Arthur Berry & Company Review

Arthur Berry & Company has been operating out of Boise, Idaho since 1983, making it one of the longest-running business brokerage firms in the state.

Founded by Arthur J. Berry, who saw a gap in professional brokerage services in Idaho at the time, the firm has spent over four decades helping business owners buy, sell, and value companies of all sizes.

In 2025, the Idaho Business Review's Reader Ranking Awards named it the top M&A firm in the state. For any Idaho business owner thinking about an exit, understanding what this firm actually does, how it works, and what clients say about it is worth the time.

Arthur J. Berry founded the company after identifying a real need for specialized brokerage services in Idaho's growing market. Selling a business is not simply a matter of listing it and finding a buyer.

It requires coordinated expertise across valuation, marketing, negotiation, due diligence, and deal management. Berry built the firm around that premise from the start.

Randy Limani joined shortly after the company opened in 1983 and has been with the firm ever since. Brent Bungard came on board in 1993 to help manage the increasing volume of transactions.

In 2018, Randy and Brent officially took over the company from the founder. Since then, the team has expanded to six brokers. Today the firm handles everything from small main street businesses to multi-million dollar M&A deals.

Arthur Berry & Company covers several distinct service areas. Here is a breakdown of what they provide:

The valuation arm of the business is particularly active. Over four decades, the firm has valued thousands of companies, with some reaching as high as $350 million. They have also handled less conventional valuation requests, such as concept-only startups, marketing agreements, patents, and software programs.

The exit planning service is worth noting separately. According to data the firm cites on its website, about 62 percent of business owners who think about selling do not have a written exit plan.

Arthur Berry & Company works with owners before a sale is imminent, helping them structure a plan that accounts for both financial and operational readiness.

This upstream advisory role separates them from firms that only engage when a seller is ready to list immediately.

The current roster includes brokers with backgrounds that go well beyond the typical real estate or sales profile:

• Randy Limani has been with the firm since 1984 and holds a Certified Valuation Analyst designation. He focuses on both buy-side and sell-side transactions and is regularly consulted as a valuation advisor.
• Brent Bungard has been active in business brokerage since 1993, closing hundreds of deals across manufacturing, high tech, distribution, and other sectors.
• Seth Ruhter spent over 20 years in finance, including time at the Federal Reserve Board in Washington D.C. where he worked on stressed bank closures during the 2008 financial crisis, and later as a Vice President in risk management at Goldman Sachs.
• Heidi Glaisyer spent 25-plus years in sales and marketing, including a role as Vice President of Sales at J.R. Simplot Food Group.
• Justin Badraun handles a broad range of transactions and appears frequently in client testimonials for keeping complex deals on track.
• David brings an engineering background along with over 15 years of financial assessment and valuation experience across commercial, industrial, and energy projects in the U.S., Canada, Australia, and Asia.

This is an unusually varied team for a regional brokerage. Seth Ruhter's Federal Reserve and Goldman Sachs background is not the profile you typically find at a Boise-based firm.

That kind of financial sector experience translates well when buyers and sellers are working through complex deal structures or navigating SBA financing.

Arthur Berry & Company does not limit itself to a specific sector. According to PitchBook and the firm's own listings, they operate across:

• Hospitality and food and beverage
• Manufacturing, distribution, and wholesale
• Construction and transportation
• Retail and e-commerce
• Service businesses
• Commercial real estate

Recent active listings have included a downtown Boise restaurant with a legacy liquor license, a custom landscape design business in the Treasure Valley, a neighborhood taphouse, and a specialty salon franchise in an Idaho resort town.

The variety of listings reflects a firm that is genuinely active across Idaho's economy rather than focused on one type of transaction.

The firm is headquartered at 250 W. Bobwhite Court, Suite 230, in Boise, with additional coverage of the Idaho Falls and Pocatello markets.

Their stated reach extends across southern Idaho, from Sun Valley to the Treasure Valley.

For buyers or sellers outside the Treasure Valley, the firm has brokers who specifically work the eastern Idaho market and understand regional nuances there.

The testimonials on the firm's website are specific enough to be useful. A few patterns emerge:

Several clients note how quickly transactions moved once listed. Jonathan Smith, who sold a corporate housing service company with broker Brent Bungard, reported that the company listed and sold within three months with a well-matched buyer.

Sean Terry, who sold a business through broker Heidi Glaisyer, called out prompt communication, attention to detail, and competitive rates, giving the firm a 10 out of 10.

Jim and Cindy Sparling, sellers of Cartridge Connection, credited the firm with achieving a strong sale price for a business they had run for 20 years, which is often one of the more emotionally complex transactions a broker can manage.

Ron Grover and Kevin Hicken, sellers of Shortstop Market, specifically highlighted how broker Bill Spofford handled confidential information, noting that they never worried about sensitive details being mishandled.

That kind of trust matters when a business sale must be kept quiet from employees, competitors, and suppliers until the right moment.

Jon Moses, Principal and CEO at MD Review, left a comment about a valuation report rather than a full sale.

He noted the report was informative, well-reasoned, and delivered quickly, which suggests the valuation service functions as a standalone offering that clients find useful even outside an active sale process.

Arthur Berry & Company does not publish fees publicly, which is standard practice for business brokerages. Commissions in this industry typically range from 8 to 12 percent for smaller transactions, with lower percentages applying to larger deals.

Sean Terry's public comment about competitive rates suggests the firm's fees sit at or below the market average, though anyone serious about engaging them should ask directly during an initial consultation.

The breadth of the team's professional backgrounds makes Arthur Berry & Company more capable than a generalist brokerage when it comes to complex valuation questions or deals involving institutional buyers.

Seth Ruhter's finance background and David's engineering and energy sector experience give the firm coverage that smaller regional shops simply cannot replicate.

The firm also appears to invest in client education through its blog, where content covers topics like how buyers typically finance main street acquisitions, when to clean up financial statements ahead of a sale, and how different deal structures work in M&A.

This is useful for first-time sellers who may not know the right questions to ask.

The 2025 Idaho Business Review recognition as the top M&A firm in the state confirms the firm's local standing after more than 40 years of operation.

Potential Considerations

The firm is Idaho-focused. If you are looking to sell a business outside of the state or need representation in a multi-state transaction, Arthur Berry & Company may not be the right fit.

Their depth of experience is in Idaho's specific market, which is an advantage for in-state deals but a limitation for anything beyond southern Idaho's geography.

The firm is also relatively small, with six brokers handling the current transaction volume.

For sellers who want a large national brokerage with dozens of buyer relationships across the country, a firm like this operates differently. What it trades in scale, it compensates for with individual broker attention and direct communication.

Conclusion

Arthur Berry & Company is a specialized, experienced firm that has earned its position as Idaho's leading business brokerage through over four decades of consistent performance and a team whose backgrounds are genuinely suited to complex transactions.

For Idaho business owners looking to sell, plan an exit, or understand what their company is worth, it is one of the most credible options in the state.