What Do IB Regional Boutiques Look for When Sourcing for Companies?

What should you look when sourcing for companies to do various types of transactions such as buy-side and sell-side M&A, financing, restructuring? I know it's always important to know the financial sponsors that are investing in the Company, amount of financing rounds, etc because it demonstrates that 1) the company is growing 2) people are interested. 

What else would you suggest looking at? How could you determine what the play is for the company (M&A, Financing, etc)? Do you look at how old the owners are (maybe about to exit)? Things like that...Any advice from those who have worked or currently work at regional boutiques would be helpful. 

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