# M&A advisory fees: M&A Advisor Fee Index

> The median published figure in the M&A Advisor Fee Index is 4 percent across 7 sources' own pages (range 1.50 to 10 percent), read 11 November 2026.

M&A Advisor Fees · https://madvisorfees.com/datasets/ma-advisor-fee-index/ · computed 2026-11-12

**Median published figure:** 4 % (range 1.5 to 10 %; 7 published figures; 7 of 84 sources read publish one).

7 of the 84 named sources read in full publish a figure; 77 publish none, read 11 November 2026.

The median is unchanged since 22 October 2026 (was 4 percent across 7).

## By fee formula

| Breakdown | Median | Range | Sources |
|---|---|---|---|
| fee formula flat percent | 10 % | 10 to 10 % | 1 |

## Every figure, with its source

One row per source: the figure the source's own page publishes, the page, and the day it was read.

| Source | Figure | Breakdown | Read |
|---|---|---|---|
| [nexusbridgebrokers.com, NJ Business Broker Fees 2026](https://nexusbridgebrokers.com/nj-business-broker-fees-2026/) | 10 % |  | 2026-10-12 |
| [synergybb.com, What Are The Fees For Selling A Business? \| Business Brokers](https://synergybb.com/blog/what-fees-are-paid-for-selling-a-business/) | 10 % | flat percent | 2026-11-10 |
| [hornblower-businesses.co.uk, Fees for selling a business \| Hornblower Business Brokers UK](https://hornblower-businesses.co.uk/fees-for-selling-a-business/) | 5 % |  | 2026-09-11 |
| [bonzabfs.com.au, how to sell a business australia](https://bonzabfs.com.au/blog/how-to-sell-a-business-australia) | 4 % |  | 2026-10-12 |
| [baton.com, How much do business brokers charge: Breaking down pricing and fees](https://www.baton.com/resources/own/business-broker-fees) | 3 % |  | 2026-11-11 |
| [baton.com, What’s the Average Business Broker Commission?](https://www.baton.com/resources/own/average-commission-for-business-broker) | 3 % |  | 2026-10-12 |
| [sellltd.co.uk, KBS Corporate review 2026, fees, exclusivity, honest verdict](https://sellltd.co.uk/sell-my-business/reviews/kbs-corporate) | 1.5 % |  | 2026-10-12 |

## The sentence each figure was read from (7)

- [nexusbridgebrokers.com, NJ Business Broker Fees 2026](https://nexusbridgebrokers.com/nj-business-broker-fees-2026/), read 2026-10-12: "Nexus Bridge $0 10% 8–10% sliding Yes, available 12 months named buyers Yes, 50/50"
- [synergybb.com, What Are The Fees For Selling A Business? \| Business Brokers](https://synergybb.com/blog/what-fees-are-paid-for-selling-a-business/), read 2026-11-10: "We charge a flat fee of 10% for businesses that have a cash flow of $600,000 or less."
- [hornblower-businesses.co.uk, Fees for selling a business \| Hornblower Business Brokers UK](https://hornblower-businesses.co.uk/fees-for-selling-a-business/), read 2026-09-11: "At Hornblower, our fees are £2,500 on engagement, £2,500 on signing of Heads of Terms and 5% on completion of the sale."
- [bonzabfs.com.au, how to sell a business australia](https://bonzabfs.com.au/blog/how-to-sell-a-business-australia), read 2026-10-12: "Business Broker Fees in Australia: Why We Charge 4% When the Standard Is 8 to 10%"
- [baton.com, How much do business brokers charge: Breaking down pricing and fees](https://www.baton.com/resources/own/business-broker-fees), read 2026-11-11: "Baton Market success fee (Lite plan): 3% of $1M = $30,000"
- [baton.com, What’s the Average Business Broker Commission?](https://www.baton.com/resources/own/average-commission-for-business-broker), read 2026-10-12: "Baton Market success fee (Lite plan): 3% of $1M = $30,000"
- [sellltd.co.uk, KBS Corporate review 2026, fees, exclusivity, honest verdict](https://sellltd.co.uk/sell-my-business/reviews/kbs-corporate), read 2026-10-12: "Transparent pricing Free to list · 1.5% success · optional managed sale — full teardown"

## Read in full, publishes no figure

- [1719partners.com, How Much do Brokers Charge to Sell a Business: is it Worth it?](https://1719partners.com/how-much-do-brokers-charge-to-sell-a-business/), read 2026-09-11: every candidate on the page was refused
- [abercornbusinesssales.com, No Upfront Fees Guranteed](https://abercornbusinesssales.com/business-sale-guarantee.php), read 2026-09-12: read in full and no accepted figure on the page
- [abercornbusinesssales.com, No Upfront Fees Guranteed To Sell Your Business](https://abercornbusinesssales.com/cost-to-sell-my-business.php), read 2026-09-12: read in full and no accepted figure on the page
- [auxocapitaladvisors.com, M&A Advisor Fee Calculator \| Lehman Formula & Blended %](https://auxocapitaladvisors.com/lehman-formula-calculator/), read 2026-10-12: every candidate on the page was refused
- [auxocapitaladvisors.com, M&A Advisor Fees & Incentives: 2026 Guide \| Auxo Capital](https://auxocapitaladvisors.com/m-a-advisor-fees-incentives-deal-outcomes/), read 2026-11-10: every candidate on the page was refused
- [auxocapitaladvisors.com, Lehman Formula & M&A Advisor Fees: 2026 Guide \| Auxo](https://auxocapitaladvisors.com/m-a-advisor-fees-modified-lehman/), read 2026-09-11: every candidate on the page was refused
- [aventis-advisors.com, M&A Fees in 2024 \| Aventis Advisors](https://aventis-advisors.com/ma-advisor-fees/), read 2026-11-10: read in full and no accepted figure on the page
- [becomebusinessbroker.com, Business Broker License Requirements 2026: US & Global Guide](https://becomebusinessbroker.com/is-a-business-broker-licence-required/), read 2026-09-12: every candidate on the page was refused
- [bizadvisoryboard.com, How Much Do M&A Advisors Charge? A Complete Guide by Deal Size](https://bizadvisoryboard.com/ma-advisory-fees/), read 2026-09-11: every candidate on the page was refused
- [bsale.com.au, How much is a business brokers commission?](https://bsale.com.au/article-display/how-much-is-a-business-brokers-commission,474), read 2026-10-12: every candidate on the page was refused
- [businessbrokers.com.au, How Much Do Business Brokers Charge? - Business Brokers](https://businessbrokers.com.au/how-much-do-business-brokers-charge/), read 2026-09-12: every candidate on the page was refused
- [businessbrokersguide.us.com, Business Broker Commission Rates: What You'll Actually Pay](https://businessbrokersguide.us.com/business-broker-commission-rates/), read 2026-09-12: every candidate on the page was refused
- [chelseacorporate.com, How Much Does It Cost to Sell a Business (UK)?](https://chelseacorporate.com/2025/03/how-much-does-it-cost-to-sell-a-business-uk/), read 2026-09-12: every candidate on the page was refused
- [corporatefinanceinstitute.com, Success Fee - Defintion, How it Works, Benefits, Limits](https://corporatefinanceinstitute.com/resources/valuation/success-fee/), read 2026-10-12: every candidate on the page was refused
- [ctacquisitions.com, Business Broker Fees in 2026: Full Breakdown of Lehman, Modified Lehman, and the](https://ctacquisitions.com/business-broker-fees-2026-breakdown/), read 2026-11-10: every candidate on the page was refused
- [ctacquisitions.com, How Much Does a Business Broker Charge? (2026)](https://ctacquisitions.com/how-much-does-a-business-broker-charge-to-sell-your-business/), read 2026-10-12: every candidate on the page was refused
- [ctacquisitions.com, M&A Advisor Fee Structure Explained: 2026 Retainers, Success Fees, and Tail Prov](https://ctacquisitions.com/m-and-a-advisor-fee-structure/), read 2026-09-11: every candidate on the page was refused
- [ctacquisitions.com, M&A Advisor Fees in 2026: Retainer, Success Fee, and the Lehman Scale Explained](https://ctacquisitions.com/m-and-a-advisor-fees-2026/), read 2026-11-11: every candidate on the page was refused
- [ctacquisitions.com, M&A Advisor for SaaS Business Owners: 2026 Sell-Side Guide](https://ctacquisitions.com/ma-advisor-for-saas-business/), read 2026-10-12: every candidate on the page was refused
- [dealroom.net, Buy](https://dealroom.net/blog/buy-side-m-a-fees), read 2026-09-11: every candidate on the page was refused
- [divestopedia.com, A Summary of M&A Fees for Sell](https://divestopedia.com/2/8036/sale-process/investment-bankers/a-summary-of-ma-fees-for-sell-side-transactions), read 2026-09-12: every candidate on the page was refused
- [emanda.app, Business Broker Fees in Australia: What You'll Actually Pay](https://emanda.app/guide/business-broker-fees-australia), read 2026-09-12: every candidate on the page was refused
- [firstpagesage.com, M&A Advisory Fee Structure: 2025 Report, First Page Sage](https://firstpagesage.com/business/ma-advisory-fee-structure/), read 2026-11-10: every candidate on the page was refused
- [foundersib.com, Understanding M&A Advisory Fees \| Founders Advisors](https://foundersib.com/2024/11/04/understanding-ma-advisory-fees/), read 2026-10-11: every candidate on the page was refused
- [globallawexperts.com, Financial Adviser Fees Uk 2026: Essential Guide](https://globallawexperts.com/financial-adviser-fees-uk/), read 2026-10-12: every candidate on the page was refused
- [imergeadvisors.com, M&A Advisor Fees \| iMerge Advisors](https://imergeadvisors.com/ma-advisor-fees/), read 2026-11-10: every candidate on the page was refused
- [investmentbank.com, Investment Banking Fees: The Complete Guide to Fees in Mergers & Acquisitions](https://investmentbank.com/fees), read 2026-11-10: every candidate on the page was refused
- [livmo.com, Choosing a SaaS M&A Advisor - Livmo](https://livmo.com/blog/choose-saas-ma-advisor/), read 2026-10-12: every candidate on the page was refused
- [livmo.com, Best SaaS M&A Advisory Firms: Lower Middle Market 2026](https://livmo.com/blog/saas-ma-advisory-firms/), read 2026-10-12: every candidate on the page was refused
- [mnacommunity.com, M&A Fees by Deal Size: What to Expect in 2026](https://mnacommunity.com/insights/ma-fees-by-deal-size/), read 2026-11-10: every candidate on the page was refused
- [newowner.co.uk, NewOwner vs UK Business Brokers: Compare Fees \| NewOwner](https://newowner.co.uk/blog/newowner-vs-business-brokers-uk-sell-business), read 2026-11-10: every candidate on the page was refused
- [nexusbridgebrokers.com, Best NJ Business Brokers 2026, Honest Comparison Guide](https://nexusbridgebrokers.com/best-nj-business-brokers-2026/), read 2026-10-12: every candidate on the page was refused
- [nexusbridgebrokers.com, How Healthcare M&A Brokers Get Paid (Seller's Guide)](https://nexusbridgebrokers.com/blog/how-healthcare-ma-brokers-get-paid/), read 2026-10-12: every candidate on the page was refused
- [praxisrock.com, Sell-Side M&A Advisory Fees in 2026 \| Praxis Rock](https://praxisrock.com/insights/sell-side-advisory-fees), read 2026-11-10: every candidate on the page was refused
- [sellmybusinessusa.com, Business Broker Fees: The Complete 2025 Guide to Selling Your Business Costs](https://sellmybusinessusa.com/business-broker-fees-the-complete-2025-guide-to-selling-your-business-costs/), read 2026-09-12: every candidate on the page was refused
- [sigmamergers.com, What Certifications and Licenses Do Business Brokers Need?](https://sigmamergers.com/what-certifications-and-licenses-do-business-brokers-need/), read 2026-10-12: read in full and no accepted figure on the page
- [tworldfranchise.com, Do You Need a Real Estate License to Be a Business Broker?](https://tworldfranchise.com/blog/do-you-need-a-real-estate-license-to-be-a-business-broker/), read 2026-10-12: every candidate on the page was refused
- [ukbusinessbrokers.com, Business Broker Fees, How Much Do Business Brokers Charge?](https://ukbusinessbrokers.com/broker-fees-how-much-do-business-brokers-charge/), read 2026-11-10: every candidate on the page was refused
- [venturefirst.com, An Introduction to Success Fees and the Lehman Formula](https://venturefirst.com/an-introduction-to-success-fees-and-the-lehman-formula/), read 2026-11-11: every candidate on the page was refused
- [venturenorthgroup.com, What Does a Business Broker Charge? Business Broker Fees](https://venturenorthgroup.com/business-broker-charge/), read 2026-09-11: every candidate on the page was refused
- [windsordrake.com, Best SaaS M&A Advisory Firms 2026: Software Sell-Side Advisors Ranked](https://windsordrake.com/best-saas-ma-advisory-firms/), read 2026-10-12: every candidate on the page was refused
- [733park.com, What Does an M&A Advisor Charge to Sell a Company? \| 733Park](https://www.733park.com/insights/what-does-an-ma-advisor-charge/), read 2026-10-12: every candidate on the page was refused
- [afpbb.com.au, Business Broking Fees](https://www.afpbb.com.au/Resources/BusinessBrokingFees.aspx), read 2026-09-12: every candidate on the page was refused
- [axial.net, Understanding Investment Banking Fee Structures](https://www.axial.net/forum/investment-banking-fee-structures/), read 2026-09-12: every candidate on the page was refused
- [axial.net, What Does an M&A Advisor Charge?](https://www.axial.net/forum/what-does-an-ma-advisor-charge/), read 2026-10-12: every candidate on the page was refused
- [axial.net, Firmex_Axial_MA_Fee_Guide.pdf](https://www.axial.net/wp-content/uploads/2022/12/Firmex_Axial_MA_Fee_Guide.pdf), read 2026-09-12: every candidate on the page was refused
- [bizquest.com, What Is the Lehman Formula? \| BizQuest](https://www.bizquest.com/learn/article/what-is-lehman-scale/), read 2026-09-12: every candidate on the page was refused
- [breakwaterma.com, How to Choose a Business Broker in Canada \| 2026 Guide](https://www.breakwaterma.com/blog/business-broker-canada-guide), read 2026-10-12: every candidate on the page was refused
- [brentwood-growth.com, The 'Lehman Formula' Demystified: A Comprehensive Look at Transactional Fees](https://www.brentwood-growth.com/blog/business-valuations/the-lehman-formula-demystified-a-comprehensive-look-at-transactional-fees/), read 2026-10-12: every candidate on the page was refused
- [businesstrade.com.au, What Commission Do Business Brokers Charge?](https://www.businesstrade.com.au/what-commission-do-business-brokers-charge), read 2026-09-12: every candidate on the page was refused
- [clearlyacquired.com, How Much Do Business Broker Fees Actually Cost in 2026?](https://www.clearlyacquired.com/blog/how-much-do-business-broker-fees-actually-cost-in-2026), read 2026-11-10: every candidate on the page was refused
- [corebb.com.au, How much are business broker fees? \| Core Business Brokers](https://www.corebb.com.au/how-much-are-business-broker-fees/), read 2026-10-12: every candidate on the page was refused
- [firmex.com, Canadian Edition of the M&A Fee Guide 2023](https://www.firmex.com/resources/reports-guides/canadian-ma-fee-guide-23/), read 2026-10-12: every candidate on the page was refused
- [firmex.com, M&A Fee Guide 2024-2025, European Edition \| Firmex VDR](https://www.firmex.com/resources/reports-guides/eu-fee-guide-25/), read 2026-10-12: every candidate on the page was refused
- [firmex.com, M&A Fee Guide 2024-2025, Global Edition \| Firmex VDR](https://www.firmex.com/resources/reports-guides/global-ma-fee-guide-25/), read 2026-10-12: every candidate on the page was refused
- [firmex.com, M&A Fee Guide 2024-2025, North American Edition](https://www.firmex.com/resources/reports-guides/na-fee-guide-25/), read 2026-09-12: every candidate on the page was refused
- [firmex.com, M&A Fee Guide 2024-2025, US Edition \| Firmex VDR](https://www.firmex.com/resources/reports-guides/us-fee-guide-25/), read 2026-09-12: every candidate on the page was refused
- [futureventures.ca, Understanding the Lehman Scale: A Guide for Effective Evaluation](https://www.futureventures.ca/insights/lehman-scale-guide-lehman-formula-double-lehman-and-modern-variations), read 2026-09-12: every candidate on the page was refused
- [kbscorporate.com, Business Brokers \| The UK’s No.1 Business Sales Agents](https://www.kbscorporate.com/business-brokers/), read 2026-10-12: read in full and no accepted figure on the page
- [kbscorporate.com, Sell Your Business \| UK’s #1 Company Sales Experts](https://www.kbscorporate.com/sell-a-company/), read 2026-09-12: every candidate on the page was refused
- [l40.com, M&A Advisor Fees for a Mid-Market Software Exit \| L40°](https://www.l40.com/insights/m-a-advisor-fees-software-exit), read 2026-10-12: every candidate on the page was refused
- [midstreet.com, Business Broker Pricing and Fees When Selling a Business: The Ultimate Guide](https://www.midstreet.com/blog/business-broker-fees-when-selling-a-business), read 2026-11-10: every candidate on the page was refused
- [midstreet.com, The Top 6 Business Broker Franchises in the U.S.](https://www.midstreet.com/blog/business-broker-franchises), read 2026-09-12: every candidate on the page was refused
- [midstreet.com, What is the Double Lehman Scale? (With Examples)](https://www.midstreet.com/blog/double-lehman-scale-business-broker-commission), read 2026-09-11: every candidate on the page was refused
- [nav.com, Business Broker Fees: A Complete Guide for Small Business Owners](https://www.nav.com/blog/how-much-do-brokers-charge-to-sell-a-business-4232647/), read 2026-11-10: every candidate on the page was refused
- [peony.ink, M&A Advisor Fees: Lehman Scale, Retainers & Hidden Clauses (2026)](https://www.peony.ink/blog/ma-advisor-fees), read 2026-11-11: every candidate on the page was refused
- [rejigg.com, How Much Do Business Brokers Charge? The Real Cost at Every Deal Size](https://www.rejigg.com/articles/business-broker-commission-rates), read 2026-11-10: every candidate on the page was refused
- [revenuerocket.com, M&A Fees](https://www.revenuerocket.com/ma-fees-what-to-expect-before-during-and-after-close/), read 2026-09-11: every candidate on the page was refused
- [scalesuite.com.au, Business Broker Fees: What Selling Costs](https://www.scalesuite.com.au/resources/business-broker-fees), read 2026-10-12: every candidate on the page was refused
- [sellingmybusiness.co.uk, How much does it cost to sell a business?](https://www.sellingmybusiness.co.uk/articles/selling/how-much-does-it-cost-to-sell-a-business), read 2026-11-11: every candidate on the page was refused
- [sellingmybusiness.co.uk, Understanding Broker Fee Agreements, Selling My Business](https://www.sellingmybusiness.co.uk/articles/selling/selling-a-business-understanding-a-business-broker-fee-agreement), read 2026-11-10: every candidate on the page was refused
- [swyftfilings.com, What Is a Business Broker? \| Swyft Filings](https://www.swyftfilings.com/broker-license/), read 2026-10-12: every candidate on the page was refused
- [thenonexecutive.com, M&A Fee Guide - TheNonExec® Boutique M&A](https://www.thenonexecutive.com/ma-fee-guide/), read 2026-09-12: every candidate on the page was refused
- [uscita.co.uk, Fees for selling a business: the complete list](https://www.uscita.co.uk/fees-for-selling-a-business-the-complete-list/), read 2026-11-10: every candidate on the page was refused
- [wallstreetoasis.com, M&A Advisory Fees in Banking \| Wall Street Oasis](https://www.wallstreetoasis.com/forum/investment-banking/ma-advisory-fees-in-banking), read 2026-10-12: every candidate on the page was refused
- [wallstreetoasis.com, What's the typical sell-side transaction fee at middle market firms?](https://www.wallstreetoasis.com/forum/investment-banking/whats-the-typical-sell-side-transaction-fee-at-middle-market-firms), read 2026-10-12: every candidate on the page was refused
- [websiteclosers.com, Do Business Brokers Need a License? Legal Requirements Explained](https://www.websiteclosers.com/resources/does-it-really-matter-that-business-brokers-are-not-licensed/), read 2026-10-12: every candidate on the page was refused

## Methodology

Every row is a verbatim sentence read from the named source's own page through our fetch service on the date shown, hash-pinned to the stored read (the sha of the page's visible text; the raw page is mirrored to R2). 7 of the 84 named sources that could be read published a usable figure; 77 published none and are recorded as not published, never filled in; 4 could not be read (blocked, dead or unreachable) and count nowhere. The headline figures (median, minimum, maximum, quartiles) are over ONE figure per source in % (a source's median where its page yielded several accepted sentences), so N counts sources, never sentences; 972 candidate sentence(s) were refused by a reviewer with the reason recorded. The fuller derivation this dataset is chartered to grow into (not yet what the figures above are; they are each source's own published figure as read): the EFFECTIVE fee rate curve, which no publisher in this market draws: for every adviser that publishes a scale, the fee its own scale produces at each deal value from $500k to $250m, with its stated minimum fee and retainer credit applied, giving median, quartile and range of effective percent by deal size band - beside the share of advisers publishing a scale, publishing a minimum, publishing a retainer, and publishing nothing at all (the count that is our own reading, not a survey's); the formula mix (Lehman, Double Lehman, modified Lehman, flat percent, tiered accelerator) by adviser tier and jurisdiction; the deal value at which each adviser's minimum stops binding, which is the single number a seller under $10m needs and the market never states; and changed-since, because a scale that moves is news in a market where the conventions are decades old

## Sources

- [1719partners.com, How Much do Brokers Charge to Sell a Business: is it Worth it?](https://1719partners.com/how-much-do-brokers-charge-to-sell-a-business/) (the publisher's own terms; quoted for reporting and comment)
- [abercornbusinesssales.com, No Upfront Fees Guranteed](https://abercornbusinesssales.com/business-sale-guarantee.php) (the publisher's own terms; quoted for reporting and comment)
- [abercornbusinesssales.com, No Upfront Fees Guranteed To Sell Your Business](https://abercornbusinesssales.com/cost-to-sell-my-business.php) (the publisher's own terms; quoted for reporting and comment)
- [acquira.com, brokers commission rates](https://acquira.com/brokers-commission-rates/) (the publisher's own terms; quoted for reporting and comment)
- [auxocapitaladvisors.com, M&A Advisor Fee Calculator \| Lehman Formula & Blended %](https://auxocapitaladvisors.com/lehman-formula-calculator/) (the publisher's own terms; quoted for reporting and comment)
- [auxocapitaladvisors.com, M&A Advisor Fees & Incentives: 2026 Guide \| Auxo Capital](https://auxocapitaladvisors.com/m-a-advisor-fees-incentives-deal-outcomes/) (the publisher's own terms; quoted for reporting and comment)
- [auxocapitaladvisors.com, Lehman Formula & M&A Advisor Fees: 2026 Guide \| Auxo](https://auxocapitaladvisors.com/m-a-advisor-fees-modified-lehman/) (the publisher's own terms; quoted for reporting and comment)
- [aventis-advisors.com, M&A Fees in 2024 \| Aventis Advisors](https://aventis-advisors.com/ma-advisor-fees/) (the publisher's own terms; quoted for reporting and comment)
- [becomebusinessbroker.com, Business Broker License Requirements 2026: US & Global Guide](https://becomebusinessbroker.com/is-a-business-broker-licence-required/) (the publisher's own terms; quoted for reporting and comment)
- [bizadvisoryboard.com, How Much Do M&A Advisors Charge? A Complete Guide by Deal Size](https://bizadvisoryboard.com/ma-advisory-fees/) (the publisher's own terms; quoted for reporting and comment)
- [bonzabfs.com.au, how to sell a business australia](https://bonzabfs.com.au/blog/how-to-sell-a-business-australia) (the publisher's own terms; quoted for reporting and comment)
- [bsale.com.au, How much is a business brokers commission?](https://bsale.com.au/article-display/how-much-is-a-business-brokers-commission,474) (the publisher's own terms; quoted for reporting and comment)
- [businessbrokers.com.au, How Much Do Business Brokers Charge? - Business Brokers](https://businessbrokers.com.au/how-much-do-business-brokers-charge/) (the publisher's own terms; quoted for reporting and comment)
- [businessbrokersguide.us.com, Business Broker Commission Rates: What You'll Actually Pay](https://businessbrokersguide.us.com/business-broker-commission-rates/) (the publisher's own terms; quoted for reporting and comment)
- [chelseacorporate.com, How Much Does It Cost to Sell a Business (UK)?](https://chelseacorporate.com/2025/03/how-much-does-it-cost-to-sell-a-business-uk/) (the publisher's own terms; quoted for reporting and comment)
- [corporatefinanceinstitute.com, Success Fee - Defintion, How it Works, Benefits, Limits](https://corporatefinanceinstitute.com/resources/valuation/success-fee/) (the publisher's own terms; quoted for reporting and comment)
- [ctacquisitions.com, Business Broker Fees in 2026: Full Breakdown of Lehman, Modified Lehman, and the](https://ctacquisitions.com/business-broker-fees-2026-breakdown/) (the publisher's own terms; quoted for reporting and comment)
- [ctacquisitions.com, How Much Does a Business Broker Charge? (2026)](https://ctacquisitions.com/how-much-does-a-business-broker-charge-to-sell-your-business/) (the publisher's own terms; quoted for reporting and comment)
- [ctacquisitions.com, M&A Advisor Fee Structure Explained: 2026 Retainers, Success Fees, and Tail Prov](https://ctacquisitions.com/m-and-a-advisor-fee-structure/) (the publisher's own terms; quoted for reporting and comment)
- [ctacquisitions.com, M&A Advisor Fees in 2026: Retainer, Success Fee, and the Lehman Scale Explained](https://ctacquisitions.com/m-and-a-advisor-fees-2026/) (the publisher's own terms; quoted for reporting and comment)
- [ctacquisitions.com, M&A Advisor for SaaS Business Owners: 2026 Sell-Side Guide](https://ctacquisitions.com/ma-advisor-for-saas-business/) (the publisher's own terms; quoted for reporting and comment)
- [dealroom.net, Buy](https://dealroom.net/blog/buy-side-m-a-fees) (the publisher's own terms; quoted for reporting and comment)
- [divestopedia.com, A Summary of M&A Fees for Sell](https://divestopedia.com/2/8036/sale-process/investment-bankers/a-summary-of-ma-fees-for-sell-side-transactions) (the publisher's own terms; quoted for reporting and comment)
- [emanda.app, Business Broker Fees in Australia: What You'll Actually Pay](https://emanda.app/guide/business-broker-fees-australia) (the publisher's own terms; quoted for reporting and comment)
- [firstpagesage.com, M&A Advisory Fee Structure: 2025 Report, First Page Sage](https://firstpagesage.com/business/ma-advisory-fee-structure/) (the publisher's own terms; quoted for reporting and comment)
- [foundersib.com, Understanding M&A Advisory Fees \| Founders Advisors](https://foundersib.com/2024/11/04/understanding-ma-advisory-fees/) (the publisher's own terms; quoted for reporting and comment)
- [globallawexperts.com, Financial Adviser Fees Uk 2026: Essential Guide](https://globallawexperts.com/financial-adviser-fees-uk/) (the publisher's own terms; quoted for reporting and comment)
- [hornblower-businesses.co.uk, Fees for selling a business \| Hornblower Business Brokers UK](https://hornblower-businesses.co.uk/fees-for-selling-a-business/) (the publisher's own terms; quoted for reporting and comment)
- [imergeadvisors.com, M&A Advisor Fees \| iMerge Advisors](https://imergeadvisors.com/ma-advisor-fees/) (the publisher's own terms; quoted for reporting and comment)
- [investmentbank.com, Investment Banking Fees: The Complete Guide to Fees in Mergers & Acquisitions](https://investmentbank.com/fees) (the publisher's own terms; quoted for reporting and comment)
- [livmo.com, Choosing a SaaS M&A Advisor - Livmo](https://livmo.com/blog/choose-saas-ma-advisor/) (the publisher's own terms; quoted for reporting and comment)
- [livmo.com, Best SaaS M&A Advisory Firms: Lower Middle Market 2026](https://livmo.com/blog/saas-ma-advisory-firms/) (the publisher's own terms; quoted for reporting and comment)
- [mnacommunity.com, M&A Fees by Deal Size: What to Expect in 2026](https://mnacommunity.com/insights/ma-fees-by-deal-size/) (the publisher's own terms; quoted for reporting and comment)
- [morganandwestfield.com, business broker and ma advisor fees a comprehensive guide](https://morganandwestfield.com/knowledge/business-broker-and-ma-advisor-fees-a-comprehensive-guide/) (the publisher's own terms; quoted for reporting and comment)
- [newowner.co.uk, NewOwner vs UK Business Brokers: Compare Fees \| NewOwner](https://newowner.co.uk/blog/newowner-vs-business-brokers-uk-sell-business) (the publisher's own terms; quoted for reporting and comment)
- [nexusbridgebrokers.com, Best NJ Business Brokers 2026, Honest Comparison Guide](https://nexusbridgebrokers.com/best-nj-business-brokers-2026/) (the publisher's own terms; quoted for reporting and comment)
- [nexusbridgebrokers.com, How Healthcare M&A Brokers Get Paid (Seller's Guide)](https://nexusbridgebrokers.com/blog/how-healthcare-ma-brokers-get-paid/) (the publisher's own terms; quoted for reporting and comment)
- [nexusbridgebrokers.com, NJ Business Broker Fees 2026](https://nexusbridgebrokers.com/nj-business-broker-fees-2026/) (the publisher's own terms; quoted for reporting and comment)
- [praxisrock.com, Sell-Side M&A Advisory Fees in 2026 \| Praxis Rock](https://praxisrock.com/insights/sell-side-advisory-fees) (the publisher's own terms; quoted for reporting and comment)
- [sellltd.co.uk, KBS Corporate review 2026, fees, exclusivity, honest verdict](https://sellltd.co.uk/sell-my-business/reviews/kbs-corporate) (the publisher's own terms; quoted for reporting and comment)
- [sellmybusinessusa.com, Business Broker Fees: The Complete 2025 Guide to Selling Your Business Costs](https://sellmybusinessusa.com/business-broker-fees-the-complete-2025-guide-to-selling-your-business-costs/) (the publisher's own terms; quoted for reporting and comment)
- [sigmamergers.com, What Certifications and Licenses Do Business Brokers Need?](https://sigmamergers.com/what-certifications-and-licenses-do-business-brokers-need/) (the publisher's own terms; quoted for reporting and comment)
- [synergybb.com, What Are The Fees For Selling A Business? \| Business Brokers](https://synergybb.com/blog/what-fees-are-paid-for-selling-a-business/) (the publisher's own terms; quoted for reporting and comment)
- [tworldfranchise.com, Do You Need a Real Estate License to Be a Business Broker?](https://tworldfranchise.com/blog/do-you-need-a-real-estate-license-to-be-a-business-broker/) (the publisher's own terms; quoted for reporting and comment)
- [ukbusinessbrokers.com, Business Broker Fees, How Much Do Business Brokers Charge?](https://ukbusinessbrokers.com/broker-fees-how-much-do-business-brokers-charge/) (the publisher's own terms; quoted for reporting and comment)
- [venturefirst.com, An Introduction to Success Fees and the Lehman Formula](https://venturefirst.com/an-introduction-to-success-fees-and-the-lehman-formula/) (the publisher's own terms; quoted for reporting and comment)
- [venturenorthgroup.com, What Does a Business Broker Charge? Business Broker Fees](https://venturenorthgroup.com/business-broker-charge/) (the publisher's own terms; quoted for reporting and comment)
- [windsordrake.com, Best SaaS M&A Advisory Firms 2026: Software Sell-Side Advisors Ranked](https://windsordrake.com/best-saas-ma-advisory-firms/) (the publisher's own terms; quoted for reporting and comment)
- [733park.com, What Does an M&A Advisor Charge to Sell a Company? \| 733Park](https://www.733park.com/insights/what-does-an-ma-advisor-charge/) (the publisher's own terms; quoted for reporting and comment)
- [afpbb.com.au, Business Broking Fees](https://www.afpbb.com.au/Resources/BusinessBrokingFees.aspx) (the publisher's own terms; quoted for reporting and comment)
- [axial.net, Understanding Investment Banking Fee Structures](https://www.axial.net/forum/investment-banking-fee-structures/) (the publisher's own terms; quoted for reporting and comment)
- [axial.net, What Does an M&A Advisor Charge?](https://www.axial.net/forum/what-does-an-ma-advisor-charge/) (the publisher's own terms; quoted for reporting and comment)
- [axial.net, Firmex_Axial_MA_Fee_Guide.pdf](https://www.axial.net/wp-content/uploads/2022/12/Firmex_Axial_MA_Fee_Guide.pdf) (the publisher's own terms; quoted for reporting and comment)
- [baton.com, What’s the Average Business Broker Commission?](https://www.baton.com/resources/own/average-commission-for-business-broker) (the publisher's own terms; quoted for reporting and comment)
- [baton.com, How much do business brokers charge: Breaking down pricing and fees](https://www.baton.com/resources/own/business-broker-fees) (the publisher's own terms; quoted for reporting and comment)
- [bizquest.com, What Is the Lehman Formula? \| BizQuest](https://www.bizquest.com/learn/article/what-is-lehman-scale/) (the publisher's own terms; quoted for reporting and comment)
- [breakwaterma.com, How to Choose a Business Broker in Canada \| 2026 Guide](https://www.breakwaterma.com/blog/business-broker-canada-guide) (the publisher's own terms; quoted for reporting and comment)
- [brentwood-growth.com, The 'Lehman Formula' Demystified: A Comprehensive Look at Transactional Fees](https://www.brentwood-growth.com/blog/business-valuations/the-lehman-formula-demystified-a-comprehensive-look-at-transactional-fees/) (the publisher's own terms; quoted for reporting and comment)
- [businesstrade.com.au, What Commission Do Business Brokers Charge?](https://www.businesstrade.com.au/what-commission-do-business-brokers-charge) (the publisher's own terms; quoted for reporting and comment)
- [clearlyacquired.com, How Much Do Business Broker Fees Actually Cost in 2026?](https://www.clearlyacquired.com/blog/how-much-do-business-broker-fees-actually-cost-in-2026) (the publisher's own terms; quoted for reporting and comment)
- [corebb.com.au, How much are business broker fees? \| Core Business Brokers](https://www.corebb.com.au/how-much-are-business-broker-fees/) (the publisher's own terms; quoted for reporting and comment)
- [firmex.com, Canadian Edition of the M&A Fee Guide 2023](https://www.firmex.com/resources/reports-guides/canadian-ma-fee-guide-23/) (the publisher's own terms; quoted for reporting and comment)
- [firmex.com, M&A Fee Guide 2024-2025, European Edition \| Firmex VDR](https://www.firmex.com/resources/reports-guides/eu-fee-guide-25/) (the publisher's own terms; quoted for reporting and comment)
- [firmex.com, M&A Fee Guide 2024-2025, Global Edition \| Firmex VDR](https://www.firmex.com/resources/reports-guides/global-ma-fee-guide-25/) (the publisher's own terms; quoted for reporting and comment)
- [firmex.com, M&A Fee Guide 2024-2025, North American Edition](https://www.firmex.com/resources/reports-guides/na-fee-guide-25/) (the publisher's own terms; quoted for reporting and comment)
- [firmex.com, M&A Fee Guide 2024-2025, US Edition \| Firmex VDR](https://www.firmex.com/resources/reports-guides/us-fee-guide-25/) (the publisher's own terms; quoted for reporting and comment)
- [futureventures.ca, Understanding the Lehman Scale: A Guide for Effective Evaluation](https://www.futureventures.ca/insights/lehman-scale-guide-lehman-formula-double-lehman-and-modern-variations) (the publisher's own terms; quoted for reporting and comment)
- [kbscorporate.com, Business Brokers \| The UK’s No.1 Business Sales Agents](https://www.kbscorporate.com/business-brokers/) (the publisher's own terms; quoted for reporting and comment)
- [kbscorporate.com, Sell Your Business \| UK’s #1 Company Sales Experts](https://www.kbscorporate.com/sell-a-company/) (the publisher's own terms; quoted for reporting and comment)
- [l40.com, M&A Advisor Fees for a Mid-Market Software Exit \| L40°](https://www.l40.com/insights/m-a-advisor-fees-software-exit) (the publisher's own terms; quoted for reporting and comment)
- [midstreet.com, Business Broker Pricing and Fees When Selling a Business: The Ultimate Guide](https://www.midstreet.com/blog/business-broker-fees-when-selling-a-business) (the publisher's own terms; quoted for reporting and comment)
- [midstreet.com, The Top 6 Business Broker Franchises in the U.S.](https://www.midstreet.com/blog/business-broker-franchises) (the publisher's own terms; quoted for reporting and comment)
- [midstreet.com, What is the Double Lehman Scale? (With Examples)](https://www.midstreet.com/blog/double-lehman-scale-business-broker-commission) (the publisher's own terms; quoted for reporting and comment)
- [nav.com, Business Broker Fees: A Complete Guide for Small Business Owners](https://www.nav.com/blog/how-much-do-brokers-charge-to-sell-a-business-4232647/) (the publisher's own terms; quoted for reporting and comment)
- [peony.ink, M&A Advisor Fees: Lehman Scale, Retainers & Hidden Clauses (2026)](https://www.peony.ink/blog/ma-advisor-fees) (the publisher's own terms; quoted for reporting and comment)
- [rejigg.com, How Much Do Business Brokers Charge? The Real Cost at Every Deal Size](https://www.rejigg.com/articles/business-broker-commission-rates) (the publisher's own terms; quoted for reporting and comment)
- [revenuerocket.com, M&A Fees](https://www.revenuerocket.com/ma-fees-what-to-expect-before-during-and-after-close/) (the publisher's own terms; quoted for reporting and comment)
- [scalesuite.com.au, Business Broker Fees: What Selling Costs](https://www.scalesuite.com.au/resources/business-broker-fees) (the publisher's own terms; quoted for reporting and comment)
- [sellingmybusiness.co.uk, How much does it cost to sell a business?](https://www.sellingmybusiness.co.uk/articles/selling/how-much-does-it-cost-to-sell-a-business) (the publisher's own terms; quoted for reporting and comment)
- [sellingmybusiness.co.uk, Understanding Broker Fee Agreements, Selling My Business](https://www.sellingmybusiness.co.uk/articles/selling/selling-a-business-understanding-a-business-broker-fee-agreement) (the publisher's own terms; quoted for reporting and comment)
- [swyftfilings.com, What Is a Business Broker? \| Swyft Filings](https://www.swyftfilings.com/broker-license/) (the publisher's own terms; quoted for reporting and comment)
- [thenonexecutive.com, M&A Fee Guide - TheNonExec® Boutique M&A](https://www.thenonexecutive.com/ma-fee-guide/) (the publisher's own terms; quoted for reporting and comment)
- [uscita.co.uk, Fees for selling a business: the complete list](https://www.uscita.co.uk/fees-for-selling-a-business-the-complete-list/) (the publisher's own terms; quoted for reporting and comment)
- [wallstreetoasis.com, M&A Advisory Fees in Banking \| Wall Street Oasis](https://www.wallstreetoasis.com/forum/investment-banking/ma-advisory-fees-in-banking) (the publisher's own terms; quoted for reporting and comment)
- [wallstreetoasis.com, What's the typical sell-side transaction fee at middle market firms?](https://www.wallstreetoasis.com/forum/investment-banking/whats-the-typical-sell-side-transaction-fee-at-middle-market-firms) (the publisher's own terms; quoted for reporting and comment)
- [websiteclosers.com, Do Business Brokers Need a License? Legal Requirements Explained](https://www.websiteclosers.com/resources/does-it-really-matter-that-business-brokers-are-not-licensed/) (the publisher's own terms; quoted for reporting and comment)
- [ibba.org](https://www.ibba.org/about/) (the publisher's own terms; quoted for reporting and comment)
- [firmex.com](https://www.firmex.com/resources/ma-fee-guide-2025/) (the publisher's own terms; quoted for reporting and comment)

## Cite or embed

- The median published figure in the M&A Advisor Fee Index is 4 percent across 7 sources' own pages (range 1.50 to 10 percent), read 11 November 2026.
- 7 of the 84 named sources read in full publish a figure; 77 publish none, read 11 November 2026.
- M&A Advisor Fee Index, fee formula flat percent: median 10 percent across 1 source, read 11 November 2026.
- The median is unchanged since 22 October 2026 (was 4 percent across 7).

Cite as: "madvisorfees.com M&A Advisor Fee Index", updated 2026-11-12, https://madvisorfees.com/datasets/ma-advisor-fee-index/.

CSV: https://madvisorfees.com/datasets/ma-advisor-fee-index.csv
JSON: https://madvisorfees.com/datasets/ma-advisor-fee-index.json
Embed (plain HTML, static link back): see https://madvisorfees.com/datasets/ma-advisor-fee-index/#median