Brokerage
From the first conversation to the closing table, we help owners sell small businesses with care and a clear process.
Explore our sell process
AUSTIN, TEXAS · BUSINESS BROKERAGE & M&A ADVISORY
Banker-grade rigor for Main Street exits.
Cove Spring Advisors sells small and lower-middle-market businesses with the structure of an investment bank, the speed of modern technology and a marketing engine most brokers do not have.
Clarity for what comes next.
For owners ready to sell, buyers ready to learn and anyone who wants to understand how deals really work.
WHAT WE DO
Good decisions begin with a clear path.
Whether you are selling now, planning ahead or learning to buy, we meet you where you are.
Buyer education
Through @smbdealinsider and the Zero to Close course, we help first-time buyers understand what it takes to get a deal done.
For buyersExit readiness
Not quite ready to sell? We help owners make the business stronger and more transferable before going to market.
Plan aheadTHE COVE SPRING APPROACH
What makes us different.
Thoughtful execution, practical preparation and an audience that is already paying attention.
Financials that hold up
Real recasts and documented add-backs that survive buyer and lender scrutiny.
Speed, powered by AI
A valuation within a day of receiving your financials, and a live opportunity within one to two weeks of engagement.
A built-in buyer audience
25,000+ people follow @smbdealinsider on Instagram to learn how to buy a business.
Buyers who can close
Our buyer education teaches buyers to show up with proof of funds and lender prequalification.
A FAIR QUESTION
Why hire an advisor when buyers are already calling?
If a private equity firm or a direct buyer has your number, it is tempting to handle the sale yourself and save the fee. But selling takes time, and the buyer has a team working for them. You deserve someone doing that work for you, while you focus on running your business.
The buyer works for the buyer
A private equity firm is paid to buy well, which means paying as little as possible. Their team negotiates acquisitions for a living. Most owners do it once.
Competition is what moves the multiple
One buyer is a conversation, not a market. A structured process with several qualified buyers can create leverage to negotiate a stronger price and better terms.
Terms matter as much as price
Earnouts, seller notes, working capital targets and non-competes decide what you actually keep. We negotiate the whole deal, not just the headline number.
You keep running the business
Selling a business can become a full-time job. Buyer questions, diligence requests and negotiations can pull you away from customers, staff and performance. We manage the sale process so you can keep your foot on the gas.
The opening offer is not the closing price
A buyer may propose a compelling price, then seek a reduction or less favorable terms during diligence. This is called a retrade. After months of work, it can feel hard to walk away. We prepare defensible financials, challenge unsupported cuts and help preserve your leverage. Legitimate diligence findings can still justify changes.
Know what you are selling, and keeping
Some private equity buyers seek a majority recapitalization, buying control while you retain a minority stake. The headline value is not necessarily cash at closing. We help you assess rollover equity, your future role and control rights alongside your CPA and attorney.
Our goal is to earn our fee and then some through a stronger price, better terms and time you can keep invested in the business. Buyer competition, credible financials and disciplined negotiation can improve the outcome, but no advisor can guarantee a higher multiple. Multiples vary by industry, earnings size and business quality.
Consult your own CPA and attorney about taxes, transaction structure and actual proceeds.
THE MATH, AFTER THE FEE
A higher price can mean more for you.
Illustrative ranges, not promised sale multiples.
Annual SDE
Illustrative multiple ranges at $500,000 SDE
Selling directly: 2.5–3× · With an advisor: 3–4×
Multiples can grow as earnings and management depth increase. Industry, business quality, buyer fit and deal terms also matter. These ranges are examples, not valuations or market benchmarks; actual outcomes can overlap or fall outside them.
Selling directly2.75 × $500,000 SDE
With an advisor3.5 × $500,000 SDE
Seller amount before taxes and other deductionsIllustrative 10% advisor fee: $175,000
| The calculation | Selling directly | With an advisor |
|---|---|---|
| Assumed multiple | 2.75× | 3.5× |
| Sale price | $1,375,000 | $1,750,000 |
| Advisor fee (10%) | $0 | −$175,000 |
| Seller amount, before other deductions | $1,375,000 | $1,575,000 |
Illustrative additional seller amount, after the fee+$200,000
14.5% more in this midpoint example, not a guaranteed premium.
A broader pool of qualified buyers, including larger buyers, and a competitive process can support stronger pricing. Sometimes that may mean half a turn to one turn of SDE or more, but there is no assured uplift. The $1 million selection illustrates a larger-SDE scenario; it is not a threshold that unlocks a particular multiple. Larger transactions are typically valued on EBITDA, and these SDE examples do not define our engagement size. The 10% fee is illustrative, not a quoted fee. Assumes the full sale price is paid at closing. Taxes, debt payoff, other transaction costs and working capital adjustments are excluded; earnouts and seller financing can change cash received at closing. Consult your own CPA and attorney about taxes and actual take-home proceeds.
LET’S TALK
The next chapter starts with a conversation.
Tell us where you are in the process. We will help you see the path ahead.