Best Brokers for $1M+ EBITDA: Andrew Wilkinson & Tiny’s Honest Shortlist (Pros & Cons)

Best Brokers for $1M+ EBITDA: Andrew Wilkinson & Tiny’s Honest Shortlist (Pros & Cons) is my straight-talking field guide for founders who want real options, clear trade-offs, and fast timelines.
I’ll show you which brokers and boutique banks actually help at $1M+ EBITDA, where they shine, and where DIY might be better.
I’ll keep it first person, practical, and no fluff.
I’ll add quick internal links for deeper tactics on email, focus, and storytelling.

Who this shortlist is for

You’re profitable with ~$1M–$10M EBITDA and want a clean exit.
You care about certainty and speed.
You don’t want a 6-month slog to maybe get a tiny bit more headline.
You want a broker who won’t waste your calendar.

My quick rule to choose a broker at $1M+ EBITDA

Pick sector specialists or true lower-middle-market banks with a repeatable process.
Avoid firms that promise everything to everyone.
Match your EBITDA and deal size to their typical buyer list and outcomes.
For ruthless focus while you run a process, see our blog post: Delete 95% of Your Email.

The lower-middle-market reality check

Most $1M+ EBITDA deals live in the lower middle market.
Platforms like Axial track this segment and publish advisor league tables so you can see who’s actually active.
That context helps you separate signal from noise. Axial

Tech & SaaS specialists I trust to run a tight process

Software Equity Group (SEG).
B2B software focused with a repeatable sell-side playbook.
Great if you have sticky retention and clean cohorts. Software Equity GroupACF Deal Principal dealprincipal.com
Vista Point Advisors (VPA).
Sell-side only and built for founder-led software and internet businesses.
Unconflicted and familiar with founder timelines. Vista Point AdvisorsPitchBookListAlpha
Corum Group.
Decades in tech M&A and very active in the lower middle market.
Helpful if you want wide buyer coverage and calibrated comps. Corum Group
Solganick & Co.
Tech and data analytics boutique with LMM credentials.
Good option when you want targeted outreach over a huge auction. Axial
FE International.
Best fit for online businesses in SaaS, ecommerce, and content.
They’ve done a large number of digital deals and pre-screen hard. FE International+1

Generalist LMM banks that actually show up for $1M+ EBITDA

Peakstone Group.
High-ranked generalist with consistent LMM deal flow. Axial
FOCUS Investment Banking.
Sector teams and broad buyer reach across the US. Axial
SDR Ventures.
Private company focus with tech and ecommerce experience. Axial
ACT Capital Advisors.
Useful when you want a national footprint with pragmatic process. Axial
Protegrity Advisors.
Regional LMM specialist with competitive fee posture for $5–$100M revenue sellers. Axial

Industry specialists when fit beats fame

Vertess Healthcare Advisors.
Healthcare roll-ups and services are their lane. Axial
New Direction Partners.
Print and packaging specialist with long buyer lists. Axial
TobinLeff.
Marketing and agencies focus. Axial
Stump & Company.
Packaging and related niches where sector nuance matters. Axial

Pros and cons you’ll actually feel as a founder

Pros.
Sector buyer lists you can’t build in a week.
Pricing power via calibrated comps and fear of missing out.
Process discipline that keeps diligence moving.
Cons.
Fees and retainers that sting if you already have warm buyers.
Junior-heavy teams if you pick poorly.
Longer timelines when the firm over-markets.

My 5-minute broker fit test

Ask for:
Five relevant closed deals in the last 24 months and two founder references you can call.
Their first-10-days plan and a sample CIM from a similar business.
A one-page buyer map showing first-wave targets by name.
For crisp email back-and-forth, see: I Don’t Respond to Long Emails.

What “great” looks like at $1M+ EBITDA

They show up with a tight narrative and a short list.
They pre-wire a few strategics and top financial buyers.
They protect your time and don’t set fires with your team.
They push hard on cash at close and clean terms.
For how to sharpen your story, read: Never Tell, Always Storytell.

When you probably don’t need a broker

You already have 2–3 credible buyers and a fair barometer of value.
Your numbers are clean and you’re comfortable negotiating LOI terms.
Your priority is speed and privacy over a broad auction.
Pair a lawyer plus a fractional banker for guardrails and go.

Fee structures in plain English

Expect a success fee plus a modest retainer and sometimes a work fee.
Negotiate the success ladder, tail period, and what counts as a qualified buyer.
Cap reimbursables.
Put timelines in the engagement letter.

Timelines I actually see by firm type

Tech boutiques often run 10–12 week processes to LOI.
Generalists can be 12–16 weeks to LOI when they go broad.
DIY with a warm list can hit an LOI in 7–10 days and close in ~30.
Pace yourself and protect your calendar.

How specialists build real competition

They choreograph first looks so top buyers collide.
They use recent comps in your niche, not generic multiples.
They lean on relationships to pull better terms, not just price.
This is where sector expertise pays cash.

Tiny vs banker process rhythm

Tiny moves founder-friendly and fast when the data room is tight.
A banker can widen the field, extract a premium, or prove the market.
If you need price discovery or have platform risk, I like a banker.
If you want certainty and speed, talk to Tiny early.

Honest shortlist by situation

SaaS with clean retention.
Start with SEG or VPA and add Corum for breadth. Software Equity GroupVista Point AdvisorsCorum Group
Online business or mixed SaaS/ecom/content.
Add FE International for digital-native reach. FE International
Healthcare services.
Shortlist Vertess and M&A Healthcare Advisors. Axial
Industrial or multi-sector.
Try Peakstone, FOCUS, or SDR for generalist coverage. Axial

What a good CIM and buyer pack include

Three-year financials plus TTM tied to bank.
Cohorts, churn, and pricing history.
Top-20 customers by month with concentration notes.
Clear risks and mitigations on one page.
For writing that lands, skim: I Committed Email Suicide.

Keep confidentiality real

Use a short NDA first.
Stage the data room with a vital 20% pack.
Mask customer names until you’ve got real interest.
Set a single communication channel to avoid leaks.

How brokers market without burning your brand

They run phased outreach.
They keep messaging plain and consistent across buyers.
They limit customer calls until late.
They never spam.

Red flags in engagement letters

Open-ended tails.
Too-wide exclusivity.
Ambiguous expense buckets.
A ladder that pays the same fee whether they add value or not.
Fix these or walk.

If you’re on the fence, try a hybrid

Pre-meet Tiny and 2–3 strategics.
In parallel, have a boutique prepare a CIM-ready pack and buyer map.
If the quick path stalls, flip to a structured process with the boutique.
You keep speed and add leverage.

The 30-day plan I give founders

Days 1–3 build a tight one-pager and 8-slide deck.
Days 4–10 run first calls and pick a lane.
Days 11–20 prep the CIM and stage the data room.
Days 21–30 negotiate LOI terms you can live with.
For cadence and mindset, check the Newsletter and Podcast.

FAQs

How do I know if a broker is too “big” for my deal.
Ask for closed comps near your EBITDA and your sector in the last 24 months.
If they can’t show three, keep looking.

Should I hire a tech boutique for a non-tech business.
No.
Match the broker to your buyer universe.

Can a generalist beat a specialist on price.
Sometimes if your sector is broad and buyer lists overlap.
Specialists win when nuance and comps drive the premium.

What’s the biggest founder mistake with brokers.
Signing a long tail and wide exclusivity without a tight plan.

How much of my time will this take.
Plan 5–10 hours per week during marketing and more during diligence.

Do I need a QoE before hiring.
Not always.
But clean tie-outs and a QoE-lite pack speed everything.
For a checklist, read: Quality of Earnings for SMBs.

What about online-business brokers for $1M+ EBITDA.
They can be great for SaaS/ecom/content if they vet hard and run a global buyer list.
FE International is a common pick in that lane. FE International

How do I protect confidentiality.
Stage the room, watermark docs, and control the thread.
Don’t over-share pre-NDA.

Can I still close in ~30 days with a broker.
Yes if your data room is tight and the buyer is decisive.
Brokered auctions usually aim for more than pure speed.

When is DIY better.
When you already have two credible buyers, care most about speed, and can negotiate clean terms.

Conclusion

Best Brokers for $1M+ EBITDA: Andrew Wilkinson & Tiny’s Honest Shortlist (Pros & Cons) should save you weeks by narrowing your options to proven sector specialists and lower-middle-market banks, plus a clear DIY path when speed wins.
Pick fit over fame.
Keep the narrative crisp.
Protect your calendar and your team.
Get Your Copy of Never Enough at https://www.neverenough.com/

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