M&A Advisory in the United States

The United States has the largest M&A market in the world. According to PitchBook’s 2025 Global M&A Report, US deal activity exceeded US$1.6 trillion in 2024 across all deal sizes, with SME and lower-middle market transactions — businesses valued between $5 million and $100 million — representing the highest volume by count. Yet most US business owners in this range face the same problem: investment banks won’t take their deal, and local business brokers lack the buyer network and process discipline to maximise value.

Lyndon Advisory works with US business owners to run structured, senior-led sale processes — with a fee structure that is transparent, competitive, and success-only.

The US M&A Landscape

The US M&A market is deep, liquid, and highly active across consumer, healthcare, technology, and industrial sectors. McKinsey’s 2025 Global M&A Outlook identifies healthcare services, software and technology, and consumer products as the three most active sectors for SME deal flow, driven by private equity capital deployment, generational founder transitions, and roll-up consolidation by strategic buyers.

The SME and lower-middle market — deals between $5 million and $100 million in enterprise value — is where the advisory gap is most pronounced. Bulge-bracket and mid-market investment banks focus on transactions above $100 million, leaving owners of smaller businesses to choose between under-resourced local brokers and the rare boutique willing to take smaller mandates at full Lehman-formula rates.

Why US Business Owners Sell

The triggers vary, but the underlying motivations are consistent across sectors and geographies:

Founder and owner transitions. The largest cohort of US business owners — baby boomers who built companies across the 1980s, 1990s, and 2000s — are now reaching retirement age. Succession planning without a ready internal buyer almost always leads to a structured sale.

PE interest and consolidation. Roll-up strategy activity by platform acquisition buyers has created a highly active acquisition market in healthcare, technology services, professional services, and specialty distribution. PE firms have deployed record levels of capital into lower-middle-market consolidation.

Strategic acquirer activity. Companies seeking capability, geography, or customer base expansion are actively acquiring. US businesses with APAC customer relationships or supply chains are particularly attractive to Asian strategic buyers.

Exit timing. For many owners, the decision to sell is as much about life priorities as market conditions. A well-run process creates competitive tension among buyers regardless of market cycle.

What Lyndon Brings to US Sellers

Most M&A advisors in the US work from the same playbook: charge a retainer upfront, hand the deal to junior analysts, and collect a Lehman-formula fee at close. Lyndon does it differently.

A fee structure that is genuinely aligned. The standard US M&A fee formula — the modified Lehman — was designed when a $10 million deal was considered large. At current deal sizes, it produces fees that bear no relationship to the work involved. On a $15 million transaction, a 5% Lehman fee is $750,000. On a $25 million transaction, 4% is $1 million — plus retainers running $10,000–$25,000 per month throughout the engagement.

Lyndon Advisory charges 2% of enterprise value, capped at US$300,000. No retainer. No monthly fees. No expense recharges. You pay nothing unless a deal closes.

Senior-led from first call to close. The NY-based advisor you meet in the first conversation is the person who runs your deal. No hand-off to junior analysts. No partners who disappear after the pitch. Every buyer conversation, every negotiation, every due diligence question — handled by a senior professional with investment banking experience from leading institutions.

A buy-side network built for your sector. We access US PE funds, strategic acquirers, and family offices actively deploying capital in your sector. For businesses with APAC exposure or international growth narratives, we can also reach acquirers across Asia Pacific — but for most US SME sellers, the buyer universe is domestic, and that is where we focus.

“The fee structure we charge reflects what the work actually costs — not a formula designed in the 1960s,” says Daniel Bae, Founder and Managing Director of Lyndon Advisory, who has advised on over US$30 billion in transactions. “US sellers are often shocked when they compare proposals. Senior advisory at a fraction of the traditional cost is the point — not an accident.”

The M&A Process in the United States

A well-run US M&A process follows a structured sequence. Due diligence, negotiation dynamics, and legal conventions in the US are well-established — but the quality of execution varies enormously between advisors.

Preparation (4–6 weeks). Financial normalisation, quality of earnings preparation, CIM and teaser drafting, buyer list development.

Marketing (4–8 weeks). Confidential outreach to qualified buyers, NDA execution, management presentations, preliminary bid collection.

Negotiation (4–6 weeks). Letter of intent negotiation, exclusivity period management, auction process or bilateral negotiation depending on buyer universe.

Due diligence and closing (6–10 weeks). Buyer due diligence in the virtual data room, legal documentation, purchase price adjustments, closing.

Most US SME transactions close within five to seven months of engagement. Complex transactions involving regulatory approvals, earnout structures, or cross-border elements may take longer.

Sectors We Cover in the United States

Lyndon Advisory’s US practice focuses on sectors where our advisory experience, buyer relationships, and deal expertise are deepest:

Consumer products and CPG. US consumer brands attract PE roll-up platforms, strategic acquirers from global food and beverage companies, and family offices seeking stable cash-generative businesses. We run structured competitive processes across FMCG, DTC brands, and specialty consumer.

Healthcare services. US healthcare is one of the most active PE roll-up markets globally — dental, veterinary, allied health, behavioral health, and specialty care practices command strong multiples from a deep buyer pool of DSO platforms, PE sponsors, and hospital systems.

Technology and SaaS. US software and technology businesses attract PE sponsors (Thoma Bravo, Vista, Francisco Partners), strategic acquirers, and increasingly international buyers. We run structured processes across recurring-revenue software, IT services, and technology-enabled business services.

Logistics and distribution. US logistics and specialty distribution businesses are active targets for PE consolidators and strategic buyers building national or regional networks.

Professional services. Management consulting, engineering, marketing agencies, and specialty advisory firms are active targets for both PE consolidators and strategic acquirers seeking capability or client base expansion.

Fee Comparison: Lyndon vs Traditional US Boutiques

The fee gap is significant and worth making explicit.

Deal Size	Traditional US Boutique (5% + retainer)	Lyndon Advisory (2%, capped)
US$5M	US$250,000 + US$150,000 retainer	US$100,000
US$10M	US$500,000 + US$150,000 retainer	US$200,000
US$15M	US$750,000 + US$150,000 retainer	US$300,000
US$25M	US$1,000,000+ + US$150,000 retainer	US$300,000 (capped)

The retainer assumption above reflects 6 months at $25,000/month — a common structure for US boutiques, often non-refundable even if the deal does not close. Lyndon charges nothing until completion.

How to Get Started

A valuation meeting is the right first step — and it is confidential, no-obligation, and no-cost.

In the first meeting, we will share an indicative valuation of your business, identify the buyers most likely to be interested, and walk through what a structured sale process would look like. There is no pressure and no commitment required.

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Ready to understand what your US business is worth? Lyndon Advisory provides senior-led M&A advisory for US business owners — NY-based advisors, 2% success fee capped at US$300,000, no retainer, no expenses. Book a confidential valuation meeting to get started.