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Sell-Side Advisory

Selling a business is one of the most life-changing decisions you can make – one that should not be undertaken lightly. Going through a sale alone inevitably leads to a loss of value, oftentimes leading to a seller settling on price or terms, or a transaction that just never happens.

Having a trusted advisor by your side every step of the way is critical to ensuring you get the most for your hard-earned asset: the one you’ve poured years of blood, sweat and tears into.

The TKO Miller Difference

Middle market-sized companies don’t need to sacrifice talent, service and strategy because of size.  Finding an advisor that specializes in your industry can be difficult, but it is incredibly important.  

TKO Miller brings deep industry and transaction experience to the middle market, with a successful record of closing transactions and exceeding clients’ valuation expectations.

TKO Miller begins by listening. By developing insights. By understanding who you are and what the future may hold for your business.

From there, we develop a path forward together that makes sense for you and your business.

Client objectives drive everything we do… always.

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Proper Execution Can Drive Value

Remember, most buyers have done this hundreds of times. They are professionals. Having an advisor means leveling the playing field.

Prepare Objectives and Engage an Advisor

  • Determine what you hope to achieve in a transaction
  • Hire the right team of advisors; professional help often pays off several fold in increased value

Data Gathering / Material Prep / Buyer List Assembly

3-6 weeks

  • Investment banker (IB) gathers the necessary data to assemble detailed marketing materials
  • Identify a national (or global) universe of potential buyers

Contact Buyers / Material Distribution

2-6 weeks

  • IB reaches out to buyers directly to introduce the opportunity
  • Detailed marketing materials allow in-depth, simultaneous evaluation by many buyers

Initial Bids
(Indications of Interest)

1-2 weeks

  • Interested buyers submit bids based on initial materials only
  • All buyers receive same info, so bids can be directly compared

Management Presentations

2-3 weeks

  • Most attractive bidders invited to meet with management
  • Controlled presentation supervised by investment banker

Data Room / Initial Diligence

2-4 weeks

  • Remaining buyers are given access to an electronic data room monitored by IB
  • This is populated with more detailed info on the company

Final Proposals / Signed Letter of Intent

1-2 weeks

  • Following in-depth review of info in data room, interested buyers submit a final bid
  • Typically (not always) a single buyer is chosen at this stage

Final Diligence

  • Final Buyer begins in-depth review of company
  • Typically includes third party financial, legal, environmental, and operational review

Purchase Agreement Negotiations

6-9 weeks

  • Alongside final diligence, IB and seller’s attorneys work with buyer to negotiate purchase agreement
  • Purchase agreement terms are often as critical as financial considerations of a transaction


  • IB works with seller through entire process to maintain transaction momentum
  • In the current market, typical transactions take roughly 7-9 months to complete

Selling Your Family-Owned Business

This eBook is your guide to the often-complicated steps of selling a family business. Starting with the advice to keep running the company while you’re selling, we walk you through the entire process, including crafting an exit strategy and pointing out common pitfalls business owners face when selling. Best of all, we’ll show you how to get it right once you’ve made the decision to sell.