Personal M&A advisory for the German Mittelstand

Securing life’s work

You sell a company only once in a lifetime. We guide you discreetly and individually — tailored to your situation — through your entire sale and succession process, one dedicated advisor at your side: by entrepreneurs, for entrepreneurs.

Confidential
Utmost discretion at every step
Experienced & independent
A well-rehearsed M&A team with years of experience
Acting in your interest
We represent your side alone — never the buyer’s
Personal
A dedicated advisor for you, anytime

They all once stood exactly here.

Selling your life’s work is no transaction like any other — it is a question of trust. More than 50 entrepreneurs have answered that question with .

Dr. med Michael Wendorf
Dr. med Michael Wendorf
PAPmed GmbH

A partner at eye level — honest, transparent and 150% on our side.

Amanda Wyatt
Amanda Wyatt

A partnership that fits our vision and values perfectly.

Rolf Neugebauer
Rolf Neugebauer

Found the right successor — the life’s work lives on.

Thomas Schenker
Thomas Schenker
Schenker GmbH

CARL fought for our success as if it were their own company.

Roman Weiss
Roman Weiss

Found the ideal partner for growth and international ambitions.

Jan Schreiber
Jan Schreiber

Team and location stay in place — now I look forward to the next chapter.

Your starting point
The Initial Analysis

Know what your company is worth, who would buy it — and whether now is the right time.

Free of charge and confidential, with no obligation whatsoever. We advise you until your decision is ready — whether in a week or in five years. And until you make it, what happens is: nothing.

What you receive
Indicative company valuation
Multiple-based, tested against real transactions in your industry. The range you can realistically plan with — not a wishful number.
Buyer landscape (long list)
Strategics, private equity, family offices: who pays for companies like yours today — and why.
Anonymous pre-sounding (on request)
Only if you want it: we test initial interest with selected addresses — your name is never mentioned.
Transaction readiness (red-flag check)
What a due diligence would find — owner dependency, customer concentration, quality of the numbers — you know beforehand. And what it means for price and timing.
Recommended course of action
Sell, prepare or wait. With reasoning — even if it is: not yet. We stay at your side until the timing is right.
Everything in writing: your Initial Analysis — three to five pages, as the basis for your decision, and for the conversation with your family or your tax advisor.
Why free of charge?
Because the best sales begin long before the sale. The Initial Analysis shows you where you stand — and shows us how we can help. It commits you to nothing. And: we don’t follow up uninvited.
Your Initial Analysis
Excerpt · Example
Indicative value range · Enterprise value
5.4×7.3×
EBITDA multiple, derived from comparable transactions in your industry.
Buyer landscape · Level of interest
Strategics
Private equity
Family offices
A first assessment — anonymously pre-sounded on request.
Recommended course of action
Sell nowPrepareWait
Your part
A 90-minute conversation
The last three years’ financial statements
NDA upfront — your numbers stay yours

The process doesn’t begin with us. It begins with your decision.

No time pressure, no automatism. Between advisory and mandate lies exactly one step: your decision — whether in a week or in five years.

Up to here · advisory, non-binding
From here · the process under mandate
01
Company valuation

A number that stands up to any due diligence.

Under a mandate we deepen the indication into a transaction-proof valuation: multiple analysis against real closings, normalised EBITDA, a documented derivation — buyer-proof.

For you, that means: You never negotiate with a wishful number — but with one buyers have to accept.
Your sign-off: valuation & target price
The difference
From range to number
The value range from the Initial Analysis sets the direction. Negotiations are led with a number that stands up to any scrutiny.
Indication
Valuation
02
Vendor readiness & data room

We find every weakness before the buyer does.

Equity story, financial fact book, a structured data room: we prepare the due diligence before it begins — and fix red flags from owner dependency to the quality of your numbers.

For you, that means: No buyer discovers anything we don’t have an answer to. Discounts are made in the data room — not at the table.
Your sign-off: every document in the data room
Data-room index · Excerpt
Financial fact bookready
Equity storyready
Customer & contract structureready
Owner dependencydefused
Quality of numbersin progress
Every answer is ready before the question arrives.
The difference
Where purchase price is lost
Every weakness the buyer discovers first becomes a price argument. We find it beforehand — and fix it before it becomes one.
03
Structured buyer outreach

Competition is the only real price lever.

From 2,500 qualified buyers — strategics, private equity, family offices — we select the short list. Outreach stays anonymous, via teaser and NDA. Your name is only revealed once you approve.

For you, that means: A single interested party dictates the terms. Several vetted bidders show what your company is really worth.
Your sign-off: every single approach
A typical process
2,500 qualified buyers in the network
Long list — matched to sector & size
Short list — only with your approval
Several bidders at the table
The difference
Why the detour via us
As the owner, you can’t knock on strategics’ and competitors’ doors anonymously. We can.
04
Negotiation & LOI

Everything is negotiated. Not just the price.

Purchase-price structure, earn-out, warranties, working capital: we run parallel negotiations up to a robust LOI — and take on the hard positions so your relationship with the future owner stays intact.

For you, that means: Across the table sit professionals who do this every week. Now they’re sitting next to you, too.
Your sign-off: who stays at the table
Parallel up to the LOI
BIDDER ABIDDER BBIDDER CLOI
Competition stays at the table until the final round.
The difference
The asymmetry at the table
You sell once. The other side buys every week. We level that out — position by position.
05
Signing, closing & handover

Time kills every deal. We let none slip away.

SPA negotiation, notary appointment, closing conditions, handover plan: we keep up pace and substance to the signature — and accompany the handover beyond it.

For you, that means: No last-minute renegotiation, no deal fatigue. A clean break — and a good beginning.
Your sign-off: the signature itself
The last mile
Exclusivity after the LOI
Confirmatory due diligence
SPA negotiation
Signing & closing
Handover & the first 100 days
Weeks instead of months — pace protects the price.
The difference
Where deals really fail
The most dangerous phase is the last: renegotiation, warranty catalogue, delay. We keep the pressure in the process — not on you.

Your most important contribution: a company that keeps running.

A sale process costs several hundred hours over 6–12 months. Owners who run it themselves run their company at half throttle — and nothing depresses the purchase price as reliably as numbers that dip during due diligence. So: we carry the process. You run your company.

Frequently asked
Do I have to want to sell to use the Initial Analysis?
No. Many owners first simply want clarity: for planning, for a view of their options — or out of sheer curiosity. Whether, when and to whom you sell is your decision alone.
A buyer has already called?
Direct approaches are convenient — for the buyer. He picks the timing, knows the market and has no competition. That is exactly when a structured process pays off most: we turn one interested party into several.
The first step isn’t one.
Request your Initial Analysis — confidential & non-binding
Free of charge, confidential — and without any obligation.

Where life’s work finds its next chapter with .

Success in numbersAs of Q2 2026
>40
Completed transactions
sale, succession & MBO
>€1bn
Transaction volume
advised cumulatively
>90%
Success rate
of advised mandates
>2,500
Active buyers in the network
strategics, PE & family offices
Market monitorQ2 2026

Know what buyers really pay today.

Our multiples index is built on real transactions in the DACH Mittelstand — not textbook figures, but what buyers actually pay today. The light marker shows the typical range — and with it, what good preparation is worth.

Software, IT & Technology
8.2×
Healthcare
6.9×
Energy & Infrastructure
6.6×
Industrials & Manufacturing
6.1×
Business Services
5.9×
Consumer Goods & Internet
4.9×
2.5×7.5×10×

Avg. EBIT multiple per sector. Light marker = typical range. Source: CARL valuation database.

Buyer matching · Anonymised previewSample profile

2,500 active buyers. We know the right four.

For an anonymised sample profile — special machinery, 142 employees, EBITDA €4.1m — that would be four out of 2,500 possible counterparties. You decide the order, the pace and when to stop.

Strategic buyer
Special machinery
€15–40m · DACH · Southern Germany
92
Family office
Sector-agnostic
€8–25m · Germany
87
Private equity
Industrials / services
€30–120m · Europe
81
Management buy-out
Internal team
case-by-case ·
76

Source: CARL buyer database. Profiles are anonymised; full identity is disclosed only after a mutually signed NDA. The match score is based on 14 criteria (sector, size, region, capital structure, cultural fit and more).

Frequently askedFAQ

What owners ask most often.

The initial valuation and the first conversation are free of charge and non-binding. Under a mandate we work with a combination of retainer and success-based fee — you pay the larger part only once the transaction has closed successfully.
A structured sale process in the Mittelstand typically takes 6 to 12 months — from preparation through buyer outreach to closing. At CARL the average time to the first binding offer is 5.2 months.
We primarily use the EBIT multiple method, complemented by DCF and comparable transactions. Our multiples index is built on real deals in the DACH Mittelstand and enables a particularly well-founded valuation.
Absolutely. Discretion is the foundation of our work. Interested parties initially receive only an anonymised short profile and must sign a non-disclosure agreement before any further information.
We advise owner-managed companies with revenue between roughly €2m and €50m — the core of the German Mittelstand.

Let’s talk about your life’s work.

A confidential first conversation is free and non-binding. Find out what your company is worth and what a sale or succession process could look like for you.