Arthur Berry & Company Research
Advisory Approach
Arthur Berry & Company operates as Idaho's leading professional M&A business brokerage authority, founded in 1983 by Arthur J. Berry with a mission to provide business owners with expert guidance through the complexities of buying, selling, and valuing businesses. The firm operates with a foundational belief that successful business transitions require more than transactional expertise—they demand integrity, professionalism, and a deep understanding of both valuation science and the human dynamics of ownership change.
The firm's thesis centers on serving Idaho's business community with institutional-quality processes tailored to main street and lower middle market companies. Unlike larger national investment banks that may overlook smaller transactions, Arthur Berry & Company has built its practice around serving businesses with enterprise values typically between $100,000 and $10 million, with particular strength in the $500,000 to $5 million range. This focus has allowed them to develop specialized expertise in the types of businesses that form the backbone of Idaho's economy—family-owned companies, regional distributors, service providers, and consumer-facing businesses.
Sector Focus
Arthur Berry & Company maintains broad industry expertise across five primary sectors:
Consumer Products & Food & Beverage: The firm has significant transactional experience in restaurants, bars, food service establishments, and liquor license transfers. Their transaction history includes numerous food and beverage businesses across Idaho's Treasure Valley and beyond.
Business Services: The team has sold service businesses of all types, including landscaping companies, home services, automotive services, and professional services firms. Their understanding of service business valuation—particularly companies with owner-dependent revenue streams—represents a core competency.
Retail & E-commerce: Retail establishments, boutique stores, and consumer-facing businesses with brick-and-mortar presence represent a significant portion of their transaction volume. The firm understands the unique challenges of valuing businesses with inventory, leasehold improvements, and location-dependent revenue.
Manufacturing & Distribution: Small to mid-sized manufacturing companies and wholesale distributors form an important part of their practice. Current and recent listings include PPE manufacturing, specialty coatings companies, and various industrial product businesses. Their team includes former operators with manufacturing expertise.
Commercial Real Estate: Unlike many business brokers, Arthur Berry & Company maintains a full commercial real estate practice, allowing them to handle transactions where business value and real estate are intertwined—restaurant properties, facilities with owned real estate, and businesses with significant land or building assets.
Deal Track Record
Since its founding in 1983, Arthur Berry & Company has completed over 2,000 successful business and commercial real estate transactions. This extraordinary volume reflects the firm's position as Idaho's most active business brokerage, averaging approximately 50-60 transactions annually over four decades.
A significant verified transaction includes the 2021 sale of R&R Hardwood Distributors, Inc. to a private investor. Randy Limani, Principal at Arthur Berry & Company, served as the lead M&A advisor on this transaction through the firm's affiliation with Generational Equity, a national M&A advisory organization. R&R Hardwood Distributors, a 35-year-old Boise-based distributor of hardwood flooring products with branded "Cordalera" prefinished product lines, represents the firm's capability in manufacturing and distribution transactions.
The firm's 2025 transaction history PDF lists dozens of completed transactions across all industry categories, demonstrating consistent deal flow even during challenging economic periods. Recent transaction categories include HVAC companies, landscape maintenance businesses, medical spas, grocery stores, manufacturing facilities, and numerous liquor license transfers.
Process & Fee Structure
Arthur Berry & Company runs a structured, professional sell-side process adapted for main street and lower middle market companies:
Valuation Phase: The firm begins with comprehensive business valuation, leveraging Randy Limani's CVA (Certified Valuation Analyst) credentials and the team's collective experience. They prepare detailed financial analysis, cash flow recasting, and market positioning assessments.
Marketing Phase: Properties are marketed through the firm's proprietary website, national listing services (BizBuySell, BizQuest, BusinessMart, LoopNet), and the firm's affiliation with Generational Equity's national network. This multi-channel approach ensures maximum exposure to qualified buyers.
Buyer Qualification: All prospective buyers complete non-disclosure agreements and undergo financial qualification before receiving detailed business information. This protects client confidentiality while ensuring serious buyers only.
Negotiation & Closing: The firm provides full support through offer negotiation, due diligence management, and closing coordination. Their team's expertise in both business brokerage and commercial real estate allows them to handle complex transactions involving real estate components.
Typical engagement terms include a retainer fee credited against success fees, with success fees structured on a percentage of transaction value consistent with industry standards for business brokerage. The firm requires exclusivity on all engagements.
Buyer Network
Arthur Berry & Company maintains multiple buyer networks:
Local & Regional Buyers: A deep network of Idaho and regional buyers, including individuals, families, and existing business owners seeking expansion through acquisition.
National Affiliation: Through their affiliation with Generational Equity, the firm has access to a national network of private equity firms, strategic buyers, and institutional investors. This affiliation was instrumental in the R&R Hardwood Distributors transaction and provides access to capital for larger deals.
Online Platforms: Active presence on BizBuySell, BizQuest, BusinessMart, and LoopNet provides exposure to hundreds of thousands of potential buyers actively seeking acquisition opportunities.
Competitive Positioning
Arthur Berry & Company differentiates through several key advantages:
Longevity & Track Record: Few firms can match 40+ years of continuous operation with 2,000+ completed transactions. This history provides credibility and deep market knowledge.
Local Market Dominance: As Idaho's #1 ranked M&A firm (2025 Idaho Business Review Reader Rankings), the firm enjoys brand recognition and market presence that competitors cannot match.
Team Credentials: The team's professional credentials—including CPA, CVA, CFA, DBA, and MBAs—provide analytical depth uncommon in business brokerage. Seth Ruhter's Doctorate in Business and CFA designation, combined with his Federal Reserve and Goldman Sachs experience, brings institutional-quality analysis to main street transactions.
Operational Experience: Multiple team members, including Tom Smith and Heidi Glaisyer, have owned and operated businesses. This firsthand experience allows them to understand the practical and emotional challenges of selling a business.
Full-Service Capability: The combination of business brokerage, valuation services, and commercial real estate expertise under one roof provides clients with comprehensive transaction support.
Not a Fit If
Arthur Berry & Company typically declines:
- Businesses outside Idaho or the immediate surrounding region (their local market expertise is their primary value proposition)
- Very small transactions under $100,000 (the firm's professional process is not economically viable at smaller deal sizes)
- Start-ups or businesses without established operating history and cash flow
- Business owners unwilling to grant exclusivity or commit to a structured process
Team
The firm's leadership team combines deep experience and diverse backgrounds:
Randy Limani, Designated Broker/Principal: Over 40 years of M&A experience, CPA (Idaho), Certified Valuation Analyst (CVA), degrees in Accounting and Marketing from Boise State University. Former ultramarathoner who brings analytical rigor and endurance to every transaction.
Brent Bungard, Associate Broker/Principal: 30+ years with the firm since joining in 1993, Boise State University BBA. Has completed hundreds of transactions across manufacturing, technology, distribution, retail, and service companies.
Heidi Glaisyer, Agent: 25+ years sales and marketing expertise, former VP of Sales and Marketing at J.R. Simplot Food Group, MBA from Boise State University, founder of Broemm Corporation. Brings corporate and entrepreneurial experience.
Justin Badraun, Agent: 25-year Fortune 500 high-technology career, University of Idaho degrees in Accounting and Finance, inactive CPA. Global operations, supply chain, and engineering background.
Seth Ruhter, Agent: 20 years finance experience, former Federal Reserve Board expert, former Goldman Sachs Vice President in risk division. Doctor of Business (University of Florida), Master's in Economics, CFA charterholder, AM (American Society of Appraisers), ABV (AICPA). Assistant professor at College of Idaho teaching economics, corporate finance, and valuation.
Tom Smith, Agent: Nearly 40 years entrepreneurial experience across manufacturing, distribution, design, patent development, brand building, e-commerce, and retail. Previously sold a business through Arthur Berry & Company, bringing client perspective to his advisory work.
David Berry, Agent: 15 years collaboration with the firm, engineering and energy sector expertise, project management experience across U.S., Canada, Australia, and Asia including the $80M Yarra Trams Power Supply Upgrade Project in Melbourne.
Support Staff: Sharon Graham (Administrative Coordinator since 1992) and Miranda Cotten (MBA, Media and Communications Lead) provide operational and marketing support.
Geographic Coverage
Arthur Berry & Company is Idaho-focused with primary concentration in the Treasure Valley (Boise, Meridian, Nampa, Caldwell) and secondary markets including Idaho Falls, Coeur d'Alene, McCall, Ketchum, and Sun Valley. The firm has completed transactions throughout Idaho and in neighboring states through their national affiliations.