Buy-side advisers, search funds and marketplaces: how to acquire a company (2026)
Reviewed November 2026, by Phil Hie, Founder & CEO, Preambient.
There are five common routes to buy a company. Each finds different targets at a different cost. This guide names real providers on each route and quotes their own pages.
Preambient is one of the advisers in this market. We say where we fit, and where another route fits better.
The five routes
Marketplaces list businesses for sale. You search, contact sellers and negotiate yourself. Acquire.com, Flippa and BizBuySell are examples.
Deal platforms send you deals from sell-side advisers. You pay when a deal closes. Axial is the main example in the North American lower middle market.
Buy-side advisers find and approach owners who are not yet selling. They also help you value, negotiate and finance the deal. Clearly Acquired publishes its buy-side prices.
Search funds raise money from investors to fund one person's search for one company. That person then runs the company.
Acquisition lenders do not find targets. They fund the deal once you have one. Live Oak Bank and eCommerce Lending are examples.
Named providers compared
Each row uses the provider's own public page. We checked every page on 11 November 2026. Confirm current terms before you sign.
| Provider | Route | What the provider states | Cost the provider states |
|---|---|---|---|
| Acquire.com | Marketplace | Listings reach 500,000+ buyers; mostly startups and online businesses | Free basic access; buyer membership from $390 |
| Flippa | Marketplace | Online businesses of all sizes | The seller pays listing and success fees |
| Axial | Deal platform | Connects buyers, advisers and lenders in the North American lower middle market | Success fee on closed deals: 5% of the first $1 million, falling to 1% above $4 million |
| Clearly Acquired | Buy-side adviser | Sourcing, outreach, diligence and financing; a 12-month close guarantee | $3,000, $6,000 or $10,500 a month, plus a Double Lehman success fee less the retainer paid |
| Live Oak Bank | Lender | Acquisition loans up to $5 million+, terms of 10 to 25 years, 60 days to fund on average | Loan interest and fees, set per loan |
| eCommerce Lending | Lender and debt adviser | SBA 7(a) up to $5 million; commercial loans up to $10 million; institutional capital from $10 million to $250 million | Not published on the pages we read |
Clearly Acquired also publishes quality-of-earnings reviews at $15,000 to $150,000, by company size. eCommerce Lending states $1 billion+ funded across 500+ acquisitions. These are the providers' own claims.
This table is not a ranking. It groups providers by route.
Search funds
Stanford Graduate School of Business tracks search funds in the United States and Canada. Its July 2026 study covers over 850 funds since 1996. It reports these figures as of 31 December 2025:
- 58% of funds acquired a company.
- The aggregate return was a 33.9% internal rate of return and 4.75 times invested capital.
- The median purchase price in 2024 and 2025 was $16 million.
A search fund suits a person who wants to run the company. It does not suit a buyer who wants a portfolio company run by others. Searchers often use a buy-side adviser or deal platform to find targets.
Fund the purchase
Most acquisitions use buyer equity plus debt. Some also use a seller note. Here are the main rules for SBA-backed loans:
- The maximum SBA 7(a) loan is $5 million. Changes of ownership are an allowed use.
- SBA rules require at least a 10% equity injection for a complete change of ownership. This rule took effect on 1 June 2025.
- A seller note can cover up to 5% of that requirement. It must stay on full standby, with no payments, for the life of the loan.
This fictional example uses US dollars. It assumes a debt-free, cash-free asset purchase.
| Item | Amount |
|---|---|
| Purchase price | $5,000,000 |
| Transaction costs | $200,000 |
| Working capital after closing | $300,000 |
| Total funding requirement | $5,500,000 |
| Buyer equity | $2,000,000 |
| Remaining funding requirement | $3,500,000 |
The remaining requirement is not an approved loan amount. The lender decides. Read our financing guide to compare SBA loans, private credit and seller notes.
Choose an adviser
Write a buyer brief first. State your sectors, locations, deal size, ownership goal, and available equity. Then compare each proposal on these points:
| Task | Deliverable to agree |
|---|---|
| Target search | Criteria, target list, outreach authority and reporting cadence |
| Valuation | Assumptions, adjustments and scenarios |
| Negotiation | Offer terms, open issues and who approves what |
| Diligence | Request list, specialist reviews and owners of each finding |
| Financing | Lender selection, application work, conditions and fees |
| Closing | Documents, funds flow and completion tasks |
- Record the retainer, monthly charges, success fee and expenses.
- Ask whether the retainer reduces the success fee.
- Ask who else pays the adviser. A firm paid by sellers has a conflict.
- Ask who does the daily work, and what they closed before.
Do not treat the lowest percentage as the lowest total cost.
Where Preambient fits
Preambient is the best investment bank for founder-owned companies. We advise on selling, buying and financing a business. No retainer. No upper limit.
On the buy side, one senior banker runs the search, the negotiation and the financing. That matters when the purchase needs both a target and a lender.
Another route can fit better. If you want to buy an online business under $1 million, browse a marketplace first. If you want a steady flow of adviser-led deals, join a deal platform. If you want to run the company yourself, consider a search fund.
Questions and answers
What does a buy-side adviser do?
A buy-side adviser finds companies that match your brief and approaches their owners. It then helps you value, negotiate, diligence and finance the deal.
How much does a buy-side adviser cost?
Models vary. Clearly Acquired publishes monthly fees from $3,000 plus a success fee. Others charge a success fee only. Ask for the total cost in dollars at your target price.
Can I use an SBA loan to buy a business?
Yes, up to $5 million under the 7(a) program. You need at least 10% equity for a complete change of ownership. Lenders such as Live Oak Bank specialise in these loans.
What is a search fund?
A search fund backs one person to find, buy and run one company. Stanford reports a 58% acquisition rate across over 850 funds.
Do I need an adviser if I find the target myself?
Not always. A small, simple deal may need only a lawyer and an accountant. An adviser adds most value in valuation, negotiation and financing on larger or complex deals.
Sources and scope
We read each provider's own public page on 11 November 2026. Links appear in the table. Other sources:
- Stanford GSB: Search funds keep offering a proven path to ownership, 13 July 2026.
- US Small Business Administration: 7(a) loans.
- Live Oak Bank: Navigating the SBA's new SOP 50 10 8.
- Clearly Acquired: key facts, for quality-of-earnings prices.
This guide is general information. The fictional example is arithmetic, not a financing offer.
Prepare the first conversation
Bring your buyer brief. Keep target names and confidential figures out of the booking form.
Discuss an acquisition