulting takes a collaborative and hands-on approach to M&A advisory, with a senior consultant leading each engagement.
It also avoids cookie-cutter solutions and provides reliable, customized solutions that fit your circumstances.
Revenue Range: $10M – $300M
Years of Experience: 25
Specialty: Privately-held, middle market companies
Based in: Atlanta, GA
CCG Advisors is a boutique M&A advisory firm for entrepreneur, family and private equity-owned companies.
During their 25 years of being in business, CCG Advisors has completed over 125 successful transactions, with $4B+ aggregate transaction value.
It offers both sell-side and buy-side advisory services.
The consultants at CCG Advisors have experience across a wide range of industry segments, including:
But their main expertise lies in the “Green Industry”, specifically the landscape industry.
In addition to landscape, their consultants have also worked with companies across all other green industry sub-sectors, such as tree care, lawn care, pest control, and more.
Revenue Range: Not publicly available
Years of Experience: 25
Specialty: Emerging growth and middle-market companies
Based in: Raleigh, NC
High Rock Partners is a trusted M&A advisor for middle-market companies. The firm helps owners and management with strategy, exits, acquisitions, and financing.
The consultants of High Rock Partners have written multiple books on doing deals in the middle-market, and embedded that knowledge and expertise into their advisory services.
The firm also has a unique and proprietary framework called “Enterprise Value (EV) Engineering®” for M&A and divestitures (i.e. company sale) to increase a target company’s value, while concurrently attaining other shareholder ambitions and objectives.
Due to this framework, the firm is able to increase the selling value of 90% of deals before closing.
Their industry experience is across many sectors, including:
Revenue Range: $5M – $150M
Years of Experience: 30
Specialty: Sale of mid-size companies
Based in:
Woodbridge International, founded 30 years ago, disrupted the way mid-sized companies are sold.
While most other firms rely on their professional network, they use proprietary marketing tools to find and reach the largest pool of qualified buyers.
The firm boasts a database with over 450,000 strategic and financial buyers, and a competitive auction helps generate more bids, leading to better sales prices and fit.
Woodbridge is a bigger firm than all the others we listed here, so they might be lacking in the personalized approach of a boutique firm.
Revenue Range: Middle-market transactions
Years of Experience: 34
Specialty: Food, beverage & agriculture supply chains
Based in: San Francisco, CA
Wood Warren is a boutique investment banking firm exclusively serving food, beverage, and agriculture companies. With over 100 completed deals spanning 29+ sub-sectors, they’ve built deep expertise across the entire “farm to table” value chain.
Their M&A advisory services cover both buy-side and sell-side transactions for diverse industry segments, including:
What sets Wood Warren apart is their combination of Wall Street-level transaction expertise and deep industry knowledge, which allows them to execute sophisticated deals while navigating sector-specific challenges that generalist firms may miss.
If you’re operating in the food, beverage, or agriculture value chain, the firm’s three decades of experience make them an ideal choice for transactions in this specialized sector.
Want a business valuation company with expertise you can trust at affordable prices and with first-class customer service? Get in touch with us here.
| # | Firm | Revenue Range | Years of Experience | Focus Area | Based In |
|---|---|---|---|---|---|
| 1 | Eton Venture Services | $5M - $150M | 20 | Private equity firms, investors, high-net-worth individuals | Austin, TX (but we work with clients from all over the United States) |
| 2 | iMerge Advisors | $3M - $50M | 20+ | Small and midcap software & technology sector | Boston, Dallas, San Francisco, Seattle |
| 3 | Sica | Fletcher | $1M – 30M | 10 | Insurance sector | New York, New York |
| 4 | La Piana Consulting | $500k – $1 Million | 20 | Nonprofits, foundations, and social enterprises | Los Angeles, CA |
| 5 | CCG Advisors | $10M - $300M | 25 | Entrepreneur, family and private equity-owned companies | Atlanta, GA |
| 6 | High Rock Partners | Not publicly available | 25 | Emerging growth and middle-market companies | Raleigh, NC |
| 7 | Woodbridge International | $5M - $150M | 30 | Sale of mid-size companies | Multiple locations in the US; Canada, South Africa |
| 8 | Wood Warren | NA | 34 | Food, beverage, and agriculture companies | San Francisco, CA |
Have more questions about M&A advisory firms? I answer them below:
An M&A (Mergers and Acquisitions) advisory firm provides expert advice and services to companies involved in mergers, acquisitions, and other corporate restructuring activities.
Here are some of the key roles and services provided by M&A advisory firms:
Consulting firms play a critical role in mergers and acquisitions (M&A) by advising companies on strategic decisions, valuations, and integration processes.
They provide expertise in areas such as due diligence, where they assess the financial health and business prospects of potential acquisition targets.
Consulting firms also help in structuring deals to maximize financial and strategic value, and they offer guidance on regulatory compliance to ensure smooth transaction approvals.
Post-merger, they assist with the complex task of integrating operations, cultures, and systems to achieve the desired synergies.
Their objective insight and specialized skills are invaluable in navigating the complexities of M&A transactions effectively.
It’s hard to nail down the “best” consulting firm for M&A since we don’t know your actual circumstances.
The right choice for you will depend heavily on the sector you’re in, company revenue range, and the level of expertise you seek.
In this article, I shared my top 7 recommendations for M&A advisory firms. Each firm has a unique focus and expertise.
For instance, Eton Venture Services focuses on buy-and-sell-side advisory for private equity firms with $5M to $150M revenue range, while Sica | Fletcher focuses on M&A advisory for insurance companies with $1M to $30M revenue range.
Schedule a free consultation meeting to discuss your valuation needs.
Chris Walton, JD, is 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.
