Survey: 76.9% of SME owner-managers have found M&A advisory firms difficult to trust

Owners Inc., which operates the business succession support service RISONAL, conducted a survey of 104 SME owner-managers who have considered, or may consider, business succession or M&A. The survey examined how they choose advisory contacts for business succession and M&A. According to the results, 76.9% of owner-managers said they had felt that M&A advisory firms were difficult to trust. The most trusted first contact channels were referrals or proposals from professional service providers such as accountants or lawyers, at 78.9%, followed by referrals or proposals from existing financial institutions, at 71.1%. By contrast, more than half of respondents said direct mail, sales calls, and sales emails from M&A advisory firms were difficult to trust. When comparing M&A advisory firms, respondents placed the greatest importance on the specificity of proposals tailored to their own company. Only 12.5% emphasized company name recognition, suggesting that owners value information that helps them judge whether a firm is suitable for their business more than brand awareness. The top condition that would make owners willing to hear from an M&A advisory firm was receiving an individualized proposal based on their company’s situation. The second was a clear explanation of why the proposal was being made to their company. Around half of respondents said that choosing an advisory contact was itself a factor causing delays in their consideration of business succession or M&A. Among respondents who had found M&A advisory firms difficult to trust, the most common reason was that the basis for proposing to their company was weak, cited by 50.0%. Other reasons included difficulty judging whether the firm’s track record matched their company, lack of clarity around the process, unclear fee structures, overemphasis on achievements and success stories, and insufficient explanations about confidentiality. The survey also found that the biggest reason owners hesitate to consult or inquire with advisory firms is concern that they will face persistent sales pressure, cited by 51.0%. Other major concerns included the fear that discussions might progress too quickly despite being at an early consideration stage, and anxiety about information leakage. When choosing an advisory contact, respondents found it difficult to understand differences in fee structures, the rationale for proposals, the pros and cons of financial advisory versus brokerage models, and the differing positions of support firms. Ryukichi Sakuta, president and representative director of Owners Inc., commented that sales activities centered on direct mail and sales calls are widespread in the SME M&A industry. Some owner-managers reportedly receive more than ten direct mails per week from M&A advisory firms, many of which contain vague proposals such as claims that there are buyers interested in companies like theirs. Even after meetings based on such proposals, cases where a specific buyer actually exists appear to be limited. Sakuta said that owners’ preference for trusted referral routes through professional advisers or financial institutions likely reflects growing caution toward M&A advisory firms amid intense sales competition. At the same time, the survey showed that many owner-managers are willing to listen if the proposal is specific and tailored to their own company. In other words, M&A advisory firms are expected to provide not merely brokerage functions, but consulting and advisory capabilities. The broader SME M&A support industry is expected to improve the quality of its sales and proposals. The survey was conducted by Fastask from April 16 to April 21, 2026, via online questionnaire. The target respondents were SME owner-managers who had considered, or may consider, business succession or M&A. The number of valid responses was 104. Owners provides services including RISONAL M&A, RISONAL internal succession, and RISONAL WEALTH, supporting SME M&A, internal succession, and post-succession asset management.