Cornerstone Business Services Research
Advisory Approach
Cornerstone Business Services is a lower middle market investment banking firm founded in 2001 by Managing Partner Scott Bushkie. The firm was born from Bushkie's observation that industry-wide closing ratios were only 20-30% for lower middle market transactions, causing significant financial harm to business owners. Cornerstone's thesis is that quality over quantity, investment-banking-level process discipline, and exhaustive buyer outreach create superior outcomes.
The firm's core methodology is the Assurance 360™ process, designed around their proprietary Power of Multiple Offers™ (POMO™) framework. Rather than accepting unsolicited offers or running limited processes, Cornerstone creates competitive tension by identifying and contacting 200-400 qualified buyers per engagement. This approach has enabled an 85% closing ratio—nearly triple the industry average Bushkie observed when founding the firm.
Cornerstone targets founder- and family-owned businesses with $5M-$250M in annual revenue. The firm is headquartered in Green Bay, Wisconsin but serves clients nationally. In 2025, Cornerstone was ranked #13 in Axial's Top 25 Lower Middle Market Investment Banks, recognizing their transaction volume and client quality.
Sector Focus
Cornerstone is a true generalist with broad exposure across the lower middle market. The firm serves 12 primary industry categories: agriculture, distribution, consumer/eCommerce, construction & specialty contracting, food & beverage, healthcare, business services, professional services, logistics & transportation, manufacturing/industrials, oil & gas, and technology. Their transaction history reflects this diversity—deal tombstones range from HVAC and electrical contractors to software companies, from staffing agencies to food processors, from manufactured housing to environmental consulting.
Within manufacturing, Cornerstone has depth in precision machining, metal fabrication, custom tooling, and engineered wood products. In business services, they've completed multiple staffing agency transactions. In healthcare, they've advised behavioral health consulting firms and clinical research organizations. The firm's transactions span sell-side mandates, recapitalizations, and strategic acquisitions.
Deal Track Record
Cornerstone has completed 140+ transactions across 25 years. The firm maintains a public transaction log showing closed deals with specific buyer identification. Recent representative transactions include:
- Sherman Consulting (behavioral health consulting firm) → Crestview Capital Partners
- ERP Software company → Banyan Software
- Marketing/PR agency → FINN Partners
- HVAC company → The Waldinger Corporation
- Electrical service company → Current Electrical Services
- National leading recumbent bike retailer → HS Acquisition Enterprise
- Manufacturer of engineered wooden trusses → Green Range Capital
- Phase I-IV clinical research organization → Brixey & Meyer Capital
- Distributor of fall protection equipment → Duck Pond Equity
- Orthotic and prosthetic company → Bionic Prosthetics and Orthotics Group
In 2025, the Cornerstone International Alliance—a global network founded by Bushkie—closed $2.5 billion across 382 transactions by 34 partner firms worldwide. Since 2021, CIA partners have closed over $8 billion in aggregate enterprise value. These alliance relationships enable Cornerstone clients to access international buyers and cross-border transaction expertise.
Process & Fee Structure
Cornerstone runs institutional-quality sell-side processes adapted for lower middle market companies. Typical engagements follow a 6-9 month timeline:
- Valuation & Preparation: Real Market Analysis (RMA), quality of earnings preparation, management presentation development
- Buyer Identification: 200-400 targeted buyers from PE firms, strategics, family offices, and international acquirers
- Outreach & Marketing: Structured process with CIM, data room, and coordinated buyer management
- Offer Generation: POMO™ creates multiple offers for price and terms comparison
- Due Diligence & Closing: Full support through QofE, legal, and closing processes
The firm requires exclusivity and typically charges a monthly retainer during the engagement, credited against a success fee structured as a percentage of transaction value. While specific fee schedules are not publicly disclosed, Cornerstone has published research indicating that lower middle market deals typically see success fees of 1-4% with retainers of $10K-$25K/month.
Buyer Network
Cornerstone maintains relationships across the full spectrum of lower middle market buyers:
- Private Equity: The firm has closed deals with dozens of PE firms including Green Range Capital, Crestview Capital Partners, Duck Pond Equity, Bristlecone Companies, Bootstrap Capital, Foxwood Equity Partners, Brixey & Meyer Capital, and Generation Growth Capital
- Strategic Buyers: Transactions with Fortune-level industrials (The Waldinger Corporation, Guardian Building Products, Republic Services, Waste Management, Veolia Environmental Services, Festival Foods)
- Family Offices: Numerous transactions completed with family office buyers
- International Buyers: Access through Cornerstone International Alliance's 34 global partner firms across Latin America, Australia, Asia-Pacific, and Europe
- Platform Companies: Add-on acquisitions for operating businesses
Through the Cornerstone International Alliance, clients can access a global buyer network that extends beyond typical US-centric PE relationships.
Competitive Positioning
Cornerstone differentiates through several key factors:
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POMO™ Methodology: The Power of Multiple Offers™ framework is central to their value proposition. Rather than accepting unsolicited offers, Cornerstone systematically creates competitive tension to drive price and terms.
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Closing Ratio: At 85%, their closing ratio is exceptional for the lower middle market, reflecting disciplined processes and realistic pricing.
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Global Alliance: As founder of Cornerstone International Alliance, the firm offers global buyer access unusual for a regional boutique.
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Research Leadership: Cornerstone publishes original research including the annual "National Study on Selling Your Business" and white papers on unsolicited offers, valuation methodologies, and advisor-retainer relationships.
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Related Platforms: The firm has built complementary platforms including CAPex (for financial advisors, CPAs, and exit planners) and DealCoach (for Main Street business valuations).
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Quality-First Philosophy: Bushkie founded the firm specifically to address the industry practice of overloading clients and under-delivering. Cornerstone limits engagements to ensure dedicated attention.
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Cetera Partnership: In 2025, Cetera Financial Group selected Cornerstone to provide business sale services to Cetera advisors' clients who own private businesses, expanding the firm's reach through the wealth management channel.
Not a Fit If
Cornerstone typically declines engagements outside their sweet spot:
- Businesses below $5M in annual revenue
- Transactions above $250M (upper middle market)
- Owners seeking limited processes or wanting to accept the first offer
- Situations requiring distressed asset sales or turnarounds
- Companies with significant unresolved legal or regulatory issues
The firm focuses on going-concern sales of healthy, profitable businesses where founders are seeking exit liquidity or recapitalization to fuel growth.
Team
Cornerstone's leadership team includes:
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Scott Bushkie, Managing Partner & Founder: 25+ years in M&A industry, recognized leader in lower middle market. Founder of Cornerstone International Alliance. Regular speaker at exit planning conferences and author on M&A topics.
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Jason Salisbury, Managing Director: M&A advisor and business development manager. Also Managing Partner of Fox River Capital, focusing on acquiring and scaling lower middle market companies.
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Cameron Karlen, Managing Director of Valuations: Leads the Real Market Analysis (RMA) practice. Joined Cornerstone in 2023.
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Leroy Matuszak, Senior Vice President
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Chris Ayers, Senior Vice President
The firm also employs analysts, associates, and support staff. Securities transactions are conducted through Ceiba Financial, LLC (Member FINRA/SIPC), with certain Cornerstone team members registered as representatives.
Geographic Coverage
Headquartered in Green Bay, Wisconsin (200 S. Washington St., Suite 401), Cornerstone serves clients nationally across the United States. Through the Cornerstone International Alliance, the firm can facilitate cross-border transactions with partner firms in Latin America, Australia, Asia-Pacific, and Europe.
Additional Platform Information
Cornerstone has expanded beyond traditional M&A advisory through three related platforms:
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Cornerstone International Alliance (CIA): Global network of 34 premier lower middle market M&A firms founded by Scott Bushkie. In 2025, CIA partners closed $2.5 billion across 382 transactions. The alliance enables cross-border deals, shared best practices, and expanded buyer reach.
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CAPex Program: Partner program for financial advisors, CPAs, and exit planners to support business owner clients preparing for exits.
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DealCoach: Platform offering valuation insights for Main Street businesses.
These platforms expand Cornerstone's ability to serve clients at different stages of the exit journey and provide value through complementary professional advisor channels.