About 80% of managers answer they are anxious about M&A advisory companies. The top reason for "distrust" held by about 60% is "unfavorable contract terms." What are the real barriers hindering business succession?
A survey by M&A Royal Advisory reveals that about 80% of SME managers are anxious about using M&A advisory firms, primarily due to fears of unfavorable contract terms and industry scandals.
📋 Article Processing Timeline
- 📰 Published: April 14, 2026 at 22:00
- 🔍 Collected: April 14, 2026 at 13:31
- 🤖 AI Analyzed: April 19, 2026 at 16:31 (122h 59m after Collected)
M&A Royal Advisory Inc. (Headquarters: Chiyoda-ku, Tokyo, President and CEO: Ryo Hashiba) conducted a survey on the "Anxiety Factors and Consultation Behaviors of Managers Considering M&A for Business Succession" targeting SME managers who have considered, gathered information on, or specifically examined M&A as an option for their company's business succession.
In recent years, the management environment surrounding SMEs has changed significantly, and the number of managers choosing M&A (third-party succession) for business succession is on the rise.
On the other hand, there are also managers who have anxieties about how to proceed with M&A, costs, information management, and the appropriateness of contract terms, and who hesitate to consult due to doubts about whether "M&A advisory companies can truly be trusted."
In addition, as opportunities to see news about difficult-to-understand fee structures, concerns about information leaks, and industry scandals increase, there is a demand for "decision-making materials" to proceed with consideration with peace of mind.
M&A Royal Advisory Inc. (https://ma-la.co.jp/) conducted a survey on the "Anxiety Factors and Consultation Behaviors of Managers Considering M&A for Business Succession" targeting SME managers who have considered, gathered information on, or specifically examined M&A as an option for their company's business succession. The purpose was to clarify the actual state of anxiety factors felt by SME managers considering M&A for business succession, the timing of consultations, trends in consultation behavior, and the conditions they seek for M&A support.
Survey Overview: Survey on "Anxiety Factors and Consultation Behaviors of Managers Considering M&A for Business Succession"
[Survey Period] March 13 (Friday) - March 16 (Monday), 2026
[Survey Method] Internet survey by PRIZMA
[Number of Respondents] 1,007
[Target Audience] Monitors who answered that they are SME managers who have considered, gathered information on, or specifically examined M&A as an option for their company's business succession at the time of the survey response.
[Survey Source] M&A Royal Advisory Inc. (https://ma-la.co.jp/)
[Monitor Provider] Sacrisa
About 70% have a "good impression" of the M&A industry as a whole, but about 80% "feel anxious" about using it!
First, when asked, "Do you have a good or bad impression of the M&A industry as a whole?", about 70% answered either "Very good impression (14.4%)" or "Somewhat good impression (51.8%)".
The results showed that a majority of managers have a positive impression of the M&A industry.
It is possible that the background to this is that awareness of M&A as a leading means of business succession has spread, and actual success stories and benefits have become widely known.
However, about 30% have a bad impression, suggesting that this psychological hurdle is one of the barriers to advancing specific considerations.
So, how many people are aware of M&A-related troubles and scandals that are often talked about recently?
When asked, "Have you ever seen or heard reports of troubles or scandals concerning the M&A industry as a whole?", about 80% answered either "Very much (22.8%)" or "Somewhat (53.6%)".
It can be seen that the vast majority are aware of reports of troubles and scandals related to M&A.
Despite the fact that about 70% answered that they have a "good impression" of the M&A industry, the reach of negative information is also high, suggesting that while understanding the necessity of M&A, sensitivity to risk has been heightened through news reports.
How does the high awareness of reports of troubles and scandals affect the psychology of actual service use?
When asked, "Do you feel anxious about using an M&A advisory company?", about 80% answered either "Feel strongly (26.8%)" or "Feel to some extent (52.7%)".
In response to the awareness of reports of troubles and scandals, the reality that many managers feel anxious about using M&A advisory companies has become clear.
Even if there is no bad image of the industry as a whole, a psychological gap appears where caution arises when one is in the position of "using it oneself".
What exactly are they anxious about?
When those who answered "Feel strongly" or "Feel to some extent" in the previous question were asked, "What kind of anxiety do you feel about using an M&A advisory company?", "Whether negotiations on conditions and contract details with the partner company will go well (
In recent years, the management environment surrounding SMEs has changed significantly, and the number of managers choosing M&A (third-party succession) for business succession is on the rise.
On the other hand, there are also managers who have anxieties about how to proceed with M&A, costs, information management, and the appropriateness of contract terms, and who hesitate to consult due to doubts about whether "M&A advisory companies can truly be trusted."
In addition, as opportunities to see news about difficult-to-understand fee structures, concerns about information leaks, and industry scandals increase, there is a demand for "decision-making materials" to proceed with consideration with peace of mind.
M&A Royal Advisory Inc. (https://ma-la.co.jp/) conducted a survey on the "Anxiety Factors and Consultation Behaviors of Managers Considering M&A for Business Succession" targeting SME managers who have considered, gathered information on, or specifically examined M&A as an option for their company's business succession. The purpose was to clarify the actual state of anxiety factors felt by SME managers considering M&A for business succession, the timing of consultations, trends in consultation behavior, and the conditions they seek for M&A support.
Survey Overview: Survey on "Anxiety Factors and Consultation Behaviors of Managers Considering M&A for Business Succession"
[Survey Period] March 13 (Friday) - March 16 (Monday), 2026
[Survey Method] Internet survey by PRIZMA
[Number of Respondents] 1,007
[Target Audience] Monitors who answered that they are SME managers who have considered, gathered information on, or specifically examined M&A as an option for their company's business succession at the time of the survey response.
[Survey Source] M&A Royal Advisory Inc. (https://ma-la.co.jp/)
[Monitor Provider] Sacrisa
About 70% have a "good impression" of the M&A industry as a whole, but about 80% "feel anxious" about using it!
First, when asked, "Do you have a good or bad impression of the M&A industry as a whole?", about 70% answered either "Very good impression (14.4%)" or "Somewhat good impression (51.8%)".
The results showed that a majority of managers have a positive impression of the M&A industry.
It is possible that the background to this is that awareness of M&A as a leading means of business succession has spread, and actual success stories and benefits have become widely known.
However, about 30% have a bad impression, suggesting that this psychological hurdle is one of the barriers to advancing specific considerations.
So, how many people are aware of M&A-related troubles and scandals that are often talked about recently?
When asked, "Have you ever seen or heard reports of troubles or scandals concerning the M&A industry as a whole?", about 80% answered either "Very much (22.8%)" or "Somewhat (53.6%)".
It can be seen that the vast majority are aware of reports of troubles and scandals related to M&A.
Despite the fact that about 70% answered that they have a "good impression" of the M&A industry, the reach of negative information is also high, suggesting that while understanding the necessity of M&A, sensitivity to risk has been heightened through news reports.
How does the high awareness of reports of troubles and scandals affect the psychology of actual service use?
When asked, "Do you feel anxious about using an M&A advisory company?", about 80% answered either "Feel strongly (26.8%)" or "Feel to some extent (52.7%)".
In response to the awareness of reports of troubles and scandals, the reality that many managers feel anxious about using M&A advisory companies has become clear.
Even if there is no bad image of the industry as a whole, a psychological gap appears where caution arises when one is in the position of "using it oneself".
What exactly are they anxious about?
When those who answered "Feel strongly" or "Feel to some extent" in the previous question were asked, "What kind of anxiety do you feel about using an M&A advisory company?", "Whether negotiations on conditions and contract details with the partner company will go well (