M&A Fee Guide 2023-2024 — North American Edition

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

The Current State of M&A Advisory Fees

In partnership with Axial and Divestopedia, Firmex’s the North American edition uses data from Firmex’s 7th annual M&A Fee Guide 2023-2024 survey and is an 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 learn valuable insights on the expectations, negotiations, structuring, and associated practices surrounding M&A fees.

Key Highlights from the M&A Fee Guide 2023-2024

  • 38% of North American middle-market merger advisors increased fee levels in 2023, prompted mainly by rising costs and a more difficult dealmaking environment.
  • Many firms also modified their fee structure to emphasize recurring engagement fees to mitigate the risk of deals that take a long time to complete or never close.
  • The growing use of earn-outs and complex deal structures prompted firms to redefine how they calculate and collect success fees.
  • Middle-market firms were able to hold their fee revenue steady and, for many, increase it.
  • Profitability largely held up despite rising costs. Those that increased fee levels were twice as likely to grow profits than those that didn’t.


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