Morgan & Westfield is an independent mergers and acquisitions (M&A) advisory firm that has been helping business owners sell their companies since 2008. Founded by Jacob Orosz, the firm focuses exclusively on the sale of privately held businesses with annual revenues between $1 million and $100 million.
For business owners researching their exit options, the question of whether a firm is credible, experienced, and worth the fees is a fair one to ask. This review covers what Morgan & Westfield does, how their process works, what they charge, and who they are best suited for.
Key Takeaways
- Morgan & Westfield has completed 300+ transactions across 100+ industries since 2008.
- The firm requires no long-term contracts, which is uncommon among M&A advisors.
- Fees vary by deal size and package, with a minimum success fee of $65,000 at closing.
What Is Morgan & Westfield?
Morgan & Westfield is a sell-side M&A advisory firm, meaning their core job is to represent business owners who want to sell. They are not a business broker in the traditional sense; they position themselves as a full-service M&A firm handling transactions from initial valuation through final closing.
The company operates with a distributed team and has closed deals across North America, Central America, South America, Europe, and Asia.
Jacob Orosz, the firm's president and founder, is hands-on with client transactions. According to the company's website, clients work directly with Orosz rather than being passed to a junior associate, which is a notable difference from many larger firms.
He has over 25 years of M&A experience, has personally managed or participated in the sale of more than 300 privately held companies, and has authored six books on M&A topics. He also hosts M&A Talk, which bills itself as the number-one podcast on selling a business.
How the Process Works
Morgan & Westfield uses a structured four-step framework they call the Morgan & Westfield 4-Step Method. The steps are: Assess, Prepare, Market, and Close. Each stage is designed to move the transaction forward while maintaining confidentiality throughout.
- Step 1 – Assess: The firm evaluates the business, produces a valuation and adjusted financials, outlines a sales strategy, and creates an exit plan. This step costs $1,500 and concludes with an assessment call.
- Step 2 – Prepare: The team builds a Confidential Information Memorandum (CIM), conducts a recorded seller interview, creates a teaser, and performs pre-sale financial due diligence.
- Step 3 – Market: Morgan & Westfield executes a confidential marketing campaign, qualifies potential buyers, negotiates the Letter of Intent (LOI), and manages buyer meetings. This includes outreach to individual, strategic, and financial buyers.
- Step 4 – Close: The firm negotiates transaction terms, manages due diligence, and orchestrates the closing process through to the final transfer of funds.
The no-long-term-contract policy applies at every stage. A business owner can stop the process at any point without being locked into an extended agreement, which is unusual for a firm operating at this level of the market.
Fee Structure
Morgan & Westfield publishes their fee structure transparently on their website, which is refreshing in an industry that often keeps pricing opaque. There are two package options: the Custom Package and the Standard Package. The right choice depends on the seller's preferences around upfront costs, exclusivity, and the success fee percentage.
| Feature | Custom Package | Standard Package |
|---|---|---|
| Step 1 Assess | $1,500 | $1,500 |
| Step 2 Prepare | From $3,000 | $0 |
| Step 3 Market | From $400/month | $0 |
| Prior fees credited to success fee | Yes | No |
| Exclusivity required | No | 18 months |
| Success fee (1st $1M) | 8% | 12% |
| Minimum success fee | $65,000 | $65,000 |
In practical terms, the Custom Package involves paying fees upfront for Steps 2 and 3, but those fees are fully credited against the success fee at closing. The Standard Package has no upfront costs for Steps 2 and 3 but requires an 18-month exclusivity agreement and carries a higher success fee percentage. Both packages share the same minimum success fee of $65,000.
To give a sense of scale, the firm's published fee estimator shows that on a $5 million sale, the Custom Package totals approximately $280,000 and the Standard Package totals approximately $410,000 in total fees. On a $10 million sale, those numbers rise to roughly $380,000 and $570,000, respectively.
Who Morgan & Westfield Is Best Suited For
The firm targets owners of middle-market businesses with annual revenues up to $100 million. Their pricing floors (the $65,000 minimum success fee) make them better suited for businesses with a purchase price of at least $800,000 to $1 million. Sellers of very small businesses may find the minimum fee high relative to their transaction size.
Owners who want direct access to experienced senior advisors rather than delegated junior staff will appreciate the structure here. The no-contract approach also suits sellers who are not certain of their timeline or who want flexibility. Owners in complex or niche industries may benefit from the firm's claimed experience across 100-plus industries.
Resources and Educational Content
One distinguishing characteristic of Morgan & Westfield is the volume of free educational content they produce. The firm's website includes a comprehensive knowledge base covering every phase of selling a business, a glossary of M&A terms, downloadable templates, and six full-length books authored by Orosz (all available as free PDF downloads). The M&A Talk podcast has featured guests from Goldman Sachs, J.P. Morgan, BCG, Deloitte, PwC, KPMG, and other major firms.
This content serves two purposes: it builds trust with prospective clients who are new to the process, and it positions the firm as a genuine source of expertise rather than just a transaction facilitator.
What Morgan & Westfield Does Well
- Transparent, published fee structure with a detailed success fee estimator
- No long-term contracts, which is rare at this tier of M&A advisory
- Direct access to the firm's president throughout the transaction
- Extensive free educational resources for business owners who are still learning
- Documented process with clearly defined deliverables at each step
- Experience across 100+ industries and international transactions
Potential Drawbacks to Consider
- The $65,000 minimum success fee may not make sense for smaller deals under $800,000
- The Standard Package's 18-month exclusivity agreement limits flexibility once signed
- Upfront fees in the Custom Package (Steps 2 and 3) require payment before the business sells
- The firm's team size and capacity may vary; prospective clients should confirm bandwidth during the assessment
Frequently Asked Questions
Does Morgan & Westfield require a long-term contract?
The Custom Package does not require an exclusivity agreement. The Standard Package requires an 18-month exclusivity agreement. Neither package locks the seller into a long-term commitment in the way many traditional M&A firms do.
Who will I work with at Morgan & Westfield?
According to the firm, clients work directly with Jacob Orosz, the president and founder, from the beginning of the process through closing. This is different from firms where initial contact is with senior staff but day-to-day management falls to junior associates.
Does Morgan & Westfield handle international transactions?
Yes. The firm has represented buyers and sellers in North America, Central America, South America, Europe, and Asia.
What is the difference between the Custom and Standard packages?
The Custom Package involves upfront fees for Steps 2 and 3 (which are credited toward the success fee), does not require exclusivity, and carries a lower success fee percentage. The Standard Package has no upfront fees for Steps 2 and 3 but requires an 18-month exclusivity agreement and a higher success fee rate.
Conclusion
Morgan & Westfield is a legitimate, established M&A firm with a documented track record, published pricing, and a clear process built over more than 15 years.
The firm is a reasonable choice for owners of businesses in the $1 million to $100 million revenue range who want experienced, senior-level guidance and value transparency in fees and process.