Cornerstone International Alliance Research
Advisory Approach
Cornerstone International Alliance (CIA) is not a traditional M&A firm—it is the world's only global alliance of mergers & acquisitions firms focused exclusively on the lower middle market. Founded in 2018 by Scott Bushkie, CIA was created to solve a critical problem in the M&A industry: business owners typically choose an advisor once in their lives, yet have no reliable way to distinguish quality firms from those who "talk a good game" but rarely close deals. By vetting and partnering with proven firms worldwide, CIA has engineered much of the risk out of the business sale process.
The alliance operates on a collaboration thesis—that the best outcomes for sellers come from advisors who share best practices, exchange deals across borders, and leverage collective expertise. CIA members enjoy a "sharpen-the-sword" culture where top M&A professionals continuously learn from each other, elevating the quality of representation across the entire network. This collaborative approach translates to superior results: CIA's closing ratio exceeds the industry average, and the alliance successfully completes a transaction every 36 hours.
Sector Focus
CIA's 35 partner firms collectively cover 15 industries across the lower middle market, with particular depth in manufacturing, healthcare services, business services, technology, and specialty distribution. The alliance's global footprint—with partners in the US, Canada, Brazil, Germany, the Netherlands, France, India, and Australia—enables cross-border dealmaking that single-region firms cannot match. A manufacturing business in Tennessee can be introduced to strategic buyers in Germany or Brazil, dramatically expanding the buyer pool beyond what local advisors typically access.
Within manufacturing, CIA advisors have completed transactions in precision machining, contract manufacturing, specialty chemicals, textiles, automotive parts, and industrial equipment. In healthcare, the network has sold physician practice management groups, behavioral health platforms, hospitals, maternity centers, medical product distributors, and laboratory services. The technology practice includes software-as-a-service companies, IT services providers, and fintech payment processors. The alliance also maintains active practices in construction/engineering, transportation/logistics, retail/e-commerce, education/training, real estate, and professional services.
Deal Track Record
Cornerstone International Alliance has established an impressive track record since its founding in 2018. The alliance's partners have collectively completed 4,557+ transactions, representing over $5.5 billion in enterprise value since 2021. 2025 was a record-setting year: 34 partner firms closed $2.5 billion across 382 transactions, averaging more than one deal per day. The alliance completes 165 transactions annually on average, changing over 150 business owner lives each year.
Recent transactions illustrate the alliance's global reach and industry breadth. Excelia (CIA's Brazil partner) advised on the sale of a chemical manufacturer focused on automotive cleaning products, a denim textile manufacturer, an eyewear retail chain, an automotive filters producer, and multiple education and healthcare companies. In the US, member firms have sold construction trade contractors, manufacturing companies, healthcare services providers, and professional services firms. The network has completed transactions with buyers ranging from private equity firms like Excelia and regional PE groups to strategic acquirers in manufacturing, healthcare, and technology sectors.
Notably, CIA's aggregate transaction count is significantly higher than the individual deals publicly recorded—the 4,557+ figure represents the collective historical activity of all partner firms, many of which predate the alliance's formation. This self-reported total demonstrates the depth of experience across the network: 1,450+ years of combined business ownership experience and 1,510+ years of M&A expertise among all advisors.
Process & Fee Structure
CIA member firms follow institutional-quality sell-side processes tailored to lower middle market companies. Typical engagements involve comprehensive business preparation, including quality of earnings analysis, management presentation development, and structured data room preparation. Advisors conduct exhaustive buyer outreach—200-400 targeted contacts per engagement—far exceeding the 50-100 contacts typical of lower middle market processes. The global alliance model enables broader buyer reach than single-firm processes, as each advisor can tap into the entire network's relationships and deal flow.
The process typically spans 6-9 months from engagement to close, though timelines vary by market conditions and business complexity. CIA advisors emphasize maximizing "what matters most" to each seller, whether that's price, employee preservation, legacy continuity, or speed to close. The alliance's collaborative culture means that if a member firm identifies a buyer outside their primary geography or industry expertise, they can co-broker the transaction with a specialist partner, ensuring optimal matching between sellers and qualified buyers.
Fee structures across the alliance typically follow modified Lehman or industry-standard percentages, with retainers ranging from $10,000-$25,000 monthly credited against success fees. Minimum engagement sizes generally start at $5 million in revenue or $1 million in EBITDA, though some partners work with slightly smaller businesses in specific industries or geographies.
Buyer Network
CIA's global buyer network is its single greatest competitive advantage. With 35 partner firms across North America, South America, Europe, and Asia-Pacific, the alliance maintains relationships with thousands of potential buyers—private equity firms, strategic acquirers, family offices, and international buyers. Member firms have closed transactions with buyers including Excelia (a Brazilian PE firm), regional PE groups across the US and Europe, and strategic buyers in manufacturing, healthcare, technology, and business services.
The alliance's international footprint is particularly valuable for cross-border transactions. A US-based manufacturing company can access European strategic buyers through CIA's German and Netherlands partners. Brazilian companies can connect with US private equity firms through the network's North American members. This global reach dramatically expands the buyer pool beyond what regional advisors can offer, directly impacting transaction value and closing probability.
Competitive Positioning
Cornerstone International Alliance differentiates from other lower middle market M&A advisors through three key advantages:
-
Vetted Quality: CIA members are carefully vetted, proven firms with demonstrated transaction success. This addresses the core risk business owners face—choosing an advisor who talks a good game but lacks the skills and relationships to close. The alliance's brand signals quality and reliability.
-
Global Reach with Local Expertise: CIA combines local market knowledge with international buyer access. A business owner in Nashville works with a Tennessee-based advisor who understands the local market but can access buyers in Brazil, Germany, or India through the alliance network. No single lower middle market firm can match this reach.
-
Collaborative Excellence: CIA members share best practices, exchange deals, and continuously learn from each other. If a member faces an unusual situation—cross-border tax issues, niche industry valuation challenges, complex regulatory hurdles—other alliance members contribute expertise. This collective intelligence elevates the quality of advice and outcomes across all engagements.
The alliance's closing ratio exceeds industry averages, a direct result of better buyer targeting, more thorough preparation, and collaborative problem-solving. For business owners who will sell their company only once, partnering with a CIA member firm significantly de-risks the most consequential financial decision of their lives.
Not a Fit If
Cornerstone International Alliance member firms typically decline:
- Businesses below $5M in revenue or $1M in EBITDA (though minimums vary by partner)
- Pure asset sales or liquidations (focus on going-concern enterprises)
- Businesses with significant pending litigation or regulatory issues
- Founders seeking limited processes or quick exits (CIA's value is in exhaustive global outreach)
- Industries outside the alliance's collective expertise (though 15 industries cover most lower middle market sectors)
Team
Cornerstone International Alliance is led by Managing Director Nick Olsen, who has over 19 years of business development and sales experience working with M&A professionals worldwide. Under his guidance, CIA partners have surpassed $1.1 billion in total enterprise value over the past two years and changed the lives of over 300 business owners. Founder Scott Bushkie serves as Managing Partner; with 25+ years in M&A, he founded Cornerstone Business Services and launched CIA in 2018 to provide member firms with enhanced buyer reach, industry experts, resources, and structured best practice sharing. The alliance's Advisory Board includes Trisha Mossey and founding partners from key member firms.
Collectively, CIA represents over 205 senior M&A professionals across 35 global partner firms. The alliance's members average 18+ years of M&A experience, with many having operated their own businesses before entering M advisory. This combination of transactional expertise and operating experience enables CIA advisors to connect deeply with business owners and navigate the operational complexities that often arise during due diligence.
Geographic Coverage
CIA's 35 partner firms are headquartered across the United States and internationally. US coverage includes major markets such as Green Bay (headquarters), Franklin (TN), Atlanta (GA), Chicago (IL), Scottsdale (AZ), Los Angeles (CA), Orlando (FL), Boca Raton (FL), New York (NY), Charlotte (NC), Austin (TX), Reston (VA), and many others. International presence includes Brazil (São Paulo, Barueri), Canada (Toronto, Vancouver, Charlottetown), Germany (Munich), the Netherlands ('s-Hertogenbosch), France (Paris), India (New Delhi), and Australia (Banora Point). This global footprint enables true cross-border dealmaking—connecting sellers with buyers worldwide regardless of geography.