Picking an Investment Bank to Sell Your Company?

Let's say you are selling your company with ~$10m in EBITDA, so probably falls into the realm of people mostly focused on LMM size deals.

What are the questions you would ask prior to engaging an investment bank? How would you run DD on them?

Most Helpful

Not an exhaustive list, but I'll kick it off with 3.

1. Track Record (Total deals closed and closing rate)

Essentially tells you if they have experience (meaning they know their stuff) and how often they actually go from engaging to closing. You don't want to have a process start and fail because they did a crap job of marketing your business.

2. Friendliness (Do they care)

Subjective. But do they care about you and your business? Are they interested in hearing your story? Small businesses are often different than big ones because they're usually family owned and operated. Although it's still about the numbers, it's not about the numbers. We've run processes where things get crappy because the CEO didn't tell his wife and kids he wanted to sell, or the CEO wants to reward key employees and ensure people don't get axed immediately. 

3. Industry Expertise

Picking an advisor that has a track record in your industry, or one tangential to it is important. For example, when we get a transportation/logistics company we know exactly what value drivers to focus on, what to watch out for, and who some of the best strategic buyers might be. We already know the industry and the technology, so it makes things much easier. If you're in metals/mining, we'd be useless.


I il add to above

  1. Buyer connects: how well do they know the buyers in the industry - both strategic and sponsor - and do they know the latest strategic imperative of these buyers. Bank should be able to communicate a set of most relevant buyers for the business and talk through their contacts or atleast what’s the aspirations (and approach) of each of the buyers
  1. Market/segment intel: what other possible similar asset may be available in the market around the marketing of this asset? Kinda obvious but what’s the transaction multiples in the segment

If I were selling my $10m EBITDA company, I'd ask the investment bank about their LMM experience, industry expertise, and deal team. For DD, I'd check their rep, past deals, and client references. 🏢🤝


Make all the MD’s from competing banks line up and drop their pants. Whoever has the biggest balls gets the mandate.


Earum cumque expedita quos optio ab. Asperiores voluptate nobis non soluta dolorem voluptatem. Quo hic aspernatur iure dignissimos. Consectetur et aperiam ut maiores fuga aspernatur ea sapiente. Aut debitis ea aut dignissimos odit.

Explicabo tenetur quae quis et. Et distinctio quis eos eum eum aut. Ipsum et necessitatibus sunt eum quia dolores voluptas.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (145) $101
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”


redever's picture
Betsy Massar's picture
Betsy Massar
BankonBanking's picture
Secyh62's picture
kanon's picture
CompBanker's picture
dosk17's picture
GameTheory's picture
DrApeman's picture
numi's picture
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”