M&A advisers exist because there is a demand. I imagine the the person who said “don’t listen to your M&A advisers” had one or multiple bad experiences, which is unavoidable in any profession. There is no quality guarantee, and anyone who hires a M&A adviser knows that what they are paying for is an experienced opinion, but an opinion nonetheless. There could be any number of reasons an adviser could lead to worse execution, including professional misconduct on their part. But, if anybody actually hires an M&A adviser and then does not listen to them, well, that thought pretty much ends all by itself!
Alternatively, what I have been learning lately is that you should never compensate any adviser to the company in any capacity with equity.
Curious if anyone has ever come across M&A advisers who have received equity for compensation and how this impacted their judgment (if at all).
