When you decide to sell your business, one of the first decisions is who to engage to manage the process. The two main options are a boutique corporate advisor and a full-service investment bank. The right choice depends on your business size, transaction complexity, and what matters most to you.
What’s the Difference?
Boutique Corporate Advisory
A boutique firm typically has a small team of senior professionals who work directly with clients. Characteristics:
- Senior-led — partners handle every aspect of the engagement
- Specialised — often focused on specific industries, geographies, or transaction sizes
- Relationship-driven — you work directly with the decision-makers
- Flexible fees — often a combination of retainer and success fee
- Right-sized for mid-market — typically handles transactions from $1M to $200M+
Full-Service Investment Bank
Large institutions (Macquarie, Goldman Sachs, UBS) with broad capabilities. Characteristics:
- Resource depth — large teams, global networks, research departments
- Brand recognition — the name carries weight with institutional buyers
- Process-driven — structured, sometimes rigid, engagement models
- Higher minimum size — typically won’t engage below $50M-$100M transaction value
- Junior-heavy — senior bankers win the mandate; junior analysts do the work
When to Choose a Boutique Advisor
A boutique corporate advisor is typically the right choice when:
- Your business is valued between $1M and $100M
- You want senior professionals directly involved (not managing juniors)
- Your transaction requires industry-specific expertise
- Personal attention and responsiveness matter to you
- You want flexible fee structures
- The buyer universe is primarily domestic or regional
When to Choose an Investment Bank
An investment bank may be more appropriate when:
- Your business is valued above $100M
- You’re targeting international strategic or financial buyers
- The transaction involves complex capital markets components (IPO, public company M&A)
- Brand recognition and credibility with institutional investors is important
- You need research coverage or equity capital markets support
The Middle Ground
For transactions in the $20M-$100M range, either option can work well. The key questions to ask:
- Who will actually do the work? Meet the team that will be on the engagement, not just the partner pitching.
- What’s their track record? Ask for comparable transactions in your industry and size range.
- How do they source buyers? Understand their approach to building a competitive process.
- What’s the fee structure? Ensure alignment between their incentives and your outcome.
- Can I work with these people for 6-12 months? Chemistry matters in a process this intense.
What About Business Brokers?
Business brokers typically handle smaller transactions (under $2M). They operate differently from corporate advisors — more transactional, listing-based, and volume-driven. For businesses above $2M in value, a corporate advisor provides a more sophisticated, tailored approach.
Contact Miro Capital for a confidential conversation about whether a boutique advisor is the right fit for your transaction.