Owners considering a sale encounter names such as Nihon M&A Center, M&A Capital Partners, Strike, and M&A Research Institute. Listed groups' visibility and deal records help identify potential advisers.

However, advisers also include independent M&A boutiques, financial institutions, and accounting firms. The four companies here are only part of that field. Compare services and personnel regardless of listing status.

What matters to you is not the firm's revenue itself.Who handles the deal, which buyers they seek, how well they understand your circumstances and negotiate terms, and ultimately what cash and liability remain for you must guide the choice.

With the approximately JPY100 million–JPY2 billion deals our firm mainly handles in mind, we compare four major firms' published fees and results, then consider adviser selection beyond size and fee schedules.

Fee and source reference date: September 9, 2026. This compares standard published fees, not individual quotations. Results are the latest full-year figures published by that date.

First ask: What percentage of what amount?

M&A success fees often use the Lehman formula, applying different rates to value bands—for example, 5% on the first JPY500 million and 4% on the portion above JPY500 million up to JPY1 billion.

However, the same 5% can use different bases. Some firms use share consideration, others total assets including amounts corresponding to debt, and others total owner receipts including retirement payments.

Source: Nihon M&A Center: Seller Fees and M&A Capital Partners: Fees and Strike: Seller Fees and M&A Research Institute: Seller Fees. Nihon M&A Center and Strike state amounts excluding tax. The other two pages reviewed did not explicitly establish tax inclusion, so confirm in quotations. “Amount not found” does not mean no minimum fee exists.

Strike's owner receipts include consideration, officer retirement payments, shareholder loans, and dividends at transfer. Treating the base simply as share price may therefore differ from the quotation.

Nihon M&A Center's retainer is not credited against the success fee. The published Strike schedule reviewed did not establish whether its preliminary-agreement fee is credited or refundable.Check whether interim payments are advances against the final fee or additional charges.

The calculation base alone can make a large difference

This hypothetical illustrates methods, not actual firm quotations. Assume share value of JPY300 million and fair-value total assets including goodwill of JPY700 million, using the same rates: 5% up to JPY500 million and 4% from there to JPY1 billion. Exclude minimums, retainers, interim fees, and consumption tax.

Minimum fees may apply in practice. A JPY20 million minimum on JPY100 million proceeds is 20% of the price in fees alone. Assuming roughly 5% from the rate can materially distort expected net proceeds.

Rather than asking only for the success fee, requesttotal payments at assumed sale prices such as JPY100 million, JPY300 million, and JPY500 millionfor easier comparison.

Buyer fees also matter to sellers

Buyers assess price together with intermediary fees, diligence costs, and post-acquisition funding. Their fee structure therefore helps explain the transaction, although buyer fees do not necessarily reduce the sale price yen for yen.

Source: Nihon M&A Center: Buyer Fees and M&A Capital Partners: Fees and Strike: Buyer Fees and M&A Research Institute: Buyer Fees. Verify each base definition, tax treatment, credits, and refund conditions in the individual contract.

When an intermediary is paid by both parties, whose perspective it advises from also matters. This structure is discussed in Does M&A Intermediation Create Conflicts of Interest? in detail.

Comparing four listed companies' results

Next consider the providers' business scale. Fee schedules relate to operating companies providing intermediation, while results generally represent the listed company's consolidated figures. The scopes do not necessarily match.

Source: Nihon M&A Center Holdings: FY March 2026 Presentation and M&A Capital Partners: FY September 2025 IFRS Results and Strike: FY September 2025 Presentation and Quants Research Holdings: FY September 2025 IFRS Results and Prior full-year results in the following year's presentation。

Strike's current listed company is Strike Group. Quants Research Holdings is M&A Research Institute's parent and was named M&A Research Institute Holdings in the period shown. Its consolidated results also include consulting and other businesses. Different periods and business scopes mean this is not a like-for-like ranking.

Operating margin is operating profit as a proportion of revenue. These four firms range approximately 29%–37%. Margin alone establishes neither excessive fees nor superior client service, since the table does not show improvements in sale prices or contract terms.

Be careful interpreting “many completed deals”

The firms also publish transaction records, but counting units differ.

Sources: The company presentations above and M&A Capital Partners: FY September 2025 Presentation and M&A Research Institute Holdings: FY September 2025 Presentation。

These units cannot be treated as identical for rankings, nor can group revenue divided by them be presented as your average fee. Alongside firm-wide figures, askhow the individual adviser supported deals similar to yours in industry and sizefor a more useful assessment.

Strengths of large listed firms and what a brand does not reveal

Large firms have specialists and post-sale support. Nihon M&A Center describes separate seller and buyer teams, while group company Next Navi supports wealth succession. M&A Capital Partners also introduces specialist teams of CPAs, lawyers, and tax accountants. Nihon M&A Center's Support Structure and Next Navi's Services and M&A Capital Partners' Specialist Departments。

When considering limitations of large firms, recognize those capabilities while distinguishingthe organization's overall capabilities from the scope of your particular engagement.

For example, Nihon M&A Center's published fees state that CPA, tax accountant, lawyer, and similar costs are excluded. The presence of specialists does not establish that your tax filings or contract review are included; verify responsibilities.

Success fees make completion a source of adviser income. Even clients seeking a deal may be better off declining particular terms. This misalignment affects independent advisers as well as listed firms.

Do not stop at “listed means safe” or assume “small means attentive.” Compare contracts and individual explanations concretely.

Ultimately, choose the adviser who will engage with your decision

M&A requires immediate judgments and negotiation responses to proposals and new facts. It therefore depends substantially on the individual's experience and judgment.

For the adviser, M&A is professional work. For you, transferring the company is a major event in a life built as an owner-manager. Price alone may not capture everything.

Employee jobs, business relationships, family understanding, personal guarantees, and whether you continue working all matter. Pursuing completion without clarifying them may not produce the outcome you want.

At our firm, Representative Director Kenji Yanagisawa personally serves as M&A adviser. As a fellow owner-manager running his own business, he values engaging directly with owners' decisions to transfer their companies. We consider not only share-sale procedures but what that decision means for the owner's life. That is our approach to support.

Of course, employed advisers can deeply understand owners too. Self-employment alone proves neither negotiation skill nor expertise. In meetings, check the following.

Put fees, after-tax proceeds, and post-sale liabilities on one page

Finally, translate each firm's explanation into your own circumstances.

Low fees are little benefit if buyer selection or terms cause major disadvantage. High fees do not necessarily include sufficient support either. Compare costs and services and articulate why you would entrust the deal to that adviser.

We believe the industry should disclose fee bases, total costs, staff experience, and specialist involvement in a form owners can compare. The label “success fee” alone obscures substantive differences.

Yanagisawa Research Institute Co., Ltd. welcomes M&A consultations. Tax issues are the specialty of our group firm, Yanagisawa International Tax & Accounting. Tell us what you hope to achieve and what you do not want to lose by transferring your company. We begin by clarifying the necessary work and responsibilities.