DBG Advisors Research
Advisory Approach
DBG Advisors is a faith-based M&A advisory and business brokerage firm founded in 2006 by Dr. Nolan Duck. The firm operates with a distinctive thesis rooted in integrity, excellence, and putting clients first—values explicitly grounded in their Christian faith-based approach. They believe that selling a business is one of the most significant decisions an owner will make, and they're committed to guiding owners through every step with honest, actionable advice even when it's not what the client wants to hear.
The firm's sweet spot is lower middle-market companies with revenues between $5 million and $65 million, primarily in manufacturing, distribution, and business services. They've achieved an exceptional 85% close rate on businesses they take to market—far exceeding the 17% industry average for business brokers. This success is attributed to their rigorous process, extensive buyer networks, and willingness to walk away from deals that aren't in the seller's best interest.
What sets DBG Advisors apart is their comprehensive, process-driven approach that combines institutional-quality M&A practices with the personalized service of a boutique firm. They offer a unique "Ready to Sell Process" that includes Value Builder and PREScore assessments, Certified Business Intermediary expertise, and coordination with attorneys, CPAs, and financial advisors throughout the transaction.
Sector Focus
DBG Advisors concentrates on three core verticals in the lower middle market:
Manufacturing: They've sold multiple manufacturing companies including precision machining firms (North Texas Full Service Machine Shop), metal fabrication businesses (Humble Industrial Services), wood product manufacturers (Chris' Craft Custom Framing), and industrial equipment companies. Their team includes former operators who understand plant-level economics and production processes.
Distribution: The firm has extensive experience with distribution companies across various verticals. Notable transactions include Kangaroo Cases (shipping case manufacturer), RA Lock (high security lock distribution), and box/packaging distribution companies. They understand the unique economics of distribution businesses including inventory management, logistics, and supplier relationships.
Business Services: A significant portion of their deal flow comes from business services. They've sold IT managed services providers (Acxential Business Solutions, Wood Networks), accounting firms (Douglas J. Hopkins CPA, Eaton Quezer & Associates), HR outsourcing firms (The Hopkins Group), and document management companies (Odyssey Document Services).
They also maintain active practices in healthcare services (assisted living facilities, medical practices), real estate (event venues, commercial properties), and consumer discretionary businesses (bridal retail, tuxedo sales).
Deal Track Record
DBG Advisors has completed 27+ transactions since 2006, with 13 deals tracked on their Axial profile since 2009. Their deal history spans diverse industries:
Manufacturing & Industrial:
- North Texas Full Service Machine Shop (Mansfield, TX) – Precision machining services
- Humble Industrial Services – Metal fabrication company
- Chris' Craft Custom Framing – Wood product manufacturing
- Outdoor Power Equipment Sales, Rental & Service – Equipment dealership
Distribution & Logistics:
- Kangaroo Cases, Inc. – Shipping case manufacturer (Dallas, TX)
- RA Lock – High security lock distribution
- Box & Shipping Packaging Distribution – Packaging distribution (Plano, TX)
Business Services & IT:
- Acxential Business Solutions – IT managed services provider (acquired July 2023)
- Wood Networks – IT managed services (acquired by private equity, October 2011)
- The Hopkins Group – Outsourced HR services
- Odyssey Document Services – Document scanning company
- IAS Claim Services – Catastrophic insurance adjusters (acquired July 2023)
Professional Services:
- Eaton, Quezer & Associates – CPA firm (acquired July 2023)
- Douglas J. Hopkins, CPA – Accounting services
- Max Bryant Tax Service
Healthcare & Real Estate:
- Sedro Assisted Living & Memory Care Facility (Georgetown, TX)
- Allegro Assisted Living Services of Texas (acquired July 2023)
- Rustic Grace Estate – Event venue company (Van Alstyne, TX)
Consumer & Specialty:
- Hillside Outdoors – Acclaimed nationwide bridal shopping experience (Brinkley, Arkansas)
- Mister Tuxedo – Tuxedo sales & rental (acquired July 2023)
- Paul Davis Restoration – Restoration franchise
- Evans Elevator – Elevator installation and service
Technology:
- PMG Web Design – Website development company (acquired July 2023)
The firm has successfully closed transactions during challenging periods including the COVID-19 pandemic, demonstrating their ability to navigate uncertain market conditions. They've handled various deal structures including management buyouts, family successions, and third-party sales.
Process & Fee Structure
DBG Advisors follows a structured, seven-step sales process:
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Clear Snapshot Assessment: Business valuation including Broker Opinion of Value, Value Builder Score assessment, and PREScore evaluation to determine sale readiness and establish Most Probable Sales Price.
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Trusted Advisor Huddle: Coordination with accountants, financial advisors, estate planning attorneys, and transaction attorneys. They encourage involving family members in decision-making.
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Confidential Promotion Package: Creation of a one-page "Teaser" for broad distribution and a detailed Confidential Information Memorandum (CIM) for qualified buyers who sign NDAs.
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Buyer Engagement: Promotion to network of accountants, attorneys, financial advisors, private equity groups, and strategic buyers. All buyers are vetted before NDA execution.
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LOI Negotiation: Review and negotiation of Letters of Intent, typically with 1% of purchase price placed in escrow to take the company off market.
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Due Diligence Management: DBG acts as gatekeeper for information exchange, protecting sellers while reducing buyer suspicion through timely responses.
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Closing & Beyond: Coordination of definitive agreements involving non-compete clauses, consulting agreements, and representations and warranties.
Their fee structure follows industry standards for lower middle market transactions:
- Retainer: Monthly retainer during engagement (credited against success fee)
- Success Fee: Modified Lehman formula or percentage of transaction value
- Minimum Engagement: They require a minimum business value to engage—specifically focused on $5M-$65M revenue companies
The firm offers complimentary Value Builder and PREScore assessments to help owners understand their business readiness and identify improvement opportunities before going to market.
Buyer Network
DBG Advisors maintains extensive buyer networks developed over 18+ years in the industry:
Private Equity: They've successfully closed deals with private equity groups, most notably the sale of Wood Networks to a PE buyer in 2011. Their Axial membership provides access to thousands of pre-qualified PE firms.
Strategic Buyers: The firm has relationships with strategic acquirers across manufacturing, distribution, and business services. Their broad promotion strategy targets competitors, suppliers, and industry consolidators.
Family Offices & High Net Worth Individuals: A significant portion of their transactions involve sales to individual investors and family offices, particularly in Texas and surrounding states.
Management Teams: They've successfully structured management buyouts, including the 2023 sale of a landscape design company to an internal management team member.
Industry Affiliations: Through Texas Association of Business Brokers, IBBA, M&A Source, and Axial, they have access to thousands of potential buyers and co-brokering opportunities.
Competitive Positioning
DBG Advisors differentiates through several key factors:
Exceptional Close Rate: At 85%, their close rate is 5x the industry average of 17%. This speaks to their deal qualification process, pricing accuracy, and buyer network quality.
Faith-Based Values: They explicitly operate on Christian principles—honoring God, honesty, excellence, and putting clients first. This values-driven approach appeals to business owners who prioritize integrity in their advisory relationships.
Valuation Expertise: With Christopher C. Lucas (CPA, CFA, ABV, 30+ years including PwC and Wall Street), they bring institutional-quality valuation capabilities typically found in much larger firms.
Operational Experience: Eric Harrison's 33 years running a family distribution business before selling it provides real-world operational credibility that pure-financial advisors lack.
Comprehensive Assessment Tools: Their use of Value Builder Score, PREScore, and formal business valuations helps owners understand their business from a buyer's perspective before going to market.
Geographic Focus: Deep Texas expertise with Richardson/Dallas headquarters and extensive networks throughout Texas, Arkansas, Oklahoma, and Louisiana.
Not a Fit If
DBG Advisors typically declines engagements where:
- Business revenue is below $5M or above $65M (their stated sweet spot)
- Owners want to run a limited process—their value is in exhaustive buyer outreach
- Businesses have significant undisclosed litigation or regulatory issues
- Sellers are unwilling to invest time in pre-sale preparation and Value Builder improvements
- Owners expect unrealistic valuations unsupported by market data
- Transactions involve highly regulated industries requiring specialized SEC compliance (they focus on privately-held businesses)
Team
Nolan Duck – Founder & CEO
- 18+ years in real estate, business brokerage, and M&A advisory
- Founded DBG Advisors in 2006 after career in M&A beginning with first-year sale of $5.75M company
- Certified Business Intermediary (CBI), Board-Certified Broker (BCB)
- Certified Exit Planning Advisor (CEPA), Certified Value Builder Advisor (CVBA)
- Ordained Baptist minister
- Past President of Texas Association of Business Brokers (D/FW Chapter)
- Advisory Board Member, ValueBuilder System (Toronto, Canada)
- Current President, Park Cities Rotary Club
- Multi-level Paul Harris Fellow and Paul Harris Society Member
- Licensed Texas Real Estate Broker
- Memberships: Alliance of M&A Advisors (AM&AA), Exit Planning Institute, IBBA, M&A Source, NTCAR
Christopher C. Lucas – M&A Advisor
- 30+ years in finance, business valuation, and corporate advisory
- Career began at PricewaterhouseCoopers in 1994, progressed through Wall Street including Deutsche Bank (NY)
- Certified Public Accountant (CPA) – Texas, 1994
- Chartered Financial Analyst (CFA) – 1998
- Accredited in Business Valuation (ABV) – AICPA, 2018
- Certified Exit Planning Advisor (CEPA) – Exit Planning Institute, 2021
- Joined DBG Advisors in 2023 to focus on lower middle-market transitions
- Qualified expert witness in court settings
- B.A. from Baylor University
Eric Harrison – Business Growth Strategist
- 30+ years building and scaling a family-owned distribution business
- Successfully sold the family business to his brother after 33 years of operation
- MBA, Ziglar-certified coach
- Author of business book published February 2020
- 2 years in business development at data analytics and AI startup
- Specializes in profit acceleration software and data-driven value discovery
- Focuses on $5M+ revenue companies hitting growth plateaus
- 36 years married, three adult children
Geographic Coverage
Primary market: Texas with deep coverage of Dallas-Fort Worth metroplex and surrounding regions including:
- North Texas (Dallas, Richardson, Plano, Mansfield, Grapevine)
- Central Texas (Austin, Georgetown, Waco)
- East Texas (Tyler, Longview)
- Houston metro area
Secondary markets: Arkansas, Oklahoma, Louisiana through referral networks and Axial platform.
Office: 801 E. Campbell Rd, STE 250-L, Richardson, TX 75081 (in-person meetings by appointment)
Additional Information
- Founded: 2006 (Axial member since 2009)
- Team Size: 3 core advisors plus support staff
- Minimum Deal Size: $5M revenue floor
- Maximum Deal Size: $65M revenue ceiling
- Typical Deal Size: $5M-$30M transaction value
- Philanthropy: Donates 1% of pre-tax profits to Mission Oak Cliff supporting underprivileged communities
- Technology: Uses Profit Acceleration Software for value analysis, Value Builder System for readiness assessments
- Community Involvement: Active in Rotary International, Park Cities Rotary Club, church ministries