Canadian Edition of the M&A Fee Guide 2023

An exclusive regional look at M&A advisory fees in the Canadian middle market.

The Current State of Canadian M&A Advisory Fees

Using data from Firmex’s 6th annual M&A Fee Guide 2022-2023 survey, the Canadian edition provides a mid-year analysis from advisors across provinces, and is the authoritative source on M&A fees for sell-side engagements in the middle market.

Informed Conversations on M&A Fees 

In reading the guide, M&A advisors and business owners will gain insights on the expectations, negotiations, structuring, and associated practices surrounding M&A fees. The guide serves as a reference point on what would otherwise be a complex and highly variable topic—the pricing of M&A fees. 

Key Highlights from the Canadian M&A Fee Guide 2022-2023

  • Most firms said their fee levels have been holding steady for deals of similar size and complexity.
  • Most firms said their profitability has been steady. Of the rest, more said profitability increased than said it declined.
  • The number of firms that don’t charge a retainer or work fee in addition to a success fee increased to 19%. 
  • More than half of the advisors said their revenue from M&A fees has been increasing. 
  • Three-quarters of firms said there was no change in the pressure to cut fees. Only 12% of firms said the pressure increased.


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