For owners of trades or blue-collar businesses with revenues between $5 million and $50 million, MidStreet Mergers and Acquisitions serves a segment of the market that is often overlooked.
Founded over 20 years ago by Jeffery Baxter, a graduate of the U.S. Naval Nuclear Power Program with more than 450 completed transactions, the firm is built on the premise that the lower-middle market has long been underserved.
While main street brokers typically handle businesses under $5 million and larger M&A firms focus on deals above $50 million, MidStreet targets the gap in between and has developed a specialized process to serve that range effectively.
Key Takeaways
- MidStreet exclusively serves businesses with $5M–$50M in revenue, targeting a segment most brokers avoid.
- The firm charges no upfront fees, collecting the majority of its compensation only at closing.
- Their advisory team has credentials including Certified Business Intermediary (CBI) and Mergers & Acquisitions Master Intermediary (M&AMI) designations.
Who MidStreet Serves
MidStreet is selective about clients. The firm focuses on established, profitable businesses in sectors like home services, niche manufacturing, industrial services, and managed IT.
They operate out of two offices in North Carolina (Raleigh and Wilmington) but work with clients across the country.
The business segments they target fall into a clearly defined revenue band:
| Business Type | Revenue Range |
|---|---|
| Main Street (not MidStreet's focus) | Under $5M |
| MidStreet Sweet Spot | $5M – $50M |
| Middle Market (not MidStreet's focus) | Over $50M |
This level of specialization matters. Advisors who work exclusively in one deal size develop pattern recognition that generalists don't have. They know what buyers in those ranges expect, what multiples look realistic, and where deals tend to fall apart.
The StreetSmart Exit Process
MidStreet's sales process is called the StreetSmart Exit. It runs in three phases before a business even goes to market.
Phase 1: Understand & Gather Data. The firm starts with a confidential intake call and discovery meeting to learn the owner's goals, business model, and industry dynamics. This shapes how they later frame the business to buyers.
Phase 2: Analyze & Value. Their team normalizes the financials, adjusting for owner-specific expenses and one-time items to surface the true earning power of the business. They benchmark against actual closed transactions in comparable industries rather than relying on generic databases.
Phase 3: Review & Decide. MidStreet walks the owner through the valuation in plain language. From there, the owner can choose to move forward immediately, prepare for a future exit, or simply table the conversation. There's no pressure to list.
Once a business goes to market, MidStreet builds what they call a StreetSmart Marketing Package: professional presentation materials, a marketing video, and a confidential information memorandum (CIM) designed to attract serious buyers.
Their buyer outreach pulls from industry databases, private equity contacts, strategic acquirers, and high-net-worth individuals. Critically, they market confidentially. The business is never blasted to open listing platforms.
The Team
Founder Jeffery Baxter holds a Certified Business Intermediary (CBI), Certified Mergers and Acquisitions Professional (CM&AP), and Mergers and Acquisitions Master Intermediary (M&AMI) designation.
His career includes 10+ years at Exelon, a Fortune 100 company, plus a stint owning and operating the franchise rights to Sunbelt Business Brokers.
VP of M&A Erik Sullivan has directly managed over $200 million in sell-side transaction value since 2017 and has been featured in the Triangle Business Journal for both M&A advisory and commercial real estate work. He holds the same CBI and M&AMI credentials as Baxter.
COO Jonah Pollone, who focuses specifically on trades businesses, has contributed to more than $78 million in closed transactions over six years. He holds a degree from UNC Kenan-Flagler Business School alongside his CBI and M&AMI certifications.
On the analytical side, Santiago Rodriguez brings buy-side experience from Accenture's corporate development group, where he was involved in acquiring small and midsize businesses globally.
Marcelo Leiva, based in Costa Rica, comes from BDO Costa Rica where he led valuation and advisory projects across technology, pharma, and retail.
Chief Financial Officer Jeffery Baxter Jr., a UNC-Chapel Hill Kenan-Flagler graduate, is a certified business appraiser through the International Society of Business Appraisers (ISBA).
The team is credentialed, and the combination of buy-side and sell-side backgrounds gives them a practical understanding of how sophisticated acquirers actually evaluate businesses.
Pricing: The Double Lehman Scale
MidStreet charges no upfront fees. Commission is due only after a successful sale. Their fee structure uses the Double Lehman Scale:
| Deal Portion | Commission Rate |
|---|---|
| First $1M | 10% |
| Second $1M | 8% |
| Third $1M | 6% |
| Fourth $1M | 4% |
| Anything above $5M | 2% |
For context, many business brokers charge a flat 10–12% on the total purchase price. The Double Lehman structure means that on larger transactions, the effective commission rate decreases.
A $10 million deal, for example, would result in a meaningfully lower percentage than a flat-fee arrangement at 10%. The listing agreement runs for 12 months, with a 24-month tail period, which is standard in the M&A advisory industry.
One thing worth noting: MidStreet is upfront that they do not accept every engagement. If they believe a business's likely valuation doesn't align with the owner's expectations, they'll say so during the initial valuation phase rather than sign a listing agreement and waste everyone's time.
Confidentiality and Data Security
Selling a business while still operating it requires strict information control. Employees, customers, and competitors cannot know a sale is underway or it creates instability.
MidStreet addresses this with secure virtual data rooms, encrypted communications, and buyer vetting before any sensitive materials are shared. Buyers must meet qualification criteria before they receive any financial details.
What MidStreet Does Well
- Specialization: Their focus on one deal-size segment and specific industries means their advisors aren't generalists guessing at valuations.
- Credentialing: Multiple advisors hold the M&AMI designation, which requires demonstrated competency in the field.
- No upfront fees: This structure puts MidStreet's interests in direct alignment with the seller's outcome.
- Buyer network: They access private equity groups, strategic acquirers, and high-net-worth individuals rather than relying on public listing platforms.
- Transparent pricing: The Double Lehman Scale is publicly disclosed on their website, which is less common than it should be in this industry.
What to Consider
MidStreet is seller-focused only. If you're a buyer looking for acquisition targets, their website lists businesses for sale, but their advisory relationship is exclusively with sellers.
They also do not work with businesses below $5 million in revenue, so if your company hasn't reached that threshold, you'd be better served elsewhere.
The 12-month listing agreement with a 24-month tail period is also worth reviewing carefully with a transaction attorney before signing, since that tail period binds you to MidStreet's compensation even after the engagement ends if the eventual buyer was introduced during the listing term.
Conclusion
MidStreet Mergers and Acquisitions fills a genuine gap for lower-middle market business owners who need more sophistication than a Main Street broker but whose deal size falls below the interest threshold of large M&A firms.
Owners of established, profitable businesses in the $5M–$50M range who want a structured, credentialed team and a no-upfront-fee model have a solid case for putting MidStreet on their shortlist.