My extremely definitive power rankings of M&A intermediaries based on typical process:
Rev, SDE, Asking Price -> NDA -> Call with Seller = Vested Business Broker (sorry not sorry)
Rev, SDE, Asking Price -> NDA -> Tax Returns = Tier 3 Broker
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Rev, SDE, Asking Price -> NDA -> Call with Seller = Vested Business Broker (sorry not sorry)
Rev, SDE, Asking Price -> NDA -> Tax Returns = Tier 3 Broker
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Rev, SDE, Asking Price -> NDA -> SDE Recon (20% lower than advertised) = Tier 2c Broker
Rev, SDE, Asking Price -> NDA -> SDE Recon (as advertised) = Tier 2b Broker
Teaser w/biz summary -> NDA -> SDE Recon & a bunch of random files = Tier 2a Broker
Rev, SDE, Asking Price -> NDA -> SDE Recon (as advertised) = Tier 2b Broker
Teaser w/biz summary -> NDA -> SDE Recon & a bunch of random files = Tier 2a Broker
Teaser -> NDA -> CIM = Tier 1b Broker
Teaser -> NDA -> CIM & 3 year P&Ls = Tier 1a Broker
Teaser -> NDA -> CIM & Dataroom = INVESTMENT BANKER
Lastly, if you only connect sellers with the one perfect buyer, you loop back around to broker = POWER BROKER
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Teaser -> NDA -> CIM & 3 year P&Ls = Tier 1a Broker
Teaser -> NDA -> CIM & Dataroom = INVESTMENT BANKER
Lastly, if you only connect sellers with the one perfect buyer, you loop back around to broker = POWER BROKER
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