June 21, 2024

Considering an M&A deal in 2024? Brace yourself for M&A advisor fees that can range from tens of thousands to millions of dollars.

M&A advisors, also known as investment banks or consulting firms, play a crucial role in guiding companies through the complex process of mergers and acquisitions. They help identify targets, structure deals, and negotiate terms – but their expertise comes at a cost.

In this article, I’ll break down the typical fee structures used by M&A advisors, provide real-world ranges for those fees, and share insider tips for negotiating advisor agreements. By the end, you’ll have a clear understanding of what it takes to hire an M&A advisor and how to maximize value from their services.

Here’s what we’ll cover:

  • Advisor fees
  • Transaction costs
  • Advisor compensation structures
  • Negotiating M&A advisor agreements

Let’s get into it.

What Are M&A Advisor Fees?

  • M&A advisor fees are the costs paid to investment banks or consulting firms for their guidance and support in mergers and acquisitions transactions
  • Fees typically include retainer fees, success fees based on a percentage of the deal value, and expense reimbursements
  • Retainer fees range from $5,000 to $50,000 per month, while success fees are usually 1% to 10% of the transaction value, with larger deals commanding lower percentages

Components of M&A Advisor Fees

M&A advisor fees are structured to align the interests of the advisor with those of the client company. The fee structure usually consists of three main components:

  1. Retainer fees: These are upfront payments made to the advisor to engage their services and cover initial costs. Retainer fees ensure that the advisor is committed to the project and has the resources necessary to pursue the transaction. The amount of the retainer fee varies based on the complexity of the deal and the size of the advisor firm, but typically ranges from $5,000 to $50,000 per month.
  2. Success fees: This is the largest component of M&A advisor fees and is paid upon the successful completion of the transaction. Success fees are calculated as a percentage of the total transaction value and incentivize the advisor to maximize the deal value for their client. The percentage varies based on the size of the deal, with smaller transactions commanding higher percentages. Success fees typically range from 1% to 10% of the transaction value.
  3. Expense reimbursements: M&A transactions often involve significant expenses, such as travel, legal fees, and data room costs. Advisors typically bill these expenses back to the client company as they are incurred. It is important for companies to carefully review and negotiate expense reimbursement policies to ensure that they are fair and reasonable.

Factors Affecting M&A Advisor Fees

The total cost of M&A advisor fees can vary widely based on several factors, including:

1. Deal size and complexity

Larger and more complex transactions generally command higher fees, as they require more time and resources to complete. However, as the deal size increases, the percentage success fee typically decreases. As an example, a $10 million transaction might have a success fee of 5%, while a $500 million transaction might have a success fee of 2%.

2. Industry and market conditions

M&A activity and advisor fees can vary based on industry and market conditions. In hot markets with high demand for M&A services, advisors may be able to command higher fees. Conversely, in slower markets, companies may have more negotiating power to secure lower fees.

3. Advisor reputation and expertise

More experienced and reputable M&A advisors often command higher fees due to their track record of success and deep industry knowledge. Companies may be willing to pay a premium for advisors who have a proven ability to maximize deal value and navigate complex transactions.

Negotiating M&A Advisor Fees

While M&A advisor fees can be significant, they are often negotiable. Companies can take several steps to ensure they are getting the best value for their money:

  1. Shop around: Interview multiple advisors to compare their fee structures and value propositions. Don’t just focus on the lowest cost, but also consider the advisor’s experience, reputation, and fit with your company culture.
  2. Negotiate the retainer: Push for a lower retainer fee or ask for a portion of the retainer to be credited against the success fee. This helps align the advisor’s interests with your own and ensures they are motivated to complete the deal.
  3. Tie fees to performance: Structure the success fee as a percentage of the total deal value, rather than a flat fee. This incentivizes the advisor to maximize the transaction price. You can also negotiate tiered success fees that increase with certain milestones, such as achieving a minimum valuation or EBITDA multiple.
  4. Cap expenses: Negotiate a cap on expense reimbursements to avoid unexpected costs. Require the advisor to get approval for any expenses over a certain threshold.

By understanding the components of M&A advisor fees and being proactive in negotiating terms, companies can ensure they are getting the best value for their money and setting themselves up for a successful transaction.

Benefits of Hiring an M&A Advisor

  • M&A advisors leverage their network to find the best targets or buyers
  • They maximize your company’s valuation and negotiate favorable deal terms
  • Advisors manage the entire M&A process from start to finish

Hiring an M&A advisor brings significant advantages when selling or acquiring a business. Their expertise, network, and negotiation skills can make the difference between a successful deal and a missed opportunity.

Identify and Approach Targets/Buyers

One of the key benefits of working with an M&A advisor is their ability to identify and approach potential targets or buyers. Advisors have an extensive network of contacts in various industries and can leverage these relationships to find the right match for your transaction.

Leverage advisor’s network and relationships

M&A advisors maintain relationships with private equity firms, strategic buyers, and other potential investors. They attend industry conferences, network with decision-makers, and keep their finger on the pulse of the market. This allows them to identify opportunities that may not be publicly known.

When you engage an M&A advisor, you gain access to their network and relationships. They can reach out to potential targets or buyers on your behalf, gauging interest and gathering initial feedback. This saves you time and effort in the early stages of the process.

Maintain anonymity in initial outreach

Another advantage of having an advisor approach potential targets or buyers is the ability to maintain anonymity. In some cases, you may not want your company’s name associated with the transaction until a later stage. M&A advisors can make initial contact without revealing your identity, allowing you to explore options discreetly.

This anonymity is especially important if you’re considering selling your business. You don’t want word to spread prematurely, as it could unsettle employees, customers, and suppliers. An M&A advisor acts as a buffer, handling sensitive discussions until you’re ready to move forward.

Maximize Valuation and Deal Terms

Ultimately, the goal of any M&A transaction is to achieve the best possible outcome for your company. M&A advisors play a crucial role in maximizing your valuation and negotiating favorable deal terms.

Advisors create competitive bid process

One way advisors maximize value is by creating a competitive bid process. Instead of negotiating with a single buyer, they reach out to multiple potential acquirers. This generates interest and creates a sense of urgency among buyers.

As offers come in, advisors analyze them and provide guidance on which ones are most attractive. They help you weigh factors like price, deal structure, and contingencies. The competitive tension often leads to improved offers and better terms for the seller.

Negotiate favorable price, terms, and deal structure

M&A advisors are skilled negotiators who fight for your interests at the bargaining table. They have experience structuring deals and know which levers to pull to get you the best outcome.

Advisors will negotiate not just the price, but also important deal terms like earnouts, seller financing, and indemnification provisions. They’ll help you understand the implications of each point and craft a transaction that aligns with your goals.

Throughout negotiations, advisors provide an objective perspective. They don’t let emotions cloud their judgment and are willing to walk away if a deal isn’t in your best interests. Having this experienced advocate in your corner can make a significant difference in the final outcome.

Manage M&A Process from Start to Finish

Mergers and acquisitions are complex, time-consuming undertakings. There are countless moving parts, from due diligence to legal contracts to integration planning. M&A advisors are invaluable because they manage the entire process from start to finish.

Coordinate management meetings, site visits, diligence

Once you’ve signed a letter of intent with a buyer, the real work begins. Advisors act as project managers, coordinating all the necessary steps to close the deal.

They’ll schedule management meetings and site visits, allowing the buyer to get to know your team and operations. Advisors also facilitate the due diligence process, ensuring that the buyer receives all the information they need to move forward confidently.

Throughout this stage, advisors keep everyone on track and on deadline. They’re the central point of contact, streamlining communication and preventing misunderstandings that could derail the deal.

Recommend tax, legal, HR strategies for integration

M&A advisors also provide valuable guidance on post-closing integration. They’ll work with your tax, legal, and HR teams to develop strategies for combining the two organizations.

This might include recommendations on optimizing the tax structure, harmonizing employee benefits, or consolidating vendor contracts. By planning for integration upfront, you can minimize disruptions and realize synergies more quickly.

Solve issues that arise and keep deal on track

Even the most carefully planned M&A transactions encounter issues along the way. Advisors are problem-solvers who work tirelessly to keep the deal on track.

If due diligence uncovers a potential red flag, advisors will investigate and recommend solutions. If financing hits a snag, they’ll explore alternative sources of capital. When emotions run high, advisors remain level-headed and focused on reaching the finish line.

Having an experienced M&A advisor by your side gives you peace of mind during a stressful and complex process. They handle the heavy lifting, freeing you up to focus on running your business and preparing for the next chapter.

How M&A Advisor Compensation Structures Work

  • M&A advisors typically earn fees through retainers, success fees, and equity
  • Fee structures align advisor incentives with client goals
  • Average total fees range from 1-5% of transaction value, depending on deal size and complexity

Monthly Retainer Fees

M&A advisors often charge a monthly retainer fee, paid regardless of whether a deal is ultimately completed. This fee compensates the advisor for their time, effort, and expertise in preparing marketing materials, identifying potential buyers or sellers, conducting due diligence, and providing strategic advice throughout the process.

Retainer fees can range from $5,000 to $20,000 per month, depending on the size and complexity of the transaction, as well as the reputation and experience level of the advisor. While retainers provide some certainty of income for advisors, they also ensure that clients are committed to the process and value the advisor’s ongoing contributions.

Contingent Success Fees

The bulk of M&A advisor compensation typically comes in the form of a “success fee” that is paid only upon the successful close of a transaction. This contingent fee structure strongly motivates the advisor to not only get the deal done, but also to negotiate the best possible price and terms for their client.

Success fees are often structured as a percentage of the total transaction value, with higher percentages for smaller deals and lower percentages for larger ones. For example, a “Lehman” scale fee structure starts at 5% of the first $1 million, 4% of the second $1 million, 3% of the third $1 million, 2% of the fourth $1 million, and 1% of everything above $4 million.

Equity Compensation in Sell-Side Deals

In some cases, especially in sell-side M&A transactions, advisors may take a portion of their fees in the form of equity in the seller’s company. This is more common when the seller is facing cash constraints or wants to further incentivize the advisor to maximize value.

By taking on equity risk, the advisor’s economic interests become even more aligned with those of the seller. If the company is sold at a higher valuation, the advisor shares in the upside through their ownership stake. Of course, the advisor also shares downside risk if the company underperforms or fails to find a buyer.

Equity compensation can be structured as common stock, preferred stock, options, or other securities. The specific terms are negotiated as part of the overall engagement agreement between advisor and client. Typically, advisors receive between 0.5% and 1% of the company’s equity.

Blended Compensation Models

Many advisor fee agreements employ a combination of retainers, success fees, and equity to balance risk and reward for both parties. A common structure is a monthly retainer to cover basic costs, a success fee paid on closing as a percentage of deal value, and a small equity component to further align incentives.

The exact mix will depend on the specific nature of the transaction, the client’s needs and constraints, and the advisor’s experience and negotiating leverage. Regardless of the details, a well-structured fee agreement ensures that the advisor is fairly compensated for their work while maintaining a strong economic incentive to achieve the best possible outcome for their client.

Negotiating M&A Advisor Agreements

TL;DR:

  • Focus on key terms like scope of services, exclusivity, and fees
  • Negotiate tradeoffs between retainer and success fees
  • Insist on disclosure of conflicts of interest

When engaging an M&A advisor, it’s essential to carefully negotiate the terms of your agreement. This involves focusing on key aspects like the scope of services the advisor will provide, the exclusivity period and tail period, and the amount and timing of retainer and success fees.

Key Terms to Focus On

“The three most critical components of any M&A advisor agreement are the scope of work, exclusivity terms, and fee structure. Get these right, and you’ll be well-positioned for a successful engagement.”

Scope of Services

The scope of services outlines exactly what your M&A advisor will do for you. This typically includes things like:

  • Identifying and contacting potential buyers or sellers
  • Preparing marketing materials and financial models
  • Managing the due diligence process
  • Assisting with negotiations and deal structuring

“Be as specific as possible in defining the scope. This will help avoid misunderstandings down the road and ensure your advisor is focused on the tasks that matter most.”

Exclusivity and Tail Periods

Exclusivity refers to the period during which you agree to work solely with one M&A advisor. Tail periods extend this exclusivity for a set time after the initial engagement ends.

“While some exclusivity is necessary, be wary of overly long tail periods. You don’t want to be locked in if the advisor isn’t delivering results. I recommend keeping tails to 6-12 months at most.”

Retainer and Success Fees

M&A advisors typically charge a monthly retainer plus a success fee contingent on completing a transaction. Retainers ensure the advisor is compensated for their time, while success fees align incentives toward getting a deal done.

“Expect retainers to range from $10,000-$25,000 per month for mid-market deals, with success fees anywhere from 1-5% of transaction value. Higher retainers often mean lower success fees, and vice versa.”

Negotiation Tactics and Tradeoffs

Armed with an understanding of the key terms, you can negotiate effectively to reach an agreement that works for both sides. Common tactics include:

  • Proposing a lower retainer in exchange for a higher success fee. This shows good faith while preserving your advisor’s upside.
  • Avoiding long tail periods that limit your future flexibility. Push for shorter tails, or the ability to terminate the tail if you’re dissatisfied.
  • Insisting advisors disclose any conflicts of interest. You need to know if they have relationships that could compromise their advice.

“Remember, everything is negotiable. Don’t be afraid to push for what you want. A good advisor will be open to finding a mutually beneficial middle ground.”

Typical Fee Ranges

Here is a summary of typical retainer and success fee ranges for different deal sizes:

Deal SizeRetainer (Monthly)Success Fee (Percentage of Transaction Value)
Small (Under $10M)$5,000-$10,0002-4%
Mid-Market ($10M-$50M)$10,000-$25,0001-3%
Large (Over $50M)$25,000-$50,0000.5-2%
Typical Retainer and Success Fee Ranges For Different Deal Sizes

The Role of the M&A Advisor

The M&A advisor plays a crucial role in ensuring a successful transaction. Their primary responsibilities include:

  • Marketing and Evaluation: The advisor helps market the business to potential buyers and evaluates opportunities to ensure the best possible outcome for the seller.
  • Negotiation and Deal Structuring: The advisor assists in negotiations and structures the deal to maximize value for the seller.
  • Due Diligence: The advisor manages the due diligence process, ensuring that all necessary documentation and information are provided to potential buyers.

By focusing on these key terms and employing smart negotiation tactics, you can craft an M&A advisor agreement that sets you up for a successful transaction.

Why Hire an M&A Advisor?

  • M&A advisors increase deal success rates by 20-30%
  • Skilled negotiators secure 5-10% higher valuations
  • Advisors handle logistics, keeping management focused on the business

Increase Chances of Deal Success

Experienced M&A advisors have seen countless transactions and know how to navigate the complex process. They can anticipate potential pitfalls and proactively solve problems that could derail a deal.

According to a study by the Alliance of Merger & Acquisition Advisors (AM&AA), deals that are guided by professional advisors are 20-30% more likely to successfully close compared to those without advisory support. This increased likelihood of success underscores the value of having experienced advisors involved in the transaction process, as they bring expertise in negotiation, due diligence, and market positioning which can significantly enhance the prospects of a deal closing successfully​​.

As Frank Williamson, CEO of Oaklyn Consulting, explains,

“M&A is a high-stakes game. There are so many moving parts and potential points of failure. A skilled advisor acts as a quarterback to keep everything on track and get the deal across the finish line.”

Secure Better Deal Price and Terms

M&A advisors are skilled negotiators who fight to get the best possible price and terms for their clients. Their market knowledge and deal experience allows them to push for higher valuations and more seller-friendly contract provisions.

A study by Fairfield University has shown that sell-side M&A advisors can significantly increase the transaction value of deals. According to the research conducted by Dr. Michael McDonald, businesses that used M&A advisors experienced an increase in transaction value by 5-10% compared to those that did not use advisors. For a $50 million deal, this could mean an additional $2.5 to $5 million in proceeds for the seller​ (Mirabaud Group)​​ (Exit Strategies Group, Inc.)

Beyond price, advisors also ensure that key seller protections are embedded into the purchase agreement, things like representations and warranties, indemnifications, and escrow structures. John Carvalho, president of Divestopedia, notes that:

“An M&A advisor is an insurance policy. Their job is to maximize price and minimize risk for the seller.”

Maintain Management Focus on the Business

Pursuing an M&A transaction can be all-consuming for company leaders. There are meetings to attend, management presentations to make, data rooms to populate, diligence requests to fulfill, and lengthy negotiations. It’s a tremendous distraction from running the actual business.

By hiring an M&A advisor, much of that deal workload gets offloaded, allowing management to maintain focus on operations. Shawn Kravetz, President of Esplanade Capital, likens it to a home sale:

“Imagine selling your house. You could take the photos, write the listing, host the open houses, field the offers, and negotiate with the buyers yourself. But wouldn’t it be easier to hire a real estate agent to handle all that? It’s the same with M&A. Let your advisor run the deal process so you can run your company.”

Is M&A Advisory a Good Career Path?

For professionals with strong financial acumen and interpersonal skills, M&A advisory can be a lucrative and rewarding career. Compensation is high, often a mix of base salary and deal-based bonuses. Six-figure pay is common, with top performers earning seven figures during strong M&A markets.

Career paths usually begin with a few years as an analyst or associate before progressing to VP, Director, and Managing Director levels. Exit opportunities are plentiful, with many M&A advisors eventually transitioning to corporate development, private equity, or c-suite roles.

The work is demanding, with long hours and high stress. But it’s also intellectually stimulating and hugely impactful. As an M&A advisor, you sit at the intersection of strategy, finance, and negotiation, helping companies reshape themselves through transformational deals.

If you thrive in high-pressure environments, have tireless attention to detail, and get energy from interacting with business leaders, M&A advisory could be an ideal career fit. Just be prepared for intense work demands and a volatile deal flow that oscillates with economic cycles.

Typical M&A Transaction Costs Beyond Advisor Fees

TL;DR:

  • Legal fees, accounting, tax, and integration costs add significant expenses
  • Due diligence is crucial but can be costly, ranging from $100K to $500K
  • Post-merger integration planning and execution requires investment of $50K to $250K

When planning an M&A transaction, it’s essential to consider the full spectrum of costs beyond just the fees paid to financial advisors. These additional expenses can significantly impact the overall budget and should be carefully factored into the decision-making process.

Legal Fees for Contracts and Diligence

  • Typical range: $100K – $500K depending on deal complexity

Legal fees make up a substantial portion of non-advisory M&A costs. Experienced M&A attorneys are needed to draft and negotiate complex transaction agreements, including the purchase agreement, disclosure schedules, employment contracts, and other ancillary documents.

The due diligence process

Comprehensive legal due diligence is critical to uncovering potential risks and liabilities of the target company. This includes reviewing:

  • Corporate records and contracts
  • Intellectual property rights
  • Employment and labor issues
  • Litigation history
  • Regulatory compliance

Depending on the size and complexity of the target, legal fees for an M&A deal can easily range from $100,000 to $500,000 or more. Buyers should budget accordingly and view this as a necessary investment to mitigate risks and ensure a smooth transaction.

Accounting and Tax Structuring Advice

  • Typical range: $25K – $100K for acquisition accounting, tax planning

In addition to legal advisors, M&A transactions require the expertise of accounting and tax professionals. Key areas where their advice is crucial include:

Acquisition accounting

Determining the appropriate accounting treatment for the transaction under GAAP or IFRS standards. This includes issues like:

  • Asset valuation and fair value adjustments
  • Goodwill recognition
  • Treatment of transaction expenses

Tax structuring

Analyzing the tax implications of different deal structures and jurisdictions to optimize tax efficiency. Considerations include:

  • Stock vs asset purchase
  • Tax-free reorganizations
  • Cross-border tax issues
  • Post-closing tax integration

For a mid-market deal, accounting and tax advisory fees can range from $25,000 to $100,000 depending on the complexity. Aligning the tax and accounting treatment with the deal rationale and financial objectives is an important value-add.

Integration and Operational Consulting

  • Typical range: $50K – $250K to plan and execute post-close integration

The work isn’t finished once the deal closes. In fact, the heavy lifting of integrating the two companies is just beginning. Many acquisitions fail to deliver the expected synergies due to poor integration planning and execution.

To maximize the chances of a successful integration, acquirers often engage operational and management consultants to assist with:

  • Synergy identification and tracking
  • Day 1 readiness planning
  • Organization and headcount changes
  • System and process integration
  • Culture and change management

Budgeting $50,000 to $250,000 for integration support, depending on the scope, can be a smart investment to help realize the full value of the deal. Buyers should also factor in the time and focus that internal management will need to commit to the integration effort.

Other transaction-related costs to consider include:

  • Environmental assessments for assets like real estate
  • IT and cybersecurity diligence
  • HR support for benefits and compensation integration
  • Rebranding and marketing expenses

While the total bill for an M&A transaction can seem daunting, buyers should view these expenses as a critical investment in making an informed acquisition decision and setting the deal up for long-term success. Spending more upfront on thorough diligence and integration planning can help avoid far costlier issues down the road.

What are common pitfalls in M&A deals?

Mergers and acquisitions (M&A) can offer significant growth opportunities, but they also come with numerous potential pitfalls that can derail a deal. Here are some common pitfalls in M&A deals:

1. Overvaluation of the Target Company

  • Explanation: Buyers may overestimate the value of the target company, leading to an overpayment. This can be due to unrealistic synergies, optimistic growth projections, or competitive bidding.
  • Source: Harvard Business Review mentions that many acquisitions fail because buyers overpay due to overestimated synergies and underestimated integration challenges .

2. Inadequate Due Diligence

  • Explanation: Failing to thoroughly investigate the target company’s financial health, legal issues, intellectual property, and operational risks can lead to unpleasant surprises post-acquisition.
  • Source: McKinsey & Company highlights that rigorous due diligence is critical to uncover potential issues that can affect the value and success of the deal .

3. Cultural Clashes

  • Explanation: Differences in corporate culture between the acquiring and target companies can result in employee dissatisfaction, loss of key personnel, and reduced productivity.
  • Source: The Journal of Business Strategy points out that cultural integration is often underestimated, leading to significant post-merger integration challenges .

4. Integration Issues

  • Explanation: The integration of operations, systems, and teams can be complex and resource-intensive. Poor integration planning can disrupt business operations and erode value.
  • Source: Bain & Company states that integration issues are one of the primary reasons M&A deals fail to meet their objectives .

5. Regulatory and Compliance Hurdles

  • Explanation: Regulatory approvals and compliance with antitrust laws can delay or block deals. Failing to anticipate and manage these hurdles can be costly.
  • Source: PwC explains that navigating regulatory and compliance issues is crucial for the success of M&A transactions, and failure to do so can result in significant setbacks .

6. Misalignment of Goals and Expectations

  • Explanation: If the goals and expectations of the buyers and sellers are not aligned, it can lead to conflicts and disagreements, jeopardizing the deal.
  • Source: Deloitte emphasizes the importance of aligning strategic goals and expectations between the acquiring and target companies to ensure a smooth transaction .

7. Employee Retention Problems

  • Explanation: Key employees from the target company may leave due to uncertainty or dissatisfaction with the new ownership, leading to a loss of valuable knowledge and skills.
  • Source: Mercer notes that employee retention strategies are essential to maintain business continuity and preserve the value of the acquired company .

8. Financial and Operational Disruptions

  • Explanation: The disruption caused by the M&A process can impact the financial and operational performance of both the acquiring and target companies.
  • Source: KPMG states that operational disruptions during the integration process can significantly impact the financial performance and customer relationships of the combined entity .

By understanding and addressing these common pitfalls, companies can improve their chances of executing successful M&A deals that deliver the expected value and benefits.

Bringing It All Together

M&A advisor fees are a significant investment, but they can pay off in the form of a smooth transaction and a favorable deal. Advisors bring expertise, relationships, and negotiating skills to the table, increasing the chances of a successful outcome. While fees can be substantial, they are typically structured with a mix of upfront retainers and contingent success fees to align incentives.

When engaging an M&A advisor, focus on negotiating key terms like the scope of services, exclusivity period, and fee structure. And remember, advisor fees are just one piece of the overall transaction cost puzzle – legal, accounting, tax, and integration expenses can also add up.

So, is hiring an M&A advisor the right move for your next transaction?

If you want to maximize your chances of a successful deal at an attractive valuation, the answer is likely yes. Start by identifying advisors with relevant industry experience and a track record of closed deals, and don’t be afraid to negotiate on fees and terms.

Ready to take the next step? Reach out to a few trusted M&A advisors to discuss your transaction goals and get a sense of their approach and chemistry. With the right advisor in your corner, you’ll be well-positioned to navigate the complex world of M&A and come out on top.

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About the author 

Jeremy Horowitz

Jeremy's mission: Buy an Ecommerce brand ($10m - $100m revenue) and Saas app ($1m - $10m revenue) in the next year.

As he looks at deals and investigates investing opportunities he shares his perspective about acquiring bizs, the market, Shopify landscape and perspectives that come from his search for the right business to buy.

Jeremy always includes the facts and simple tear-downs of public bizs to provide the insights on how to run an effective biz that is ready for sale.

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