M&A Advisor Fee Schedule: Seller Guide

An M&A advisor fee schedule should show the seller exactly what is paid, when it is paid, and what work is included. At minimum, check the success fee, fee basis, cap, minimum, retainer, expenses, tail, payment trigger, and scope. Lyndon Advisory publishes a simple schedule: 2% of enterprise value, capped at US$300,000, with no retainer or expense recharge.

For the full process context, read How to Sell a Business. A fee schedule is not just a price list; it is a statement of alignment.

Fee Schedule Checklist

Line item	What to confirm	Lyndon Advisory
Success fee	Percentage and value basis	2% of enterprise value
Fee cap	Maximum fee in dollars	US$300,000
Minimum fee	Whether a floor applies	None stated as a separate minimum
Retainer	Amount, duration, and crediting	None
Monthly fee	Ongoing pre-closing charge	None
Expense recharge	Travel, data room, admin, research	None
Tail	Buyer list, standard of contact, duration	Narrow and buyer-specific if applicable
Payment trigger	LOI, signing, or closing	Closing only
Scope	What the advisor actually does	Full sell-side advisory process

Axial’s 2026 M&A Fee Guide provides a useful market reference because it tracks engagement fees, success fees, capital raising mandates, and expense policies across lower-middle-market advisors.

Fee Schedule Examples

Enterprise value	2% before cap	Lyndon fee	Effective rate
US$10M	US$200,000	US$200,000	2.00%
US$25M	Above cap	US$300,000	1.20%
US$50M	Above cap	US$300,000	0.60%
US$100M	Above cap	US$300,000	0.30%

The cap is why sellers should compare total dollars, not only percentages. A capped fee schedule can become more attractive as transaction value increases, but only if the advisor still delivers the work required to create buyer confidence and competitive tension.

Scope Must Sit Beside Price

Included work	Why it belongs in the fee comparison
Valuation	Defines a credible asking framework
CIM and teaser	Gives buyers a professional basis for serious offers
Financial model	Supports normalized EBITDA and growth assumptions
Investment story	Explains buyer logic and strategic value
Buyer map	Broadens the process beyond obvious buyers
Targeted outreach	Creates competitive tension under confidentiality
Negotiation	Protects price, structure, conditions, and timing

The IBBA and M&A Source Market Pulse research reinforces that lower-middle-market sellers operate across different transaction sizes, buyer types, and advisor models. A clean fee schedule helps owners compare those routes.

“A good fee schedule should be boringly clear. Sellers should not need to reverse-engineer retainers, expenses, tails, and minimums to understand what they owe if the transaction succeeds.”

— Daniel Bae, Founder & CEO, Lyndon Advisory

Next Step

Situation	Best next step
You want to model the schedule	Use the fee calculator
You want Lyndon’s published terms	Review Lyndon fees
You want to discuss fit	Submit a confidential valuation inquiry

For related reading, see What Is Included in an M&A Advisor Fee?, M&A Advisor Hidden Fees, M&A Advisor Engagement Letter Fee Terms, Lehman Formula vs Capped Success Fee, and Compare M&A Advisor Fee Proposals.