M&A advisor in Wyoming in 2026: how to hire, what they charge, and how to run a sell-side

If you are the owner of a lower middle market company in Wyoming and you are 6 to 18 months from a sale, hiring the right M&A advisor in Wyoming is the single decision that will drive your net proceeds more than any other choice you make. This page is a working guide from the CT Acquisitions M&A advisory team on who runs sell-side processes in this state, what a fair fee looks like, what EBITDA multiples Wyoming businesses would typically clear in 2026, which private equity platforms are actively buying here, and how the state’s tax and legal regime changes the math on your exit.

Wyoming is a small-population state, but the deal flow is not small. Energy services in the Powder River Basin, ranching and agricultural supply, coal transition assets, agricultural insurance carriers, and the rise of Wyoming as a chartering jurisdiction for family holding companies mean that a well-run sell-side process here often attracts national buyers who fly in for management meetings. If your advisor treats Wyoming as a fly-over state and runs a lazy local auction, you would leave money on the table. Below we lay out the whole picture in the order a serious seller would want to see it.

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

An M&A advisor in Wyoming runs the sell-side process for a business owner: they build the confidential information memorandum, normalize EBITDA, source and qualify 50 to 200 strategic and financial buyers, run a structured auction, negotiate the letter of intent, and manage due diligence through closing. Firms like William & Wall handle engagements in the $5M to $150M enterprise value band.

An M&A advisor is a project manager, a market maker, and a negotiator wrapped into one. On day one, they would sit with you to understand what a “good outcome” means: do you want a strategic buyer who keeps the brand, or a private equity buyer who wants to grow through acquisition? Do you want to stay on for two years or walk away in 90 days? What number lets you retire the way you want? Everything after that flows from those answers.

The mechanical work is heavy. A sell-side advisor prepares a 40 to 80 page confidential information memorandum, builds a five-year forecast model, normalizes your trailing twelve-month EBITDA for owner add-backs, screens a targeted buyer list (often 100 to 250 names on a Wyoming energy or ag deal), manages the data room, orchestrates management meetings, negotiates multiple LOIs simultaneously to preserve seller bargaining power, and runs the sprint from signed LOI to closed transaction. For the deeper mechanics we recommend the CT Acquisitions M&A advisory pillar and the lower middle market advisor guide.

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

A Wyoming business broker typically handles Main Street transactions under $2M enterprise value on flat listing fees, while an M&A advisor runs confidential structured auctions for lower middle market deals in the $5M to $150M band. Firms like Sunbelt Business Brokers Cheyenne handle Main Street sales, and firms like William & Wall handle LMM auctions where multiple buyers bid.

The line between “broker” and “advisor” is not just marketing. A broker often works on a listing model that resembles residential real estate: post the business on BizBuySell, wait for inbound inquiries, negotiate one deal at a time. That model works for a $600,000 laundromat or a $1.2M pizza chain in Casper. It does not work for a $22M oilfield services company or a $9M ranch supply distributor.

An M&A advisor runs a competitive process. They build a targeted list, they preserve confidentiality with tiered NDA rollout, they force buyers to bid against each other on price and terms, and they push structure (earnouts, seller notes, escrow) that a broker would rarely negotiate. According to the IBBA Market Pulse Q4 2025 report, Main Street deals under $2M closed at a median 2.7x SDE while lower middle market deals cleared 4.5x to 6.0x EBITDA, a spread driven largely by process quality.

Which M&A advisors serve Wyoming LMM sellers?

Named boutique M&A advisors that cover Wyoming lower middle market sellers include William & Wall (Scottsdale HQ with dedicated Wyoming coverage and a 2025 Wyoming Year in Review published in January 2026), Peterson Acquisitions (LMM network up to $100M), Sunbelt Business Brokers Cheyenne (small-cap Main Street), and Exit Equity (licensed for Wyoming sellers). Each covers a different deal-size band.

William & Wall is the most active dedicated Wyoming coverage boutique. Headquartered in Scottsdale, they publish a Wyoming Year in Review annually and run sell-side auctions across energy services, ranching supply, ag insurance, and manufacturing. If you have $2M to $8M of EBITDA and want a run process, they belong on your shortlist.

Peterson Acquisitions operates a national LMM network up to $100M enterprise value with intermediaries covering Wyoming. Their model relies on standardized processes and a large qualified buyer database, which suits owners who want a fast, disciplined engagement with less bespoke work.

Sunbelt Business Brokers maintains a Cheyenne-region presence for small-cap and Main Street deals, roughly $500,000 to $3M enterprise value. If your business would sell to a local individual buyer rather than a strategic acquirer or PE platform, Sunbelt is the right fit.

Exit Equity is licensed for Wyoming sellers and focuses on lower middle market sell-sides with a light-touch, retainer-plus-success-fee model. Owners who want a boutique feel with senior-banker attention often shortlist them alongside William & Wall.

Beyond boutiques, national regional investment banks like Piper Sandler, Houlihan Lokey, and Raymond James pick up Wyoming energy and infrastructure engagements above $75M enterprise value. For anything at that scale, you would want to interview at least one national regional IB alongside your boutique choice.

What do M&A advisors charge in Wyoming?

M&A advisors in Wyoming would typically charge a 4% to 8% success fee under Modified Lehman or Double Lehman scales, plus a monthly retainer of $8,000 to $20,000 credited against the success fee at closing. A $10M sell-side would typically cost $400,000 to $600,000 all-in, per the CT Acquisitions 2026 fee benchmark. Success-only engagements are rare and often signal a weaker process.

Fees on a sell-side engagement have three parts. First, an engagement retainer or work fee, usually $50,000 to $150,000 up front on a Wyoming LMM engagement. Second, a monthly retainer of $8,000 to $20,000 that keeps the deal team focused. Third, the success fee, which is the number that matters most.

The most common structures are the Modified Lehman and the Double Lehman. A Double Lehman on a $10M deal would generally compute as 10% of the first $1M, 8% of the second, 6% of the third, 4% of the fourth, and 2% of the balance, roughly 4.6% blended. A Modified Lehman would typically be a flat 5% on the whole deal, or 5% with a bonus tier that kicks in above a threshold price. For a full breakdown by deal size, see the CT Acquisitions guide to investment bank fees in the lower middle market.

Advisor type	Deal size band	Success fee	Monthly retainer	Sector expertise	Typical timeline
Main Street business broker (Sunbelt)	$500K to $3M	10% to 12% flat	None or $2K	Retail, restaurants, small services	6 to 9 months
Boutique M&A advisor (William & Wall, Exit Equity, Peterson)	$3M to $50M	4% to 8% Modified or Double Lehman	$8K to $15K	Energy services, ranching, ag insurance, manufacturing	7 to 10 months
Regional investment bank (Piper Sandler, Raymond James)	$50M to $250M	1.5% to 3% plus tiered incentive	$25K to $40K	Energy, infrastructure, financial services	8 to 12 months
Bulge-bracket investment bank	$250M+	0.75% to 1.5% plus bonus tiers	$50K+	Utility M&A, cross-border energy	10 to 14 months

What EBITDA multiples do Wyoming businesses sell for in 2026?

Wyoming lower middle market businesses would typically sell for 4.0x to 6.5x adjusted EBITDA in 2026, per William & Wall’s 2025 Wyoming Year in Review and GF Data. Oilfield services with strategic bidders can reach 7.0x to 9.0x on scarcity and Powder River Basin adjacency, while single-location retail and Main Street businesses often clear 2.5x to 3.5x SDE.

Multiples in Wyoming track national LMM benchmarks with two important twists. First, energy services in the Powder River Basin attract strategic bidders (Atlas Energy Solutions is the current tent pole) who will pay a scarcity premium of 1.5x to 2.5x above the state’s LMM median. Second, businesses tied to coal transition or long-term power infrastructure often price at a discount because buyers underwrite regulatory risk.

According to GF Data’s Q4 2025 report, the national LMM average across all industries and deal sizes was 6.6x adjusted EBITDA. William & Wall’s 2025 Wyoming Year in Review pegged the Wyoming energy services median at 5.8x with a range of 4.2x to 8.9x depending on customer concentration and rig count exposure.

Vertical	Wyoming LMM 2026 range	Typical buyer	Source
Oilfield services (Powder River Basin)	5.0x to 9.0x adjusted EBITDA	Strategic (Atlas Energy Solutions type) or upstream PE	William & Wall 2025 WY Year in Review
Ranching supply and ag distribution	4.5x to 6.5x	PE-backed distribution roll-ups	GF Data Q4 2025
Agricultural and mutual insurance	1.2x to 1.8x book value (or 8x to 12x earnings)	Strategic carriers (IFB Mutual model)	Deloitte 2025 Insurance M&A Outlook
Manufacturing (industrial parts, oilfield casing)	4.0x to 6.0x	PE platform or strategic	GF Data Q4 2025
Data centers and crypto mining infrastructure	7.0x to 12.0x	Digital infra PE, strategic hyperscaler	DigitalBridge / Synergy Research 2025
HVAC, plumbing, electrical services	4.5x to 6.0x	PE roll-up platforms	CT Acquisitions HVAC guide
Main Street retail and restaurants	2.5x to 3.5x SDE	Individual buyer, SBA 7(a) financing	IBBA Market Pulse Q4 2025

In our experience advising LMM sellers in Wyoming, we find that the biggest driver of a premium multiple is not the industry or even the growth rate; it is the depth of the buyer list your advisor is willing to build. Wyoming sellers who let their advisor cap the process at 40 in-state and regional names would typically leave a full turn of EBITDA on the table compared with sellers whose advisors ran a national process of 150 to 200 strategics plus PE platforms. The Powder River Basin premium exists because someone flew a Houston strategic in for a management meeting.

Which PE platforms are buying Wyoming businesses in 2026?

Active PE buyers in Wyoming in 2025 and 2026 include Atlas Energy Solutions (acquired Moser Engine Service for $223M in 2025), Safe & Green Holdings (acquired Rock Springs Energy Group for $35M in 2025), Powder River Basin LLC (acquired Pine Ridge Project for $158M in 2025), and IFB Mutual (acquired Mountain West Farm Bureau Mutual in 2025). Energy, ag insurance, and ranching are the most active verticals.

Atlas Energy Solutions paid $223M for Casper-based Moser Engine Service in 2025, per the Atlas Energy Solutions investor relations page. Moser was a specialty oilfield engine services business tied to Powder River Basin rig activity. The transaction reset the strategic bar for regional oilfield services and signaled that public strategics would pay premium multiples for scarcity assets.

Safe & Green Holdings acquired Rock Springs Energy Group for $35M in 2025 per its public 8-K filings, a smaller platform play focused on southwest Wyoming energy infrastructure. This transaction shows that public micro-cap strategics are active buyers of $3M to $8M EBITDA Wyoming companies.

Powder River Basin LLC closed the Pine Ridge Project acquisition at $158M in 2025, a coal-transition and land position deal. This buyer is a specialist that pays for reserves and long-life assets rather than EBITDA multiples in the usual sense.

IFB Mutual (Pocatello, ID) merged with Mountain West Farm Bureau Mutual (Laramie, WY) in 2025, an agricultural insurance combination that removed one of the state’s flagship carriers from independent standing. Insurance sellers in Wyoming should study this transaction as the benchmark for how mutual carrier deals get priced. For a broader view of buyer archetypes, see the CT Acquisitions buy-side advisory hub.

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

Wyoming has zero state income tax and zero state capital gains tax per the Wyoming Department of Revenue. A seller domiciled in Wyoming at closing would keep an incremental 4% to 13% of proceeds compared with sellers in California (13.3% top rate), New York (10.9%), or Oregon (9.9%). A $20M gain saved from a 9% state tax equals $1.8M in additional net proceeds.

Wyoming is one of the most tax-favorable states in the country to sell a business. According to the Wyoming Department of Revenue, the state levies no personal income tax and no separate capital gains tax. Federal capital gains at 20% plus the 3.8% net investment income tax still apply, but the marginal state layer that would apply in California, Oregon, or New York is zero.

The practical implication for a Wyoming seller is that domicile matters a great deal. A California resident who sells a Wyoming C-corporation would still owe California income tax on the gain because California follows the seller’s residency for pass-through gains. A Wyoming resident who has lived in Cheyenne for the past decade selling the same business would owe only federal tax. Sellers who plan to move to a low-tax state should engage a tax attorney at least 18 months before closing to establish clean residency, and should coordinate with quality-of-earnings work described in the CT Acquisitions QoE guide.

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

Wyoming has no state antitrust regime, no Certificate of Need laws, and no state-level Hart-Scott-Rodino equivalent. However, the Wyoming Public Service Commission must approve utility M&A, and the state’s mineral, water, and grazing rights transfers require careful diligence. Wyoming’s LLC statute (Wyoming Statutes Title 17, Chapter 29) offers the strongest charging-order protection in the United States.

Wyoming is a light-touch jurisdiction for most M&A. There is no state antitrust filing, no state Hart-Scott-Rodien style review, and no Certificate of Need regime for healthcare acquisitions. Federal HSR still applies for deals above the current $126.4M threshold per the FTC 2026 HSR thresholds, but state-level friction is minimal.

Where Wyoming law does matter is in three places. First, utility transactions require Public Service Commission approval, which can add 60 to 120 days. Second, ranching and energy deals involve complex mineral rights, water rights, and federal grazing lease transfers that a coastal M&A attorney would routinely miss. Third, Wyoming’s LLC and trust statutes, first codified in 1977 for the LLC, are widely regarded as the strongest asset-protection framework in the United States, per the Wyoming Secretary of State. That is why so many post-close holding companies re-domicile to Wyoming.

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

A typical Wyoming sell-side engagement runs 7 to 10 months from signed engagement to closing, per William & Wall’s 2025 Wyoming Year in Review. The phases: 6 to 10 weeks of preparation, 6 to 8 weeks of buyer outreach, 4 to 6 weeks of management meetings and LOIs, and 10 to 14 weeks of exclusive diligence and closing. Energy deals often extend to 12 months due to reserve engineering.

The timeline is not flexible in most directions. If you rush the preparation phase, you go to market with a weak CIM and buyers will bid conservatively. If you rush diligence, deal risk explodes and you often see re-trades in the final week. The one place Wyoming sellers can and should compress is the retainer-to-launch window: many advisors will tell you they need 12 weeks to prep, but a serious owner with clean books can be at market in 8.

Energy services and mining deals in the Powder River Basin often take a full 12 months because reserve engineering reports (SEC Rule 4-10 or PRMS standard) take 6 to 10 weeks alone, and buyer engineers want to redo the work. Insurance carrier transactions like the IFB Mutual and Mountain West Farm Bureau Mutual combination often take 12 to 18 months because of state insurance commissioner approvals.

What financials will a Wyoming M&A advisor request?

A Wyoming M&A advisor would typically request three to five years of federal tax returns, three to five years of GAAP-basis financial statements, current-year monthly management P&Ls, a working capital schedule by month, a customer concentration report, a fixed asset register, and a normalized EBITDA build. Add reserve reports (energy), rig activity data, and Farm Bureau data (ag) as vertical requirements.

The financial ask is heavy but standard. Expect to produce the past three to five years of federal 1120, 1120-S, or 1065 returns; the same period of accountant-reviewed or audited financial statements; a trailing twelve-month management P&L with monthly detail; a working capital schedule showing accounts receivable, inventory, and accounts payable by month; a customer concentration report showing top 20 customers with percent of revenue and gross margin; a fixed asset register; and a Q&A memo covering owner add-backs.

Your advisor and QoE provider will build a normalized EBITDA that adjusts for owner compensation, one-time items, related-party transactions, and non-cash items. This is the number buyers underwrite. Sellers often expect their tax-return EBITDA to be the sale number, but the normalized figure is typically 10% to 40% higher after add-backs. For the mechanics, see the CT Acquisitions guides on business appraisal cost and QoE workflow.

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

Named Wyoming legal and accounting benches for sell-side M&A include Holland & Hart (Cheyenne and Jackson offices, the largest full-service Mountain West firm with M&A, energy, and family office practices), Hathaway & Kunz (Cheyenne, corporate transactions and banking), and Porter Muirhead Cornia & Howard (Casper, Wyoming-focused accounting and sell-side tax work). Sellers should have both retained before signing an LOI.

Holland & Hart is the dominant M&A law firm covering Wyoming. Their Cheyenne and Jackson offices handle sell-side representation across energy, financial services, ranching, and family office structures. Any deal above $10M in Wyoming would typically involve Holland & Hart on at least one side, and often both.

Hathaway & Kunz (Cheyenne) is the boutique alternative for Wyoming corporate transactions, especially those involving in-state banking and lending, family-held businesses, and mid-market M&A where a smaller firm can move faster than Holland & Hart’s larger deal teams.

Porter Muirhead Cornia & Howard (Casper) is the go-to Wyoming-focused accounting firm for sell-side tax planning, quality of earnings work at the lower end of the LMM, and post-close residency planning. They know the Wyoming Department of Revenue and the local energy tax nuances better than a national firm would.

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

Interview three to five M&A advisors before signing. Ask each for a Wyoming deal sheet from the past 24 months, references from two closed sellers, the actual senior banker who would run your deal, a written buyer list preview, a sample fee proposal in writing, and a walk-through of one recent process that failed and why. Reject any advisor who cannot produce these in a follow-up meeting.

The interview is not a formality. You should meet three to five advisors, at least one boutique and one regional bank, and you should push each one on the same questions: How many sell-sides have you closed in Wyoming or in my industry in the past 24 months? Who will actually run my deal, the pitch banker or someone junior? Can I speak to two sellers you closed for and one you did not close for? What does your buyer universe look like for a business like mine? What is your fee proposal in writing?

The reference checks are where most sellers underinvest. Call the sellers. Ask them what surprised them, whether they would hire the same advisor again, and what percentage of the initial buyer list actually produced serious bids. A weak advisor will resist giving live references or will only give you their two best. A strong advisor will offer you a wide range including a deal that did not close.

What red flags should you avoid when hiring in Wyoming?

Red flags when hiring a Wyoming M&A advisor include no FINRA registration for securities transactions, success-only fee structures on LMM deals, refusal to name specific buyer prospects, a tail period longer than 24 months, exclusive engagements longer than 12 months without out-clauses, and any advisor who insists on running a local-only process. Verify CRD registration on FINRA BrokerCheck before signing.

The most common failure mode in the Wyoming market is hiring an unregistered advisor who is technically a business broker but markets themselves as an M&A advisor. If your deal involves any equity securities transaction, your advisor must be affiliated with a broker-dealer registered with FINRA. Check the individual’s CRD number on FINRA BrokerCheck. This is a five-minute step that would save some Wyoming sellers a six-figure regulatory problem.

Other red flags: success-only fees at the LMM level often signal an advisor without the balance sheet to prep the deal properly. Tail periods over 24 months are excessive. Exclusive engagements over 12 months without a mutual out-clause trap you if the advisor underperforms. Refusal to name specific prospective buyers in writing before you sign suggests the advisor does not actually have relationships. And any advisor who insists on a local-only auction is limiting your outcome.

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

The most active Wyoming M&A verticals in 2026 are oil and gas exploration and services in the Powder River Basin, coal transition assets, agricultural and mutual insurance carriers, ranching supply and distribution, digital infrastructure (crypto and data centers given low power costs), and family office holding company formation. Energy dominates announced deal value while ag and insurance drive announced count.

Wyoming’s M&A market in 2026 is a two-tier story. At the top of the value stack, oil and gas exploration, oilfield services, and coal-transition assets in the Powder River Basin drive announced deal value, with Atlas Energy Solutions’ $223M Moser transaction is the current benchmark. At the count level, ranching supply, ag distribution, agricultural insurance, and mutual carrier combinations produce most of the deal flow.

The rising verticals include digital infrastructure and crypto mining, which have flocked to Wyoming for the state’s low power costs and business-friendly LLC regime. Family office holding company formation, driven by Wyoming’s LLC and trust statutes, is not a deal category in the sell-side sense but drives significant post-close activity as sellers re-domicile their proceeds structures to Cheyenne. See the CT Acquisitions vertical pages for HVAC and plumbing for the residential services trades that also see meaningful Wyoming activity.

How does the Wyoming buyer pool compare to national?

The Wyoming buyer pool is smaller in count than a coastal metro but deeper per deal because national strategics and PE platforms fly in for energy, ag insurance, and ranching assets. A well-run Wyoming LMM auction would typically produce 40 to 80 executed NDAs and 8 to 15 initial indications of interest, versus 60 to 120 NDAs in a Denver or Dallas process, per William & Wall’s 2025 review.

Wyoming sellers sometimes fear that the state’s small population means a thin buyer market. The reality is different. The state’s dominant M&A verticals (energy services, ag insurance, ranching supply, and coal transition) are national buyer markets. A properly run process in Wyoming attracts buyers from Houston, Denver, Dallas, Minneapolis, and even overseas. The Atlas Energy Solutions acquisition of Moser was a Houston strategic buying a Casper company for $223M.

What you would not typically see in Wyoming is the sheer volume of local search fund and independent sponsor bidders that a Denver or Salt Lake process attracts. That is a real gap. It is offset by the fact that national PE platforms treat Wyoming as an underserved market and will often pay a small premium for well-run assets to land their first Wyoming platform. If you want a fuller playbook for buyer-pool strategy, see the CT Acquisitions buy-side advisory pillar, which explains the buyer archetypes your advisor should be running against.

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

Do I need a licensed M&A advisor to sell my Wyoming business?

Wyoming does not require a real estate license for pure business sale advisory in most cases, but any advisor selling equity or receiving success fees on securities transactions must be affiliated with a FINRA-registered broker-dealer. Confirm CRD registration on FINRA BrokerCheck before signing an engagement letter.

What is the typical success fee for a $10M Wyoming business sale?

A Wyoming sell-side engagement in the $5M to $25M enterprise value band would typically carry a 4% to 6% success fee under a Modified Lehman or Double Lehman scale, plus a monthly retainer of $8,000 to $20,000 credited against the success fee at closing. All-in cost on a $10M deal would typically land at $400,000 to $600,000.

How does Wyoming’s lack of state income tax help sellers?

Wyoming residents pay zero state income tax and zero state capital gains tax on a business sale, per the Wyoming Department of Revenue. A seller domiciled in Wyoming at closing would keep an incremental 4% to 13% of proceeds compared with California, New York, or Oregon sellers. On a $20M gain, the state-level savings often exceed $1.5M.

How long does an LMM sale take in Wyoming?

A typical Wyoming sell-side engagement runs 7 to 10 months from signed engagement to closing, per William & Wall’s 2025 Wyoming Year in Review. Energy services deals with reserve engineering work often extend to 12 months due to reserve report timing and PSC review. Insurance carrier combinations run 12 to 18 months.

What EBITDA multiples are Wyoming businesses selling for in 2026?

Wyoming lower middle market businesses would typically sell for 4.0x to 6.5x adjusted EBITDA in 2026, per William & Wall’s 2025 Wyoming Year in Review and GF Data. Oilfield services with strategic bidders can reach 7.0x to 9.0x on scarcity and Powder River Basin adjacency. Main Street businesses typically clear 2.5x to 3.5x SDE.

Do PE firms buy small Wyoming businesses?

Yes. Atlas Energy Solutions paid $223M for Casper-based Moser Engine Service in 2025, and Safe & Green Holdings acquired Rock Springs Energy Group for $35M. PE-backed platforms in oilfield services, ranching supply, and agricultural insurance actively buy Wyoming companies at $3M EBITDA and above, and micro-cap public strategics buy below that level.

Why do so many holding companies form in Wyoming?

Wyoming pioneered the modern LLC in 1977 and offers among the strongest charging-order protection and trust laws in the United States, per the Wyoming Secretary of State. Family offices and post-close holding companies often re-domicile to Wyoming after a sale to preserve privacy and asset protection. The state’s LLC statute is the reference against which other states measure themselves.

Should I use a local Wyoming advisor or a national investment bank?

For deals under $50M enterprise value, a Wyoming-focused boutique like William & Wall or Peterson Acquisitions would typically outperform a national bank because they know the buyer universe for energy services and ag verticals. Above $50M, a regional investment bank like Piper Sandler or Raymond James pairs well with local Wyoming legal counsel from Holland & Hart or Hathaway & Kunz.