How to choose an M&A advisor: what advisors do, how they are paid, the questions to ask, how to read the engagement letter and when fractional help fits.

How M&A advisor fees are built: retainers, monthly and milestone fees, success fees, expenses and tail periods, plus questions that make proposals comparable.

Questions to ask an M&A advisor before signing, grouped by topic, with what a good answer sounds like and what should worry an owner.

A term-by-term guide to an M&A advisory engagement letter: scope, exclusivity, covered deals, tail, termination and indemnification, with questions for counsel.

How to judge whether a business is too small for an M&A advisor: earnings, complexity, buyers and owner time, plus alternatives such as brokers and fractional help.

What an owner takes on when selling without a broker or M&A advisor: the jobs involved, where going alone works, where it breaks down and how to get partial help.

What fractional investment banking is: senior part-time or project-based help with earnings normalization, CIMs, projections and diligence, and how to scope it.

Compare sell-side advisory engagement types: preparation only, modular and full mandate through closing, who each fits and how to move between them.