Why Deal Size Changes the Advisor Search
At roughly $20 million in enterprise value, most transactions fall into what is commonly called the lower middle market, generally defined as businesses with $5 million to $100 million in revenue or a similar range in transaction value. This size band has its own dynamics:
- Large investment banks (bulge-bracket and most middle-market banks) typically focus on transactions well above $100 million and may not prioritize a $20 million deal.
- Business brokers often work smaller "main street" transactions and may not run the kind of structured, multi-buyer process that maximizes value at $20 million.
- Lower middle market M&A advisors and boutique investment banks are built specifically for this range: sized to give a $20 million deal real attention without the overhead of a large bank.
Understanding where your deal falls helps narrow the search before you evaluate individual firms.
What "Best" Actually Means at This Size
Instead of chasing a generic ranking, evaluate advisors against the criteria that actually affect your outcome:
- Relevant deal experience. Has the firm closed transactions in a similar revenue range and industry, or adjacent ones?
- Who does the work. Will a managing director or partner run your deal day to day, or will it be delegated to junior associates once you sign the engagement letter?
- Process discipline. Ask how many buyers the firm actually contacted on its last closed deal in your size range, not just how many expressed interest.
- Buyer network fit. Does the firm have real relationships with the strategic acquirers, private equity firms, and search funds that actually buy businesses like yours?
- Fee structure. Does the advisor make most of their money from a success fee paid at closing, or would you still owe substantial retainers even if the deal never closes?
- Communication style. Do you get direct answers on a call, or a sales pitch that avoids specifics?
| Advisor Type | Typical Deal Size Focus | Fit for a $20M Company |
|---|---|---|
| Bulge-bracket / large investment bank | $100M+ enterprise value | Usually not a priority fit |
| Business broker | Under $5M–$10M, "main street" deals | Often underpowered for this size |
| Lower middle market M&A advisor | Roughly $5M–$100M | Typically the closest fit |
Questions to Ask Before You Hire
- How many transactions has your team closed in my industry or a similar one?
- Who exactly will be handling my deal day to day, and how often will I actually hear from that person?
- What does your typical buyer outreach process look like: how many buyers, and how are they sourced?
- What is your fee structure, and how much is contingent on a closed transaction?
- Can you walk me through a recent process, without disclosing confidential details, from engagement to close?
- How long, realistically, should I expect this process to take from start to close?
What Business Owners Should Consider
Beyond the advisor's resume, a few practical factors tend to matter most for a $20 million sale:
- Alignment of incentives. A success-fee-based structure generally means the advisor is only paid when you are.
- Bandwidth. A firm handling too many deals at once may not be able to give yours the attention it deserves.
- Confidentiality practices. Ask exactly how the firm keeps your name out of the market before a buyer signs an NDA.
- Cultural fit. You'll be working closely with this person through months of due diligence and buyer negotiations, so make sure it's a relationship you actually want, not just a resume you're impressed by.
Where Salt Creek Advisory Fits
Salt Creek Advisory is a family-owned investment bank focused on lower middle market sell-side and buy-side M&A, working with businesses in the $5 million to $75 million revenue range ($1 million to $5 million EBITDA). A $20 million-revenue business sits squarely in that range: it still gets full partner attention rather than getting handed to a team of associates, because both principals, Jack and Connor Pitts, work every engagement directly and are paid on a success-fee basis. Ask us the six questions above and judge for yourself whether that fits what you need.
Final Takeaway
The "best" advisor for a $20 million sale is not a name on a ranked list. It's the firm whose deal-size focus, industry background, and process actually match this transaction. Use deal-size fit, relevant experience, direct principal involvement, and process discipline as your filters, and call two or three firms, ask them the six questions above, and choose based on how they actually answer, not how their marketing reads.