Fractional M&A manager: the M&A function, without the hire
You want to make acquisitions, or your investors expect you to. You have three options: hire an M&A manager, hand each deal to an investment bank, or bring in a fractional M&A manager. Here is what the third option does, who it suits, and what it costs.
An M&A manager inside your team
A fractional M&A manager does the work of an in-house M&A manager: screening incoming deals, valuing targets, writing the notes for management and the board, directing lawyers and auditors, preparing every negotiation. A few days a month in steady state, more during a transaction, through to closing.
A fractional M&A manager sits on your side of the table and is not paid on success. A target that is not worth the asking price, or a deal that should not be signed, can be called out without the fee depending on it.
That is what sets it apart from an advisor paid on success, most of whose fee depends on completion.
Three situations where it makes sense
- The CFO who acquires - several deals a year: too many to handle between the year-end close and the budget, not enough for a full-time hire.
- A private equity portfolio company with a buy-and-build plan - an acquisition plan to execute, a management team busy running the business, an investment director who cannot be on site every week.
- The founder facing a one-off transaction - a company-changing acquisition, or a sale, with a team that has never run a process: an M&A manager for the duration of the deal.
From screening to closing
- Scoping - target criteria written with management: business, size, geography, price; the long list, then the priorities.
- Screening - every incoming deal read against the same grid, on one page: market, numbers, asking price, what you must believe for that price to be right.
- Valuation - adjustments, multiples, the target’s business plan, synergies quantified and dated: a range the board can defend.
- The offer - the letter of intent, the price structure (cash, earn-out, vendor loan, seller reinvestment), the timetable to signing.
- Due diligence - the request list, coordination of auditors and lawyers, a summary of the findings that affect price or warranties.
- Negotiation and closing - preparation of every session and follow-up of the documents through to signing.
A fixed monthly fee, agreed upfront
A monthly fee based on the expected number of days, agreed in the quote before work starts and adjusted if the deal flow changes. No success fee as the basis: if a deal does not happen, you have paid for work, not for a completion. For a one-off transaction, the fee is set per deliverable.
An example: since 2026 I have supported the finance team of Locala, a digital advertising company, on its external growth. Every incoming deal is analysed against the same grid, valued and summarised in a note that prepares the decision, which remains the client’s. Read the case study →
Four questions before you start
What is the difference between a fractional M&A manager and a fractional CFO?
A fractional CFO runs the finance function: accounts, cash, banks, reporting. A fractional M&A manager runs the deals: targets, valuation, negotiation, due diligence. In a company that acquires, the two work together.
How much time does a fractional M&A manager spend in the company?
A few days a month in steady state, to screen deals and follow priority targets; more during a transaction, several days a week between the letter of intent and closing. The fee follows that rhythm.
Can a fractional M&A manager work alongside the investment bank we have mandated?
Yes. When the bank runs the process and the buyer network, the M&A manager stays on your side: checking the numbers, preparing decisions, coordinating your team and your advisors.
How is confidentiality handled?
A non-disclosure agreement is signed before the first document. I never advise two bidders on the same target, nor the seller and the buyer in the same deal.
Acquisitions on the horizon?
Describe your deal flow and your team: within 24 hours, I will tell you whether a fractional M&A manager makes sense, and in what form.