I echo this strongly: > * Good advisors have done a lot of deals and have a lot of connections in the vertical you are in. They should be able to list possible

I echo this strongly: > * Good advisors have done a lot of deals and have a lot of connections in the vertical you are in. They should be able to list possible acquirers off the cuff and why you are a fit. If they can't do that, move on. … as well as someone else's comment that the terms in the engagement letter are negotiable. If a banker claims that their interests are aligned with yours, then turns around and delivers an engagement letter with a huge fixed fee and little or no variable fee based on outcome, either negotiate or move on. We used Cascadia Capital when Papertrail was acquired and I was very satisfied (https://www.cascadiacapital.com/case-study/papertrail/ https://www.cascadiacapital.com/case-study/papertrail/, https://www.cascadiacapital.com/story/cascadia-capital-advises-papertrail-in-acquisition-by-solarwinds/ https://www.cascadiacapital.com/story/cascadia-capital-advis...). Since we were entirely bootstrapped, their fee came directly out of our proceeds, and it was completely worthwhile. (If any founders read this, have a serious opportunity at a $20+ million offer, and want a sounding board, feel free to contact me.)