Top 25 Lower Middle Market Business Brokers of 2024

Axial is launching a new league table to rank the Top 25 Business Brokerages in the lower middle market. This league table will aim to rigorously study, benchmark, and acknowledge M&A advisory excellence in the sub-$10M M&A market. 

This league table is separate from Axial’s Lower Middle Market Investment Banking League Table, which will remain focused on the $10M-$100M M&A market.

Business broker membership and usage of the Axial platform has grown by 110% over the last five years (detailed breakdown below), with total active M&A brokers increasing from 793 in 2020 to 1,663 in 2024. 

The Industrials sector has been the leading sector during this timeframe, accounting for 27.8% of total deal volume, followed by Food & Hospitality (19.29%) and Consumer Goods (13.6%).

The methodology we are using to research, benchmark, and rank Axial’s business broker league table primarily considers four major factors:

• Deal attractiveness (measured by pursuits per deal and total recommended buyers)
• Buyside targeting effectiveness (measured by pursuit rate per deal)
• M&A process effectiveness (sell-side ability to advance buyers from initial pursuit to NDA to CIM)
• Deal competitiveness and final outcome (LOI and close rates)

Congratulations to these M&A brokerages for earning their ranking on the 2024 Axial Business Broker league table.

2024 Top 25 Business Brokers

Select Axial Closed Deals Advised By Featured Business Brokers

Honorable Mentions

Business Broker League Table Methodology

A business broker, as defined by Axial, is a sell-side M&A advisor who works on a range of deal sizes, including sub-$10M valuation Main St. transactions, and whose distribution strategies extend beyond Axial and their direct networks.

This league table ranking is based on Axial platform data that reveal client quality, ability to manage a sell-side process, and down-funnel effectiveness. The firms at the top of the Axial Business Broker League Table are leaders across the following categories:

• Client Quality: Buyside demand for engagements represented by the business broker.
• Buyside Targeting: The ability to balance selectivity, accuracy, and breadth when identifying potential buyers.
• Process Effectiveness: The ability to generate positive outcomes for their client. 
• Overall Deal Relevance: The number of buyside mandates (financial and strategic) that align with the business broker’s marketed engagements.
• Signed NDAs: The number of buyers that indicated interest in each business broker engagement, measured by the number of signed NDAs.
• Shared CIMs: The number of buyers that received confidential information post NDA, measured by the number of CIMs shared.
• LOIs Received: The number of LOIs received from Axial Buyers.
• Executed LOIs: The number of LOIs that were successfully executed either with an Axial buyer or that were marked under LOI on the Axial platform.
• Closed Deals: The number of deals closed with an Axial buyer or that were marked as closed on the Axial platform.
• Buyer Referrals: Feedback we received from buyers regarding the manner in which the business broker manages their processes.