Three Roles in the M&A Deal Process

When a company is considering buying or selling a business, one of the first questions is: who should I work with? The terms "business broker," "investment banker," and "M&A advisor" are often used interchangeably — but they represent quite different services, expertise levels, and deal sizes.

Business Broker

A business broker operates in the lower to middle market — typically transactions under $5-10 million USD. They specialize in straightforward business transfers: retail businesses, SMEs, franchises, and service businesses. Brokers work on a success-fee basis and focus on matching buyers and sellers through databases and networks.

Investment Banker

Investment bankers are engaged for larger, more complex transactions — often $20 million USD and above. In an M&A context, they run structured auction processes, prepare comprehensive information memoranda, approach curated lists of strategic and financial buyers, and manage negotiation and closing.

M&A Advisor

An M&A advisor covers the mid-market space between brokers and bulge-bracket banks. They work with companies valued between $5 million and $100 million, providing deal structuring advice, valuation support, buyer identification, and negotiation support. Boutique M&A advisory firms have grown significantly in Southeast Asia, serving mid-market clients with personalized attention.

Which Do You Need?

  • Under $5M deal: A business broker or marketplace like Bisnesia .
  • $5M–$50M deal: A mid-market M&A advisor or boutique firm.
  • Above $50M deal: An investment bank or major M&A advisory firm.

Regardless of deal size, the process involves legal, financial, and operational dimensions that require careful orchestration. A detailed look at the M&A process from negotiation to closing shows why the advisor you choose in the early stages shapes the quality of every step that follows.