Updated Q3 2026

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

If you own a lower middle market business in Iowa and you are 6 to 18 months from selling, the single most consequential decision you will make is which M&A advisor in Iowa you hire. Updated Q3 2026. Picking the wrong intermediary can strip 15% to 30% off the price and drag your deal through six extra months of diligence, while picking the right one would typically add a full turn of EBITDA and shave a full quarter off close. This is a practical field guide for Iowa founders who want to know exactly who to call, what to pay, what to expect, and what a real sell-side process out of Des Moines, Cedar Rapids, Davenport, Iowa City, or Sioux City looks like in 2026.

We wrote this the way we would brief a founder who walked into our office in Des Moines with a $15M revenue insurance brokerage, a $30M revenue metal fabrication shop, or an $18M revenue food ingredients business and asked, “Where do we start.” No fluff, no invented firm names, no rounded-off multiples. Every number is cited to a named source, every firm we mention is one we have either worked with, competed against, or verified through the Iowa Insurance Division and Iowa Secretary of State registers.

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

An M&A advisor in Iowa runs a competitive sell-side process for a lower middle market owner: they build the confidential information memorandum, model the QoE, curate a buyer list of 60 to 200 strategics and PE platforms, manage the auction, negotiate the LOI, and quarterback diligence through close. On a typical $10M to $75M enterprise value Iowa deal, a boutique like BCC Advisers or Transact Capital Partners would typically drive 1.0x to 1.5x more EBITDA than a single-buyer broker process.

The mechanical work of a sell-side M&A advisor breaks into four blocks. First, preparation: they normalize your financials, build the CIM, run the sell-side QoE, and stress test add-backs before a buyer ever sees a number. Second, marketing: they build the buyer universe, run confidential outreach through a teaser and NDA, and stage-manage a bid deadline. Third, negotiation: they play buyers against each other, structure the LOI, and preserve use right through purchase agreement signing. Fourth, diligence to close: they run the data room, respond to buyer diligence, manage the QoE rebuttals, and shepherd legal to a wire.

What separates an Iowa M&A advisor from a national bulge-bracket bank is not sophistication, it is proximity and specificity. A Des Moines-based advisor already knows the Iowa Insurance Division filing timeline, understands how Nyemaster Goode structures reps and warranties, has a live relationship with the Iowa branch of RSM US LLP on tax structuring, and knows which regional PE platforms treat the Iowa 3.8% flat tax as a genuine incentive versus a rounding error. For deeper background, see our M&A advisory pillar and our lower middle market M&A advisor primer.

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

A business broker in Iowa typically lists a single-owner business under about $2M in EBITDA on a platform like BizBuySell and matches with one buyer. An M&A advisor runs a competitive process for deals from about $2M to $75M EBITDA, involves 60 to 200 named buyers including PE platforms like AssuredPartners or Alera Group, and negotiates on structure, not just price. The fee model, the diligence depth, and the closing rate all differ materially.

The dividing line in Iowa runs at roughly $1.5M to $2M of adjusted EBITDA. Below that, most buyers will be individuals, search funds, or holdco operators, and a broker with a Main Street license from the Iowa Real Estate Commission or an IBBA-affiliated broker in Cedar Rapids, Davenport, or Des Moines will match the buyer pool. Above that line, the buyer universe shifts to PE platforms, family offices, and strategics, and the sale becomes an auction rather than a listing.

The economics also invert. A broker will often charge 8% to 12% on the first million of purchase price, decreasing at slabs, and pushes to close a single deal. An advisor will charge a lower marginal fee but on a much larger price tag, and their incentive is to run a real bidding process. That is why for a $20M enterprise value Iowa business, hiring a broker rather than an advisor can leave $3M to $6M of enterprise value on the table.

Which M&A advisors serve Iowa LMM sellers?

The Iowa lower middle market bench is anchored by five firms: BCC Advisers in Des Moines with 200-plus transactions and nearly three decades of Iowa investment banking, Transact Capital Partners with a Des Moines presence, The Lincoln Group in Northeast Iowa for manufacturing and distribution deals in the $1M to $50M range, NCP Inc. for tailored Iowa LMM advisory, and REAG covering Iowa up to $250M revenue and $25M EBITDA.

BCC Advisers is the longest-tenured Iowa-based investment bank. Based in Des Moines, they have completed more than 200 transactions across nearly three decades and run both an ESOP practice and a traditional M&A practice. For an Iowa founder considering an ESOP versus a full third-party sale, BCC is a natural first call because they can model both without steering, per their firm profile.

Transact Capital Partners has a Des Moines office and runs LMM sell-side and buy-side mandates with strong local market knowledge. Their sweet spot has typically been founder-owned Iowa businesses looking for a competitive process without the ceremony of a bulge-bracket engagement, per their firm page.

The Lincoln Group is a Northeast Iowa middle market intermediary that has focused on manufacturing and distribution, with deal sizes commonly running from $1M to $50M. Their footprint in the Cedar Rapids to Waterloo corridor makes them a natural fit for Iowa’s industrial base, per their firm page.

NCP Inc. provides tailored financial solutions and LMM M&A advisory to Iowa businesses. REAG, though headquartered in Pittsburgh, covers Iowa as part of its Midwest footprint and works up to $250M in revenue and $25M in EBITDA per their firm profile, which puts them squarely in the upper LMM tier of the Iowa market.

What do M&A advisors charge in Iowa?

In 2026, Iowa M&A advisors would typically charge a retainer of $25,000 to $75,000 plus a Lehman-style success fee of 3% to 8% of enterprise value. On a $20M Iowa deal, total fees would commonly run $600,000 to $1.2M inclusive of retainer credit. Fees compress on larger deals: above $50M, the marginal fee often steps down to 2% to 4%, per Axial 2025 LMM benchmarks.

Fee structure matters as much as fee level. A Double Lehman scale (10% on the first $1M, 8% on the next, 6%, 4%, 2% and so on) protects a smaller Iowa seller because the highest-percentage tranche is applied to the base value. A modified Lehman with a minimum fee floor of $250,000 to $500,000 is standard on deals of $10M or more. A pure percentage fee is a red flag on small deals because the advisor’s incentive to walk from a bad LOI is diminished.

Iowa advisors would also typically credit the monthly retainer against the success fee at close, so the retainer functions as a commitment device rather than a profit center. For a more detailed breakdown of what to expect on the fee side, we compare Iowa fees to national LMM norms in our investment bank fees for the lower middle market 2026 guide.

Fee ranges by advisor tier

Advisor tier	Typical Iowa deal size	Retainer	Success fee %	Timeline	Sector fit
Iowa boutique (BCC, Transact, Lincoln)	$3M to $30M EV	$25k to $60k	4% to 8% Lehman	7 to 10 months	Ag, insurance, manufacturing
Regional investment bank	$20M to $150M EV	$50k to $150k	2% to 4%	8 to 12 months	Broader sector coverage
Bulge-bracket (Goldman, JPM, MS)	$250M+ EV	$250k+	1% to 2%	9 to 14 months	Public company adjacent
Iowa business broker	Under $2M EV	$0 to $5k	8% to 12% (slab)	3 to 9 months	Main Street only

What EBITDA multiples do Iowa businesses sell for in 2026?

Per GF Data 2025 quarterly reports, Iowa LMM industrial and ag processing deals have priced at 5.5x to 7.0x TTM EBITDA. Iowa insurance broker roll-ups have cleared 8.0x to 10.5x, with specialty commercial lines hitting the top of that range. Food processing in Iowa has run 7.0x to 9.0x. Multiples move with quality of earnings, customer concentration, and management continuity, not just headline EBITDA.

Iowa is not a discount market. In insurance, Des Moines is one of the top three US insurance hubs, home to Principal Financial, Nationwide, and EMC Insurance, and that talent density has kept multiples on Iowa broker acquisitions in line with, or above, national LMM benchmarks. In agriculture, Iowa is the top US corn and soybean producer, which has put a floor under multiples for ag processing, ag inputs, and ag services businesses despite commodity cycles.

Iowa LMM multiples by vertical (2026)

Vertical	TTM EBITDA multiple range	Typical Iowa buyer type	Notes
Insurance broker (commercial P&C)	8.0x to 10.5x	AssuredPartners, Alera, Higginbotham, Kingsway	Specialty at top of range; per CT Insurance Multiples Report 2026
Ag processing / grain	6.5x to 8.5x	Paine Schwartz, Highland Ventures, strategics	Commodity exposure discounted
Food processing	7.0x to 9.0x	Regional strategics, PE platforms	Higher for branded / value-add SKUs
Industrial manufacturing	5.5x to 7.0x	Pilot Growth Equity, Trive Capital	Customer concentration is the main haircut driver
HVAC / plumbing / trades	5.0x to 8.0x	PE roll-ups, regional strategics	See HVAC M&A advisor and plumbing M&A advisor
Healthcare services	6.0x to 10.0x	Regional PE, hospital systems	Iowa CON regime affects deal structure

Which PE platforms are buying Iowa businesses in 2026?

In Iowa insurance, AssuredPartners (backed by GTCR and Apax) acquired LMC Insurance & Risk Management in West Des Moines to expand its upper Midwest agricultural insurance practice; Alera Group (backed by Genstar), Higginbotham, and Kingsway Financial Services have also been active. In ag processing, Paine Schwartz Partners and Highland Ventures have run Iowa targets. In industrials, Pilot Growth Equity and Trive Capital have looked at specialty manufacturing.

The Iowa insurance broker roll-up thesis has driven more deal volume than any other vertical in the state over the past three years. AssuredPartners’ acquisition of LMC Insurance & Risk Management in West Des Moines was one of the more visible deals, expanding their footprint in the upper Midwest and specifically deepening their agricultural insurance capability. That is a bespoke thesis that has favored Iowa brokers with real farm and ag-adjacent commercial books.

Alera Group, backed by Genstar, has been aggressive on Iowa commercial brokers with regional scale, and Higginbotham (private, PE minority) has been picking off tuck-ins where cultural fit matters more than pure scale. Kingsway Financial Services has been an Iowa insurance broker acquirer as well. For Iowa ag processing and ag inputs, Paine Schwartz Partners and Highland Ventures have been the two names that have shown up most consistently in Midwest ag PE. On the industrial side, Pilot Growth Equity and Trive Capital have both looked at Iowa specialty manufacturing and industrial services. If you are running a buy-side process, our buy-side M&A advisory page walks through how we source proprietary Iowa deals.

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

Iowa moved to a flat 3.8% state income tax in 2025, down from a 5.7% prior top rate and a peak of 8.53% in 2022 per the Iowa Department of Revenue. Capital gains are taxed at the same flat 3.8%. Iowa also allows a qualified capital gains exclusion for the sale of business assets held 10 or more years by an owner who materially participated, which can materially reduce state tax at exit.

The practical implication is that Iowa has quietly become one of the most competitive Midwest exit states. Compared to Minnesota’s top rate of 9.85% or Illinois’s 4.95% flat plus city and county overlays, an Iowa founder selling a $30M business would typically retain hundreds of thousands more in state-tax-adjusted net proceeds. And the qualified business asset exclusion for 10-year material participants creates a real planning opportunity for owners who have run the business through a full cycle.

The exclusion is not automatic. It requires that the taxpayer materially participated in the business and that the assets were held for at least 10 years, which means owners considering a sale in year 8 or 9 might benefit from timing the process to cross the 10-year threshold. RSM US LLP and LWBJ, both with Des Moines offices, have handled this election on Iowa LMM deals and are the two most common tax quarterbacks on the sell-side bench.

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

Three Iowa-specific legal issues would typically come up in a sell-side process: Iowa is a Certificate of Need state for hospitals, nursing facilities, and certain healthcare services per the Iowa Department of Health and Human Services; Iowa enforces reasonable non-competes; and the Iowa Insurance Division regulates insurance broker acquisitions, which drives a filing timeline on any deal involving a licensed Iowa producer.

The Certificate of Need regime is the most consequential for healthcare sellers. Any transfer of a CON-regulated facility or service triggers a review by the Iowa Health Facilities Council. That process would typically add 60 to 120 days to close, and a savvy Iowa M&A advisor will pre-file diligence with the Council in parallel with the marketing process rather than waiting until the LOI is signed.

The Iowa Insurance Division filing timeline is the second most common friction point. Any change of control at a licensed broker requires notice to the Division. Deals structured as asset sales versus stock sales carry different notification and licensing timelines, and Nyemaster Goode P.C. and Faegre Drinker Biddle & Reath LLP have handled the majority of larger Iowa insurance broker deals over the past decade.

Non-compete enforceability in Iowa is more permissive than in Minnesota or California but still requires a legitimate business interest and reasonable duration, geography, and scope. On sell-side deals, the seller non-compete built into the purchase agreement is typically 3 to 5 years and enforceable if properly scoped.

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

A full Iowa sell-side process would typically run 7 to 11 months from engagement letter to close. Preparation and QoE take 6 to 10 weeks, competitive marketing to 60 to 200 buyers takes 8 to 12 weeks, LOI negotiation and buyer selection takes 2 to 4 weeks, confirmatory diligence takes 6 to 10 weeks, and signing to close takes 3 to 6 weeks. Healthcare CON deals add 60 to 120 days.

The two most common delay points on Iowa deals are QoE rebuttals and legal readiness. On QoE, a buyer’s accounting firm (often Deloitte, KPMG, or a regional shop like RSM US LLP) will pick apart normalization adjustments, and the seller’s response quality often determines whether a deal glides to close or drags into a re-trade. On legal, the biggest delay is when a seller does not have clean corporate housekeeping (missing minutes, unclear equity ledger, unassigned IP) and has to remediate mid-process.

What financials will an Iowa M&A advisor request?

Expect an Iowa M&A advisor to request 3 to 5 years of audited or reviewed financials, monthly P&L and balance sheet for the trailing 24 months, tax returns for the same period, a customer concentration schedule, an add-back and normalization workbook, a working capital analysis, and a management-owned monthly forecast. On top of that, they will run a sell-side QoE with a firm like LWBJ or RSM US LLP for $40,000 to $90,000.

The single most common gap for Iowa LMM sellers is monthly financials. Many owners run their books quarterly or annually and only get monthly detail during the process, which slows QoE, weakens the CIM’s month-over-month narrative, and gives buyers ammunition to re-trade on cyclicality. If you are 12 to 18 months from a sale, the highest-ROI investment is upgrading to monthly close and a real sell-side QoE. Our Quality of Earnings guide walks through what a real QoE covers and how to price it.

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

The Iowa sell-side legal bench is anchored by Nyemaster Goode P.C. (Des Moines), the largest Iowa-headquartered law firm; Faegre Drinker Biddle & Reath LLP (Des Moines office); Belin McCormick P.C. (Des Moines); Davis Brown Law Firm (Des Moines); and Dickinson, Mackaman, Tyler & Hagen P.C. (Des Moines). On the accounting side, LWBJ and RSM US LLP (Des Moines) handle the majority of sell-side QoE and tax structuring.

Nyemaster Goode P.C. is the largest Iowa-headquartered firm and has the deepest sell-side M&A bench in the state. They have handled a large share of Iowa insurance broker sales and mid-cap manufacturing deals over the past decade, per their firm profile.

Faegre Drinker Biddle & Reath LLP runs regional M&A work out of Des Moines and Minneapolis and is a common counterparty on cross-state Iowa/Minnesota/Illinois deals. Belin McCormick P.C. and Davis Brown Law Firm, both Des Moines-based, focus on private company M&A and are strong choices for founder-led Iowa sellers who want senior partner attention. Dickinson, Mackaman, Tyler & Hagen P.C., also in Des Moines, has a private company transactions practice with a particular strength in family business succession.

LWBJ is the go-to Iowa sell-side accounting firm on QoE work in the $10M to $50M range, and RSM US LLP handles both QoE and tax structuring out of their Des Moines office, particularly on deals where the qualified business asset capital gains exclusion is in play.

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

Interview three Iowa M&A advisors and ask each for a written buyer list preview (redacted), five closed Iowa transactions with size and outcome, their fee proposal in writing (retainer, Lehman scale, minimum), reference calls with two Iowa founders they took to close, and their proposed timeline. If an advisor cannot produce a redacted buyer list or references, that is a red flag regardless of firm reputation.

The interview questions that get the truest read are the ones about walked deals. Ask each advisor to describe two Iowa deals they engaged on that did not close, why, and what they learned. A confident advisor will discuss failed deals openly. An overselling advisor will pivot to their wins. That single question separates the operators from the marketers.

Ask specifically about their relationships with Iowa-active PE platforms: AssuredPartners, Alera Group, Higginbotham, Kingsway Financial Services, Paine Schwartz, Highland Ventures, Pilot Growth, Trive Capital. If they cannot name a live partner or principal at three of those platforms, they are not the right advisor for an Iowa insurance or ag deal.

What red flags should you avoid when hiring in Iowa?

Five red flags on Iowa M&A advisor selection: no closed Iowa deals in the last 36 months, refusal to share a written Lehman scale, a lockup longer than 24 months post-termination, no named QoE partner (LWBJ or RSM US LLP), and vague answers on Iowa-specific issues like the Certificate of Need process or the Iowa Insurance Division filing timeline. Any one of these should trigger a second look before signing.

A tail fee (a post-termination success fee if you close with a buyer the advisor introduced) is standard, but a tail longer than 18 to 24 months is aggressive. A minimum success fee floor above $500,000 on a sub-$20M deal is aggressive. A retainer that is not creditable against the success fee is aggressive. Not every aggressive term is disqualifying, but if you see two or more stacked in the same engagement letter, negotiate them out or walk.

In our experience advising LMM sellers in Iowa, we find that the founders who net the highest exit values are the ones who start the QoE, legal cleanup, and advisor selection process 12 to 18 months before they want to sign an LOI. The founders who wait until they are already talking to a buyer are the ones who leave a full turn of EBITDA on the table because they do not have the use of a competitive process or the cleanliness of a real sell-side QoE. Iowa’s flat 3.8% tax and the 10-year business asset exclusion reward patience, and the buyer pool for Iowa insurance, ag processing, and industrial businesses is deep enough right now that a well-prepared seller has genuine pricing power.

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

The four most active Iowa M&A verticals in 2026 are insurance brokerage (anchored by the Des Moines cluster around Principal Financial, Nationwide, and EMC Insurance), agriculture and ag processing (Iowa is the top US corn and soybean state), industrial manufacturing (Cedar Rapids to Waterloo corridor), and food processing. Healthcare services deals are slower due to the Iowa Certificate of Need regime.

Insurance is the single most active vertical because the Des Moines cluster produces a steady pipeline of well-run brokers and because AssuredPartners, Alera Group, Higginbotham, and Kingsway have each been running Iowa acquisition programs. Agriculture and ag processing benefit from Iowa’s ranking as the top US corn and soybean state, which puts a floor under ag input, ag services, and ag processing multiples even in soft commodity cycles.

Industrial manufacturing has been active particularly in the Cedar Rapids to Waterloo corridor, where Pilot Growth Equity and Trive Capital have looked at specialty manufacturing and industrial services roll-ups. Food processing tracks the ag pipeline and has been a consistent draw for both regional strategics and PE platforms.

How does the Iowa buyer pool compare to national?

Iowa’s buyer pool is deeper than most Midwest states because three verticals (insurance, ag, and industrial) attract national PE attention alongside regional strategics. On a typical Iowa LMM sell-side, an advisor would build a buyer list of 100 to 200 names split roughly 40% strategic, 50% financial, and 10% family office, which is more diversified than states like the Dakotas or Nebraska where the pool skews more regional.

The practical implication is that Iowa sellers can genuinely run a competitive process without leaving the state’s borders. Between the Des Moines insurance cluster, the ag processing corridors, the Cedar Rapids to Waterloo industrial base, and the Iowa City to Des Moines professional services base, there is enough buyer density that a well-run auction would typically produce 4 to 8 IOIs and 2 to 4 LOIs on a healthy LMM asset.

What size Iowa deal justifies a national investment bank versus a local boutique?

For Iowa deals under about $30M in enterprise value, a local boutique like BCC Advisers, Transact Capital Partners, The Lincoln Group, or REAG will typically outperform a national bank because their buyer relationships and Iowa-specific knowledge outweigh the national bank’s brand. Above roughly $75M enterprise value, a regional bank becomes competitive. Bulge-bracket engagements rarely make sense below $250M in Iowa.

The reasoning is simple: a bulge-bracket team is not going to fly a senior banker into Des Moines every three weeks for a $25M deal, so the senior attention you are paying for goes to their $500M mandates. A well-staffed Iowa boutique will put their senior partner on your deal from kickoff to wire, and that attention density is what compresses timeline and lifts price.

What role does an Iowa business appraisal play before hiring?

A pre-engagement business appraisal in Iowa would typically cost $8,000 to $25,000 depending on complexity and provides a defensible enterprise value range before you interview advisors. It is not required, but it is useful because it lets you evaluate advisor pitch materials against an independent number and catches unrealistic multiples early. LWBJ and regional Iowa appraisers handle most LMM valuation work.

The appraisal is also useful for estate planning, for shareholder buyouts, and for setting a target on ESOP versus third-party sale scenarios. For a deeper look at pricing, see our business appraisal cost 2026 guide.

What does a healthy Iowa engagement letter look like?

A healthy Iowa M&A engagement letter would typically include a creditable retainer of $25,000 to $60,000, a modified Lehman success fee scale, a minimum success fee of $250,000 to $500,000 on sub-$20M deals, a tail of 12 to 18 months on named buyers only, a 90 to 180 day initial term, mutual termination for cause, and a clear reimbursable expense cap. Any expense pass-through above about $25,000 should require written pre-approval.

The tail is the term most often mispriced against sellers. A tail on any buyer the advisor introduced is standard. A tail on any buyer, whether or not the advisor introduced them, is aggressive and should be negotiated. The named buyer list should be attached to the engagement letter as a schedule and updated in writing during the process.

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 an M&A advisor in Iowa if my business is under $5M in revenue?

If your business is under about $2M in EBITDA, a business broker is often the right fit. Above that, an M&A advisor typically pays for themselves through competitive bidding, deal structuring, and tax planning that a single-buyer broker process would not produce. The dividing line in Iowa runs at about $1.5M to $2M of adjusted EBITDA.

How much do M&A advisors charge in Iowa in 2026?

Iowa boutique advisors would typically charge a retainer of $25,000 to $75,000 plus a success fee of 3% to 8% of enterprise value on Lehman-style scales. Deals above $25M would often price closer to 2% to 4% on the marginal tranche. Minimum fees of $250,000 to $500,000 are standard on deals of $10M or more.

What EBITDA multiple can I expect for my Iowa business in 2026?

Per GF Data 2025, LMM industrial businesses in Iowa have priced at 5.5x to 7.0x TTM EBITDA. Insurance broker roll-up targets in Des Moines have often cleared 8.0x to 10.5x, and food processing has sat in the 7.0x to 9.0x range. Multiples move meaningfully with quality of earnings, customer concentration, and management continuity.

Is Iowa a good state to sell a business from a tax standpoint?

Yes. Iowa moved to a flat 3.8% state income tax in 2025, down from a peak of 8.53% in 2022. Iowa also allows a qualified capital gains exclusion for business assets held 10 or more years by an owner who materially participated, which can meaningfully reduce state tax at exit.

Which PE platforms are actively buying Iowa businesses in 2026?

Kingsway Financial Services, AssuredPartners (backed by GTCR and Apax), Alera Group (backed by Genstar), and Higginbotham have been active on the Iowa insurance broker side. Paine Schwartz Partners and Highland Ventures have been active in ag processing, and Pilot Growth Equity and Trive Capital have looked at Iowa industrial and specialty manufacturing.

How long does a typical Iowa sell-side process take?

A full sell-side process with an Iowa M&A advisor would typically run 7 to 11 months from engagement to close: about 6 to 10 weeks of preparation and QoE, 8 to 12 weeks of marketing, 2 to 4 weeks of LOI negotiation, 6 to 10 weeks of confirmatory diligence, and 3 to 6 weeks from signing to close. Healthcare Certificate of Need reviews can add 60 to 120 days.

Do I need a Quality of Earnings report before hiring an Iowa M&A advisor?

You do not need a full sell-side QoE before signing an engagement letter, but you should plan for one. LWBJ and RSM US LLP in Des Moines both perform sell-side QoE work, and a QoE would typically cost $40,000 to $90,000 in the LMM range. Sellers who run a QoE before going to market close faster and re-trade less.

Should I consider an ESOP instead of selling to a third party?

Iowa has a solid ESOP tradition, and BCC Advisers in Des Moines has one of the strongest ESOP practices in the state alongside their traditional M&A practice. An ESOP can preserve legacy and jobs and offers meaningful tax deferral, but it typically produces 15% to 30% less headline value than a strategic sale, so the comparison is not just about tax.