Summary of Fees

Our Middle-Market team works on both a fee basis and a contingency basis. Below are examples of middle-market transactions, along with a summary of the fees. Our Middle-Market team also works on a contingeny basis, with fees generally ranging from 2-8% of the transaction size. Contact us on 888-693-7834 or send an email to info@morganandwestfield.com to discuss a strategy for your business, along with a list of our fees and process.


Service Industry: Commercial Printer in New York – Selling Price $1,800,000

The owner started the business in 1985 and started preparing for the sale one year prior to talking with us. We reviewed his plans, key documents and financial statements, and made further suggestions for preparing for the sale. The seller wanted guidance through the process; however, he wanted his CPA and attorney involved as well. We prepared a business summary and valuation, normalized his financial statements, and created a comprehensive strategy for selling the company. The strategy was reviewed by his CPA and attorney, and minor modifications were made.

The business was advertised to attract local and National buyers. We screened all buyer inquiries, making sure that the buyers were financially capable before we released additional information. Qualified buyers received the business summary to review, and were requested to complete a detailed buyer profile if they wanted additional information, and arrange a meeting with the owner.

Three offers were received and the business was under contract within nine months by a regional synergistic buyer. We coordinated with his attorney and CPA to manage the offer and closing. The process took 11 months to complete.

Summary of Services and Fees:

  • Normalizing financial statements, preparing the business summary, business valuation and strategy to sell the company, and consulting with seller on numerous other issues. 
  • Confidentially marketing the business for sale and screening buyers. 
  • Assistance with offer, due diligence and closing.  
  • Total fees: $72,500 (includes fees for attorney and CPA)

Manufacturing Industry: Chemical Manufacturer in Indiana – Selling Price $3,250,000 – Private Equity Group Purchaser

The seller contacted us in the middle of the process after he had accepted an offer and the deal did not go through. His buyer was not qualified and he found out late in the deal that the buyer was seeking financing and did not have enough down payment for the business.

He wanted a professional to review his strategy for selling the company and make recommendations. The owner wanted someone that would facilitate the transaction, not control it. He felt a broker was unnecessary and might get in the way of the transaction.

We reviewed the seller's business, financial statements and key documents, and made suggestions to attract a stronger and more qualified group of buyers. We normalized the owner's financial statements and strengthened the underlying assumptions of his business valuation, making it more conservative for the more sophisticated buyers we wanted to attract. We prepared a teaser profile and detailed business summary for his business. The strategy was reviewed by his CPA and financial advisor, and minor adjustments were made.

The business was advertised and buyers were prescreened. We handled all initial buyer inquiries, qualifying buyers before sending them information on the company. Several letters of intent were received early in the process; however, we advised the seller to pursue a larger down payment. Because we were not being paid on a commission basis, we were able to view the transaction unbiased.

An offer was received and accepted from a regional private equity group within nine months. A detailed due diligence checklist was requested from the private equity group and we helped the seller prepare for due diligence in conjunction with his CPA and attorney. We requested a 30-day due diligence period and the buyer accepted. Due diligence was successful and the closing occurred within 11 months of contacting us.

Summary of Services and Fees:

  • Normalizing financial statements, preparing the business summary, reviewing key documents, and advising on other issues. 
  • Confidentially marketing the business for sale and screening buyers. 
  • Assistance with the offer, due diligence and closing.
  • Total fees: $81,800 (includes closing attorney)

Healthcare: Assisted Living Facility in California – Selling Price $7,400,000 – Regional Industry Buyer

The owners contacted us after meeting with three other intermediaries. They were impressed by the intermediaries experience and contacts; however, they wanted to seek alternatives to keep fees low. We assisted the owners in reviewing and normalizing their financials statements, and preparing a business summary. We also assisted them in obtaining an independent business appraisal.

The owners advertised the company locally within the industry and we screened buyers so confidentiality could be maintained. We also advertised the business to attract qualified buyers and private equity groups. Buyers were thoroughly screened before the identity of the business was released. Sixteen buyers looked at the company before an offer was made and accepted.

The seller's attorney reviewed the offer and assisted with the closing. The entire process took 13 months to complete.

Summary of Services and Fees:

  • Normalizing financial statements, and preparing the business summary and independent business appraisal.
  • Confidentially marketing the business for sale and screening buyers. 
  • Seller’s attorney assisted with the offer and closing. 
  • Total fees: $92,750

Wholesale: Medical Equipment Wholesaler – Selling Price $2,600,000 – Local Buyer

The seller contacted us approximately six months before she was prepared to sell. We reviewed the seller’s business, key documents and financial statements, and prepared a mini business valuation. Suggestions were made for preparing the company for sale to attract the right buyer and strategies for increasing the value of the business. She implemented the strategies over the next six months.

The seller contacted us when she was ready to formally begin the sale process. We prepared a business summary and normalized her financial statements. The business was advertised and buyers were screened before receiving the business summary.

We negotiated with several buyers before accepting an offer from a qualified, local buyer within five months. We managed the offer and due diligence process before coordinating with a local attorney in our network to handle the closing. The process took approximately seven months to complete.

Summary of Services and Fees:

  • Assisting seller in preparing the business for sale, business summary, valuation, and advising the seller on numerous other issues. 
  • Assisting the seller in advertising the business for sale and screening buyers. 
  • Assisting the offer, due diligence and closing.  
  • Total fees: $59,000 (includes fee for closing attorney)

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Average Broker Fees are based on the following:

Double Percentage Lehman (also known as the Double Lehman Scale):

  • 10% of the first $1 million, plus
  • 8% of the second $1 million, plus
  • 6% of the third $1 million, plus
  • 4% of the fourth $1 million, plus
  • 2% of everything above $4 million.

Double Percentage Lehman Example:

  • 10% of the first $1 million = $100,000
  • 8% of the second $1 million = $80,000
  • 6% of the third $1 million = $60,000
  • 4% of the fourth $1 million = $40,000
  • 2% of the remaining $1 million = $30,000
  • Total fee = $310,000
  • Fee as a percentage of the $4.5 million sales price = 5.63%