M&A advisor in Michigan in 2026: how to hire, fees, and sell-side strategy

If you own a lower middle market business in Michigan and you are 6 to 18 months from selling, hiring an M&A advisor in Michigan is the single decision that will move your outcome more than any other. This guide names the boutique M&A advisors in Michigan that actually close deals, lays out fee ranges you should expect, shows current EBITDA multiples for Michigan sellers, walks through the private equity buyer pool active in the state, and gives you an interview checklist you can use in your first advisor meeting. Written by the CT Acquisitions M&A advisory team, updated Q3 2026.

Michigan is a distinctive market. Roughly 900,000 small and mid-sized businesses operate here, with the deal count concentrated in automotive supply, healthcare services, industrial services, and technology per the SBA Office of Advocacy Michigan Small Business Profile. The automotive supply chain is the largest source of Michigan manufacturing deals and it comes with buyer dynamics you will not see in Ohio or Indiana. Your advisor needs to know that terrain.

What does an M&A advisor in Michigan actually do?

An M&A advisor in Michigan runs a full sell-side process for a founder: preparing a confidential information memorandum, building a targeted buyer list of strategic acquirers and private equity sponsors, managing management meetings, negotiating letters of intent and purchase agreements, and coordinating with Michigan counsel such as Honigman LLP or Dickinson Wright PLLC through closing. Typical engagements run 7 to 11 months and produce a 15% to 25% price uplift versus an unadvised sale.

The mechanics matter. A Michigan M&A advisor in a sell-side engagement would typically start with a positioning workshop with the founder, then a two to four week diligence sprint that produces a defensible EBITDA bridge with addbacks. They then draft the CIM, build the buyer list, and run outreach. On a competitive process, 60 to 120 buyers get teasers, 20 to 40 sign NDAs, 8 to 15 submit indications of interest, and 2 to 5 progress to LOI. Your advisor negotiates working capital pegs, escrow, and reps and warranties insurance coverage. On Michigan automotive supply deals, they also negotiate OEM consent and tooling ownership.

Founders often ask why they cannot just do this themselves. They can, and some do. The Pepperdine Private Capital Markets Report has consistently shown that founder-led sales without an advisor close at meaningfully lower multiples than advised sales, and the delta widens as deal size grows. On a $20M deal, that spread would typically be $3M to $5M of enterprise value. That is the advisor’s fee, several times over.

For a deeper walk through what advisors do end to end, see our M&A advisory pillar and our lower middle market M&A advisor guide.

How is an M&A advisor different from a business broker in Michigan?

In Michigan, a business broker would typically handle main-street businesses under $1M of EBITDA using MLS-style listings, while an M&A advisor runs a confidential competitive process for LMM deals of $1M to $50M EBITDA with named institutional buyers such as Auxo Investment Partners. Business brokers are regulated under Michigan Occupational Code real estate licensing. M&A advisors register as broker-dealers with FINRA or work under securities-attorney exemptions.

The practical difference: brokers list, advisors run processes. A broker in Grand Rapids or Traverse City would typically post your business anonymously on BizBuySell and wait for inbound. That is fine for a $700K EBITDA landscaping company. It is a disaster for a $4M EBITDA specialty manufacturer, because it produces one interested buyer at a time and no use.

An M&A advisor produces multiple simultaneous bidders on a fixed timeline. Simultaneous bidders compete on price and terms. That structural difference is why LMM sellers who use M&A advisors would typically clear 5.5x to 7.5x on industrial deals and 8.0x to 10.0x on healthcare deals, while broker-listed businesses of similar quality often clear 3.0x to 4.5x per IBBA Market Pulse Q4 2025.

Which M&A advisors serve Michigan LMM sellers?

The Michigan boutique M&A advisor bench for lower middle market sellers is led by Donnelly Penman & Partners in Grosse Pointe with 340-plus closed deals, Cascade Partners in Southfield founded by Rajesh Kothari in 2012, Greenwich Capital Group in Birmingham with 105-plus deals including Andrew Dickow on Crain’s Detroit 2025 Notable M&A Dealmakers list, Amherst Partners in Ann Arbor at roughly 36 deals through mid 2025, and Equity Group of Michigan across Grand Rapids, Ann Arbor, Muskegon, and Cadillac.

A short profile of each, in the order a founder would encounter them:

Donnelly Penman & Partners (Grosse Pointe). Michigan’s largest independent middle market investment bank per their firm materials, with a specialty in automotive and financial institution deals and 340+ closed transactions. If you are a Michigan auto supplier or a community bank, this is a natural first call. donnellypenman.com.

Cascade Partners (Southfield). Founded 2012 by Rajesh Kothari, LMM sell-side and buy-side coverage across healthcare, industrial, business services, and technology. Strong Detroit and Great Lakes footprint. cascade-partners.com.

Greenwich Capital Group (Birmingham). 105+ closed deals with cross-border automotive and industrial expertise. Andrew Dickow was named to Crain’s Detroit 2025 Notable M&A Dealmakers list per Crain’s coverage. Useful when you have a US business with Canada or Mexico supply chain exposure. greenwichgp.com.

Amherst Partners (Ann Arbor). Diversified LMM boutique founded 1994, covers the $10M to $150M enterprise value band, roughly 36 deals through mid 2025 per firm materials. Frequent presence at the Ann Arbor and Detroit deal conferences. amherstpartners.com.

Equity Group of Michigan (Grand Rapids, plus Ann Arbor, Muskegon, and Cadillac). LMM sell-side advisor focused on founder-owned businesses across Michigan and Indiana. Distinctive multi-office West Michigan and Northern Michigan coverage. equitygroupmi.com.

In our experience advising LMM sellers in Michigan, we find that founder outcomes cluster around advisor fit more than advisor size. A Grosse Pointe automotive supplier will get better process use from Donnelly Penman than from a New York bulge-bracket team that flies in twice. A West Michigan industrial founder will find Auxo Investment Partners and other Grand Rapids sponsors in the room faster when represented by Equity Group of Michigan or Amherst Partners. Fit compounds. Start with three advisor meetings in your specific vertical and geography before you sign anything.

What do M&A advisors charge in Michigan?

M&A advisors in Michigan would typically charge a monthly retainer of $10,000 to $25,000 credited against a success fee of 3% to 5% of transaction value for LMM deals, per Firm Institute of Merger and Acquisition Professionals fee data and CT Acquisitions benchmarking. On deals above $25M, a Lehman-style modified scale is common: 5% on the first $5M, 4% on the next $5M, 3% on the next, and so on. Expect a $75,000 to $150,000 work fee at engagement.

Advisor type	Typical success fee	Deal size fit	Timeline to close	Sector expertise
Michigan boutique M&A advisor (Cascade, Amherst, Equity Group)	3% to 5% of EV	$5M to $75M EV	7 to 11 months	Deep in-state PE and strategic relationships
Regional investment bank (Donnelly Penman, Greenwich Capital)	2% to 4% of EV	$25M to $250M EV	8 to 12 months	Automotive, financial institutions, industrial
Bulge-bracket investment bank (Morgan Stanley, JPMorgan)	1% to 2% of EV plus $500K-$1M retainer	$250M+ EV	9 to 14 months	Broad but shallow in Michigan LMM
Business broker (main street listings)	8% to 12% of purchase price	Under $2M EV	4 to 9 months	Michigan retail, service, restaurant

For a full fee walk-through, see our investment bank fees for the lower middle market in 2026.

What EBITDA multiples do Michigan businesses sell for in 2026?

Michigan LMM industrial and business services businesses would typically trade at 5.5x to 7.5x TTM EBITDA in 2026 per GF Data 2025 quarterly reports. Healthcare services and PE-backed roll-up sectors would typically clear 8.0x to 10.0x. Automotive supply is at the low end of the industrial band. Software and specialty healthcare clear the highest. Recurring revenue quality and customer concentration are the largest multiple movers.

Michigan LMM vertical	2026 EBITDA multiple range	Key multiple drivers	Source
Automotive supply (Tier 2 and 3)	4.5x to 6.0x	OEM concentration, program lifecycle, tooling ownership	GF Data 2025
Industrial services (HVAC, electrical, mechanical)	6.0x to 8.0x	Recurring service revenue, technician retention	Axial LMM Q2 2025
Specialty manufacturing	5.5x to 7.5x	IP, gross margin, customer concentration	GF Data 2025
Healthcare services (dental, dermatology, PT)	8.0x to 10.0x	Provider retention, payor mix, CON status	PitchBook Q4 2025 US PE Breakdown
Business services (staffing, IT MSP, marketing)	6.0x to 8.5x	Recurring revenue, gross margin, net revenue retention	CT Acquisitions LMM Report 2026
Technology and SaaS	8.0x to 12.0x	ARR growth, gross retention, rule of 40	SEG Software Index 2025

These are advised, competitive-process ranges. Founders who negotiate one-off with an inbound buyer would typically clear a full turn lower. See our business appraisal cost guide for 2026 for a walk-through of formal valuation methodologies.

Which PE platforms are buying Michigan businesses in 2026?

Michigan-active private equity platforms in 2026 include Belfor Property Restoration owned by American Securities and headquartered in Birmingham for restoration services roll-ups, Miller Industries for towing and recovery equipment, Center Rock Capital Partners invested in GHSP in Holland for mechatronics, Roundtable Healthcare Partners for medical device and dental, and Auxo Investment Partners in Grand Rapids for industrial and manufacturing LMM roll-ups.

A Michigan founder should expect these platforms, plus dozens of out-of-state sponsors with active Michigan mandates, to appear on any well-constructed buyer list:

• Belfor Property Restoration (American Securities, Birmingham MI HQ). Restoration services roll-ups in Michigan and nationally. Active in mitigation, contents, and specialty restoration.
• Miller Industries. Towing and recovery equipment platform with PE minority participation. Relevant for adjacent industrial acquisitions.
• Center Rock Capital Partners. Invested in GHSP in Holland MI, a mechatronics platform. Continues to look at Michigan industrial platforms.
• Roundtable Healthcare Partners. Medical device and dental transactions with a Michigan target base. Deep dental and specialty medical experience.
• Auxo Investment Partners. Grand Rapids based sponsor focused on industrial and manufacturing LMM roll-ups within Michigan. Local presence changes deal cadence materially.

The out-of-state list is longer. Every well-run buyer process for a Michigan LMM industrial deal would typically also engage sponsors such as Blue Point Capital, The Riverside Company, Huron Capital, and Kirtland Capital Partners. A Michigan advisor knows which of these has capacity today, which just did a similar deal, and which is running down a fund cycle. For a broader tour of buyer types and how they behave, see our buy-side M&A advisory hub.

How does Michigan’s tax regime affect your sale proceeds?

Michigan taxes capital gains as ordinary income at a flat 4.25% state rate for 2025 per Public Act 24 of 2025, with no preferential capital gains rate. Detroit residents add 2.4% city income tax and nonresidents working in Detroit add 1.2%. Twenty-three other Michigan cities add 1.0% to 2.4%. A $10M gain by a Detroit resident would produce roughly $665K of combined Michigan state and city tax before federal.

The practical structuring points every Michigan seller should know:

• Michigan flat rate. 4.25% on all Michigan taxable income including capital gains per Michigan Treasury. No preferential long-term capital gains rate. Public Act 24 of 2025 modified the federal decoupling calculation.
• Detroit city tax. Detroit charges 2.4% on residents and 1.2% on nonresidents per City of Detroit Income Tax. Twenty-three other Michigan cities including Grand Rapids, Lansing, and Flint charge 1.0% to 2.4%.
• Installment sales. Michigan follows the federal installment method under IRC 453. Gain recognized only as payments received. Useful for seller notes and earnouts.
• ESOP rollover. IRC 1042 rollover to qualified replacement property defers federal capital gain and Michigan state tax. Warner Norcross + Judd and Honigman both run active ESOP practices.
• Qualified Small Business Stock. IRC 1202 exclusion available for C-corp stock held five years or more. Michigan conforms. Meaningful for founder equity in software and specialty manufacturing C-corps.

Structuring conversations should start with your CPA before you engage an advisor, not after. Plante Moran and Rehmann both have Michigan LMM tax structuring practices that specialize in this. See our quality of earnings guide for business sales in 2026 for how tax structuring interacts with QoE.

What state-specific legal issues affect M&A in Michigan?

Michigan-specific M&A legal issues include Certificate of Need review for healthcare services deals through the Michigan Certificate of Need Commission, reasonableness scrutiny on non-competes with Michigan courts enforcing narrowly tailored restrictions, Occupational Code trade licensing that transfers only through proper filing, and Michigan Uniform Voidable Transactions Act successor liability rules. Automotive supply deals also carry OEM consent and tooling ownership complications not present in most other sectors.

A Michigan seller should map these five issues with counsel in the first two weeks of engagement:

• Certificate of Need. Michigan is a CON state per the Michigan Certificate of Need Commission. Healthcare services transactions involving hospital beds, MRI, CT, PET, cardiac catheterization, and other regulated services require CON review. Timeline can add 90 to 180 days.
• Non-competes. Michigan enforces non-competes for M&A transactions but courts scrutinize reasonableness of duration, geography, and scope. A five year, statewide, all-industry non-compete on a $10M deal is standard and generally enforceable. Broader restrictions get trimmed.
• Occupational Code licensing. Trades regulated under Michigan Occupational Code, including HVAC, electrical, plumbing, and specialty contractors, require proper license transfer or continuation. Missing this on a specialty contractor deal can void insurance and permits.
• Successor liability. Michigan follows the Michigan Uniform Voidable Transactions Act. Buyers routinely require successor liability indemnification and rep and warranty insurance. Structure matters: asset deals limit exposure, stock deals broaden it.
• Automotive OEM consent. Ford, GM, and Stellantis supplier agreements typically include change of control provisions. OEM consent is not automatic. Deal timing must account for tier-one supplier review windows.

For state-specific counsel, see the “Michigan law firms and accountants” section below.

How long does a sale take with a Michigan M&A advisor?

A Michigan M&A advisor sell-side process would typically run 7 to 11 months from engagement to close: 6 to 10 weeks for prep and quality of earnings, 8 to 12 weeks for marketing and management meetings, 90 to 120 days from letter of intent to close for confirmatory diligence and definitive documentation. Automotive supply deals with OEM consent requirements run 30 to 60 days longer. Healthcare deals with Certificate of Need review can extend 90 to 180 days.

Phase	Weeks	Key deliverables	Founder time commitment
Engagement and prep	Weeks 1 to 4	Engagement letter, data room stand-up, QoE scoping	10 to 15 hours per week
QoE and CIM drafting	Weeks 4 to 10	QoE report, CIM, teaser, buyer list	15 to 20 hours per week
Marketing and outreach	Weeks 10 to 14	NDAs signed, CIM distributed, IOIs collected	5 to 10 hours per week
Management meetings	Weeks 14 to 20	Site visits, deep dives, LOIs collected	20 to 30 hours per week
LOI to close	Weeks 20 to 44	Confirmatory diligence, definitive agreements, closing	15 to 25 hours per week

What financials will a Michigan M&A advisor request?

A Michigan M&A advisor would typically request three years of audited or reviewed financial statements, three years of federal and Michigan state tax returns, current year monthly P&L and balance sheet, three-year forecast, customer concentration by revenue, employee census with compensation, real estate leases, and material contracts. On automotive deals they also request tooling schedules, PPAP status, and OEM program timelines. Full data room typically holds 400 to 800 documents.

The document request list matters more than founders realize. Advisors who send you a 50-line data room checklist are running a real process. Advisors who send you a two-page questionnaire are not. A representative Michigan LMM data room includes:

• Three years of financials (audited or reviewed strongly preferred, compilations acceptable with QoE)
• Three years of federal and Michigan state tax returns plus city returns if applicable
• Current year trailing twelve months monthly P&L, balance sheet, and cash flow
• Three-year forecast with revenue build and cost assumptions
• Top 20 customers by revenue for each of the last three years
• Employee census: title, hire date, comp, benefits, non-compete status
• Real estate: leases, environmental reports, property tax assessments
• Contracts: customer contracts, supplier contracts, employment contracts, IP licenses
• Legal: pending litigation, insurance claims, regulatory correspondence
• Automotive-specific: tooling schedules, PPAP status, OEM program letters, change of control provisions

Which Michigan law firms and accountants handle sell-side M&A?

The Michigan sell-side M&A legal and accounting bench is led by Dickinson Wright PLLC across Detroit, Ann Arbor, and Grand Rapids, Honigman LLP in Detroit and three other Michigan offices, Warner Norcross + Judd LLP as the West Michigan powerhouse in Grand Rapids, Plante Moran for transaction advisory and quality of earnings from Southfield statewide, and Rehmann for LMM sell-side accounting and QoE from Troy statewide.

• Dickinson Wright PLLC (Detroit, Ann Arbor, Grand Rapids). M&A and private company transactions. Deep automotive and healthcare bench. dickinsonwright.com.
• Honigman LLP (Detroit, Kalamazoo, Ann Arbor, Grand Rapids). Major Michigan M&A firm with a large private company practice and a top-tier tax structuring group. honigman.com.
• Warner Norcross + Judd LLP (Grand Rapids). West Michigan M&A powerhouse, active in industrial, food and beverage, and manufacturing deals. wnj.com.
• Plante Moran (Southfield HQ, statewide). Transaction advisory, tax structuring, sell-side and buy-side quality of earnings. One of the largest LMM QoE providers in the Great Lakes. plantemoran.com.
• Rehmann (Troy HQ, statewide). LMM sell-side accounting and QoE. Strong Michigan founder client base. rehmann.com.

How do you interview an M&A advisor in Michigan?

To interview a Michigan M&A advisor, meet three firms of comparable size, ask each for closed deal count in your sector in the last 24 months, request three founder references from Michigan exits, ask for named PE relationships and last engagement date with each, request a written fee proposal with retainer and success fee, and confirm who on the team will run your process week to week. Never sign an engagement in the first meeting.

A ten-question interview checklist that would typically separate a real Michigan LMM advisor from a generalist:

1. How many deals have you closed in my sector in the last 24 months? Ask for names and enterprise values.
2. Which three Michigan founders can I call as references from deals you closed in the last 18 months?
3. Who exactly on your team will run my process week to week? What is their deal count?
4. What is your buyer list philosophy: how many strategics, how many PE sponsors, and how many will actually get called?
5. Show me a sanitized CIM from a deal you closed in my sector. What did you cover on page one?
6. What is your fee structure? Written proposal with retainer, success fee, tail, and definition of success.
7. What is your process for negotiating working capital pegs? Michigan sellers routinely lose 3% to 5% of enterprise value on this line item alone.
8. What is your quality of earnings recommendation? Sell-side or reactive? Which firm do you use in Michigan?
9. How do you handle OEM consent on automotive deals, or CON review on healthcare deals? Give a recent example.
10. What could go wrong on my deal in the next 12 months? An honest advisor names three specific risks.

What red flags should you avoid when hiring in Michigan?

Red flags when hiring an M&A advisor in Michigan include success-only fee structures with no retainer, unwillingness to name recent closed deals or provide founder references, buyer lists dominated by inbound inquiries rather than a curated outreach process, no sector experience in your specific vertical, and a tail provision longer than 24 months. Any advisor who guarantees a specific multiple should be immediately disqualified.

Six specific red flags to watch for:

• Guaranteed multiple. No credible Michigan M&A advisor would guarantee 8x, 10x, or any other multiple. Anyone who does is fee-fishing.
• No retainer. Advisors with skin in the game (a modest retainer credited against success) run better processes than success-only advisors who often work in volume.
• Vague references. If they cannot give you three Michigan founder names from the last 18 months, they have not closed enough.
• Broad tail. A 36-month tail on any buyer they mentioned, including strategics you already knew, is founder-hostile. 12 to 18 months on a curated named list is fair.
• Undefined success. The engagement letter must define what qualifies as success. Vague language would typically favor the advisor in fee disputes.
• Single-buyer negotiation. If the advisor’s first move is to walk you into a conversation with one inbound buyer without running a competitive process, they are not adding value.

Which industries are most active for Michigan M&A in 2026?

The most active Michigan M&A industries in 2026 are automotive supply (Tier 2 and Tier 3 suppliers with EV transition exposure), healthcare services (dental service organizations, dermatology, physical therapy, orthopedic), industrial services (HVAC, plumbing, electrical, exterior services), specialty manufacturing (metal fabrication, machining, plastics), and technology (SaaS, MSP, IT services). Deal count is highest in industrial services and healthcare per Axial and PitchBook regional coverage.

A Michigan LMM founder in one of these verticals would typically see the deepest buyer pool and highest multiples in 2026:

• Healthcare services. Dental, dermatology, PT, orthopedic. Multiples 8.0x to 10.0x. Roundtable Healthcare Partners and national DSO platforms active. See our M&A advisor for orthopedic practice guide.
• Industrial services. HVAC, plumbing, electrical, roofing, exterior services. Multiples 6.0x to 8.0x. See our M&A advisor for HVAC business and M&A advisor for plumbing business guides.
• Automotive supply. Tier 2 and Tier 3 suppliers with EV transition exposure. Multiples 4.5x to 6.0x with buyer pool heavily concentrated in Michigan-based strategics.
• Specialty manufacturing. Metal fabrication, machining, plastics injection molding. Multiples 5.5x to 7.5x. Auxo Investment Partners and Center Rock Capital active.
• Technology and MSP. Regional MSP and SaaS platforms. Multiples 8.0x to 12.0x for quality recurring revenue.

How does the Michigan buyer pool compare to national?

The Michigan buyer pool is deeper than national average in automotive supply, industrial services, and healthcare services and shallower in technology and consumer per PitchBook Q4 2025 US PE Breakdown. Michigan-based sponsors such as Auxo Investment Partners, Center Rock Capital Partners, and Belfor’s American Securities ownership add local buyer density that Ohio, Indiana, and Illinois founders in the same sectors do not have.

Concretely: on a well-run Michigan industrial LMM process, a founder would typically see 8 to 15 IOIs, of which 3 to 5 come from Michigan-headquartered sponsors and 5 to 10 come from out-of-state sponsors with active Michigan mandates. That mix produces genuine multi-bidder competition. On a Michigan healthcare deal, the mix skews more heavily to out-of-state DSO and MSO platforms with Roundtable Healthcare Partners as a notable in-state exception.

The comparison to Ohio and Indiana: Ohio has more industrial capital by absolute count but less Michigan-specific automotive supply expertise. Indiana has more agriculture and food processing exposure. Illinois has more distribution and logistics. A Michigan founder would typically get better process use by hiring a Michigan advisor than a Chicago or Cleveland advisor of similar size.

Related CT Acquisitions guides

These companion guides cover the sell-side process end to end. Read alongside this page for the full picture on fees, timelines, and buyer archetypes.

• M&A Advisory Pillar Guide (2026)
• Buy-Side M&A Advisory
• Lower Middle Market M&A Advisor
• Business Appraisal Cost 2026
• Investment Bank Fees LMM 2026
• Quality of Earnings (QoE) Guide
• M&A Advisor for HVAC Business
• M&A Advisor for Plumbing Business
• M&A Advisor for Orthopedic Practice

Frequently asked questions

What does an M&A advisor in Michigan typically charge on a $10M deal?

On a $10M enterprise value deal in Michigan, a lower middle market M&A advisor would typically charge a monthly retainer of $10,000 to $25,000 credited against a success fee of 3% to 5% of transaction value per Firm Institute of Merger and Acquisition Professionals guidance and CT Acquisitions fee benchmarking. A Lehman-style modified scale is common on deals above $25M.

How long does a sell-side process take in Michigan?

A full sell-side process in Michigan would typically run 7 to 11 months from engagement to close. Prep and quality of earnings runs 6 to 10 weeks, marketing and management meetings run 8 to 12 weeks, LOI to close runs 90 to 120 days. Automotive supplier deals often run longer due to OEM consent requirements.

Do I need a Michigan-based M&A advisor?

You do not strictly need one, but a Michigan or Great Lakes based advisor would typically have deeper relationships with in-state PE sponsors such as Auxo Investment Partners and Center Rock Capital Partners, plus routine access to Detroit and Grand Rapids strategic acquirers. Out-of-state bulge-bracket coverage often lacks that regional sponsor density on sub-$50M deals.

What EBITDA multiple would my Michigan business sell for in 2026?

Michigan LMM industrial and business services deals would typically trade at 5.5x to 7.5x TTM EBITDA. Healthcare services and PE-backed roll-up sectors would trade at 8.0x to 10.0x per GF Data 2025 quarterly reports. Automotive supply deals sit at the low end. Recurring revenue software or specialty healthcare trades highest.

How is my sale taxed in Michigan?

Michigan taxes capital gains as ordinary income at the flat 4.25% rate for 2025 with no preferential capital gains rate. Detroit and 23 other cities add city income tax of 1.0% to 2.4% on top. Public Act 24 of 2025 modified federal decoupling. Structuring installment sales or ESOP rollovers can materially defer state tax.

Should I hire a business broker or an M&A advisor in Michigan?

For a Michigan business with more than about $1.5M of EBITDA, an M&A advisor would typically deliver better outcomes than a broker. Advisors run competitive processes with named institutional buyers such as Auxo Investment Partners, produce a full CIM, and negotiate working capital pegs. Brokers work best for main-street businesses below $1M EBITDA.

What is a quality of earnings report and do I need one?

A sell-side quality of earnings, or QoE, would typically be produced by Plante Moran, Rehmann, or a similar firm and would normalize EBITDA, verify revenue recognition, and defend addbacks. Buyers routinely reduce purchase price by 5% to 15% when the seller has no QoE. For Michigan LMM deals above $3M EBITDA, a sell-side QoE is standard.

How do I know if a Michigan M&A advisor is any good?

Ask for closed deal count in your sector in the last 24 months, references from three founders who exited in Michigan, and named PE relationships. Donnelly Penman & Partners publishes 340+ closed deals, Greenwich Capital Group publishes 105+ deals, and Amherst Partners publishes a running deal list. Any credible advisor would share that data.