Axial launched its first business broker league table last year, recognizing the Top 25 brokerages delivering exceptional outcomes for business owners in the lower middle market.

With today’s release of the 2025 Business Broker League Table, Axial continues its effort to rigorously benchmark performance, highlight M&A excellence, and celebrate the firms driving results in the sub-$10M deal space.

This league table is separate from Axial’s Lower Middle Market Investment Banking League Table, which remains focused on the $10M-$100M M&A market.

Business broker membership and usage of the Axial platform has grown by 160% since 2020 (detailed breakdown below), with total active M&A business brokers increasing from 793 in 2020 to 2,059 in 2025.

Axial’s business broker league table ranking methodology (detailed methodology available in the footnotes) is primarily driven by four factors:

• Deal attractiveness (measured by pursuits per deal and total recommended buyers)
• Buyside targeting effectiveness (measured by pursuit rate per deal)
• M&A process effectiveness (sell-side ability to advance buyers from initial pursuit to NDA to CIM)
• Deal competitiveness and final outcome (LOI and close rates)

Congratulations to these M&A brokerages for earning their ranking on the 2025 Axial Business Broker League Table.

Top 25 Business Brokers of 2025

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About The Top 25

“By entrepreneurs, for entrepreneurs. The other all-important “x-factor” that gives us an edge is the incredible depth of experience our founder, Jock Purtle, has gained as an entrepreneur.

We work with – and nurture a relationship with – a list of several thousand serious entrepreneurs and buyers. We have proprietary frameworks that help buyers find businesses that are uniquely suited for them, and we help them unlock the hidden value in businesses, which maximizes their investment.”

Visit Business Exits’ Profile

“We fill the advising niche for lower middle market business owners who feel caught between small business investment services and large investment banks. If your company is privately held with annual sales ranging from $1 million to $20 million or more, we can provide full-scale services at a reasonable fee.”

Visit Sunbelt’s Profile

“Website Closers is a global franchise, built on the backs of some of the most talented M&A professionals in the world. Our Senior intermediaries have a wide variety of backgrounds in Technology, High Finance, and Software Companies, either as senior executives or as founders. Our boutique firm is focused on the sale of Technology, Internet & Digital Companies in a large array of industries.

The firm has represented and sold over $1 Billion in transactions, representing companies as small as $1M and as large as $500M.”

Visit WebsiteClosers.com’s Profile

“Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors.”

Visit Calder Capital’s Profile

When it comes to buying or selling a business, having an agent with experience in your city and industry can make all the difference. At Transworld Business Advisors, we understand the needs of both business owners and buyers (so we can help you advocate for the best terms). Plus, our 40+ years of buying and selling businesses allow us to smoothly facilitate transactions for both parties.”

Visit Transworld Business Brokers’ Profile

“First Choice Business Brokers is a premium full-service business brokerage and M&A advisory firm that focuses on providing our clients with next-level professional service. We handle the entire sales process, which includes valuing businesses, confidentially marketing businesses, vetting buyers, managing buyer-seller meetings, preparing transaction paperwork, as well as managing the escrow, landlord, and financing processes to ensure a smooth transaction process.”

Visit FCBB’s Profile

“We have been in the transportation and logistics field for the last 12 years, particularly in trucking, freight brokerage, fuel cards, and logistics consulting. As part of our journey, we have bought and sold transportation and logistics businesses many times, and we have also worked as deal advisors and experts for some private equity-backed groups in their acquisition deals and post-acquisition integration and implementation.”

Visit Main Street Wealth’s Profile

“Our co-founder Dylan’s grandfather built a successful practice as a general surgeon. Over 40 years, dedicated to his patients’ care above all else, he grew a loyal patient list and fantastic staff.

Despite this, he didn’t have access to the tools to help him value his business or find the right buyer. Instead of passing the baton, he simply shut his business down. This is just one of the personal small business connections that motivated us to start Baton.”

Visit Baton Market’s Profile

“ProNova Partners is a full-service lower middle market advisory firm. We provide forward-thinking solutions to a diverse client base throughout North America and source buyers worldwide to command the highest possible purchase price for our engagements. Industries we focus on include insurance agencies, manufacturing businesses, wholesale & distribution businesses, and nearly every kind of retail business found on Main St.

We strive for excellence and demand it from our team and our various deal-making contributors that make up the entire ProNova ecosystem, on which we rely to close 2-5+ transactions per month.”

Visit ProNova’s Profile

“Quiet Light Brokerage is an advisory firm specializing in providing asset sales and exit services for Internet based comapnies. We provide exit advisory services for the following types of companies: SaaS and Cloud-Based Services, Lead Generation, Online Magazines, Publications, and Blogs, Forums and Social Networks, Subscription Services, and E-Commerce.

Founded in 2007 by a veteran Internet business owner, and staffed entirely with advisors who have individually acquired, built, and sold significant online enterprises, we bring a highly specialized expertise in increasing value, exit positioning, and negotiating successful exits that result in maximum value for business owners.”

Visit Quiet Light Brokerage’s Profile

“From small, Main Street businesses to multi-billion dollar international brands, we have successfully represented buyers and sellers of all sizes. At HedgeStone, we pride ourselves on our unwavering commitment to integrity, transparency, and excellence. Our holistic approach ensures that every transaction is handled with meticulous attention to detail, fostering a seamless experience for all parties involved. Whether you’re looking to buy or sell, trust HedgeStone to navigate the complexities with unparalleled expertise.”

Visit HedgeStone’s Profile

“We help entrepreneurs buy and sell amazing businesses! Since 2015, we have guided over 200 media, marketing & tech companies through acquisitions. Our approach to M&A is unique, just like our team. We hated the “old school” way of M&A when we went through the process ourselves, so we decided to do something about it. Today, we’re redefining what’s possible in the M&A space. A tribe of trailblazers, disrupting the way things have always been done by thinking differently, challenging the norm, and staying hyper-focused on the industries we know and love.”

Visit Merge’s Profile

“Bristol Group is an M&A advisory and Business Brokerage firm headquartered in Boise, Idaho, with offices across the United States.

We advise owners of privately held businesses on mergers and acquisitions, business sales, and business valuations. Our team combines local market knowledge with a consistent, disciplined process designed to maximize value and maintain confidentiality. We work closely with business owners, attorneys, CPAs, and lenders to guide transactions from initial valuation through closing.”

Visit Bristol Group’s Profile

“Apex Business Advisors offers a complete business sales, merger, and acquisition service. We have been in the industry since 1998 and have successfully completed hundreds of transactions. Our professionals hold various licenses and certifications, including Series 7 and 66, CBI, CPA, Real Estate, Life and Health Insurance, and MBAs.

We have relationships with professional advisors outside our organization who can assist with business sale strategy or resources to build your new business, such as Tax Attorneys, Accountants, Insurance, Business Sales Coaching, and Wealth Managers.

We have the experience, the knowledge, and the skills necessary for any size or type of asset transaction. Apex’s experienced professionals understand and can explain the sometimes confusing world of business sales and mergers.”

Visit Apex Business Advisor’s Profile

“Inbar Group, Inc. is a leading business brokerage firm serving clients in New York, New Jersey, and Connecticut. We actively represent and match business owners who wish to sell their businesses with potential buyers. The company provides business sales and acquisition services, including spin-offs, joint-ventures, restructuring, mergers and acquisitions, and overcapitalization.

We provide valuation opinions, facilitate private placements, and help design and implement business strategies for private companies. Our seasoned business brokers are committed, knowledgeable, and creative, with over 30 years of collective experience. Inbar Group, Inc. is only paid on success. There are no up-front fees.”

Visit Inbar Group Inc.’s Profile

“Patrick Lange and Business Modification Group specialize in the sale and acquisition of heating and air companies. We have chosen to specialize in the sale of heating and air conditioning companies after seeing a need for someone with specific industry knowledge and the ability to market these businesses effectively, helping our clients achieve predictable results.

In addition to facilitating the sale of heating and air companies, Business Modification Group also provides valuations for those who are interested in learning the current value of their business in the market, as well as strategies to increase the potential selling price.”

Visit Business Modification Group’s Profile

“For more than 100 years, Calhoun Companies has served as a matchmaker for buyers and sellers, allowing both to transition into the next phases of their lives. We focus on small- to mid-sized businesses, helping them leverage their assets and realize their goals through business brokerage, commercial real estate, mergers and acquisitions, and business valuation services.

At Calhoun Companies, we believe in the power of Main Street and thrive on building relationships with people just like you. We’re dedicated to helping good people and good companies succeed through a collaborative process. We call it the Calhoun Connection.”

Visit Calhoun Companies’ Profile

“With over two decades of experience in the business brokerage industry, Henry Galasso is a certified business broker (CBB) and a certified senior business analyst (CSBA). As the visionary owner and operator of East Coast Business Brokers LLC and East Coast Stores LLC, he has steered these enterprises into becoming prominent players in the tri-state area. Henry, alongside his dedicated team of brokers and partners, has successfully orchestrated numerous deals, ranging from 2 to 30 million dollars, across the retail and hospitality sectors.”

Visit East Coast Business Brokers’ Profile

“We expedite business sales profitably. Headquartered in Southwest Florida, Corporate Investment Business Brokers (CIBB) has structured over 3,000 business sales and purchases across a diverse range of industries—from local mom-and-pops to major regional companies. Since our founding in 1986, we’ve achieved a total sales volume of over $1 billion. You can depend on the experts at CIBB for: regional mastery and market expertise; local, regional, and global marketing resources; licensed Florida brokerage; reputation for discretion and confidentiality; transactions with SBA Lending and Visa qualifications.”

Visit CIBB’s Profile

“At N3 Business Advisors, we provide Mergers and Acquisitions advisory services exclusively to small and mid-market businesses in Construction, Architecture, Trades, and Engineering industries. Our services include assisting entrepreneurs in acquiring a company, scaling it, and exiting it profitably. Our team has successfully assisted hundreds of clients with their business transition needs.”

Visit N3 Business Advisors’ Profile

“We help business owners successfully sell their business by marketing their business to reach the right audience, so our client, the business owner of a privately held business, gets the best price for their business in the desired time period.

Our proven process generates more qualified buyers for these businesses while saving them time. Plus, we’re with them every step of the way, quarterbacking the process from start to finish.”

Visit BayState Business Brokers’ Profile

“Pavilion Business Services prides itself in providing professional client–centered service with the highest standard of personal and professional integrity. We work hard to ensure each of our clients achieves their business goals. Our team comprises seasoned professionals with extensive experience both locally and globally. The Pavilion team includes business consultants, M&A professionals, succession planning and marketing communications experts.”

Visit Pavilion Business Services’ Profile

“IAG M&A Advisors is a business intermediary consulting firm, facilitating the buying and selling of businesses. With over 100 years of combined experience, the management team has been a leader in the industry, helping the owners of privately held companies “cash in” on all their hard work and secure the best possible payoff.

The company’s goal is to empower business owners to use IAG’s proprietary Merger & Acquisition process to value and sell their businesses. IAG will locate buyers, engage them in a competitive process, and help our clients negotiate successful transactions.”

Visit IAG M&A Advisors’ Profile

“Boss Group International is the premier company of Florida business brokers, specializing in bringing together sellers and buyers of Florida businesses. Our award-winning agents, professional support staff, and the network of lenders, attorneys, and other advisors we engage with allow us to be there for you to provide excellent service.”

Visit Boss Group International’s Profile

“Synergy Business Brokers is a leading Mergers & Acquisitions firm focused on selling successful businesses. We offer a confidential consultation if you would like to discuss the possibility of selling your business. There is no fee until your business is sold. We develop a strategy to help you achieve your goals through advisory services throughout the process. Most of the businesses we sell have annual revenues between $700,000 and $40 million and an owner’s annual net income (including profit, owner’s salary, and benefits) of between $200,000 and $5 million.”

Visit Synergy Business Brokers’ Profile

Business Broker League Table Methodology

A business broker, as defined by Axial, is a sell-side M&A advisor who works on a range of deal sizes, including sub-$10M valuation Main St. transactions, and whose distribution strategies extend beyond Axial and their direct networks.

This league table ranking is based on Axial platform data that reveals client quality, ability to manage a sell-side process, and down-funnel effectiveness. The firms at the top of the Axial Business Broker League Table are leaders across the following categories:

• Client Quality: Buyside demand for engagements represented by the business broker.
• Buyside Targeting: The ability to balance selectivity, accuracy, and breadth when identifying potential buyers.
• Process Effectiveness: The ability to generate positive outcomes for their client. 
• Overall Deal Relevance: The number of buyside mandates (financial and strategic) that align with the business broker’s marketed engagements.
• Signed NDAs: The number of buyers that indicated interest in each business broker engagement, measured by the number of signed NDAs.
• Shared CIMs: The number of buyers that received confidential information post NDA, measured by the number of CIMs shared.
• LOIs Received: The number of LOIs received from Axial Buyers.
• Executed LOIs: The number of LOIs that were successfully executed either with an Axial buyer or that were marked under LOI on the Axial platform.
• Closed Deals: The number of deals closed with an Axial buyer or that were marked as closed on the Axial platform.
• Buyer Referrals: Feedback from buyers on how the business broker manages their processes.