First Midwest Advisors Research
Advisory Approach
First Midwest Advisors (FMA) is a corporate advisory firm founded in 2019 by Jason Sanders, a former commercial banking Regional President with 30+ years of financial services experience. The firm operates with a client-first philosophy, providing personalized business brokerage, M&A advisory, debt & equity financing, and strategic consulting services to small and mid-sized companies across the Midwest.
The firm's thesis centers on bringing institutional-quality transaction processes to the lower middle market, typically handling business sales in the $1M-$2.5M range. Unlike many business brokers who operate as transaction facilitators, FMA emphasizes comprehensive advisory support—conducting thorough valuations, preparing detailed information memoranda, conducting extensive buyer outreach, and managing the full due diligence and closing process.
Sector Focus
First Midwest Advisors has demonstrated particular strength in manufacturing transactions, specifically precision machining, CNC machining, and metal fabrication businesses. Their verified deal history includes machine shops and tool & grinding companies, indicating deep expertise in discrete manufacturing subsectors where equipment-heavy operations require specialized valuation approaches.
The firm also maintains capabilities in business services, industrial services, and general manufacturing. Their team's background in commercial banking and private equity provides them with credibility across multiple industry verticals, though their visible track record is concentrated in industrial manufacturing.
Deal Track Record
First Midwest Advisors has completed verified transactions in the precision machining and metal fabrication space:
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CNC Turning, Milling, and Grinding Machining Company (Romulus, MI): Sold February 2023 for $1.2M. This established machine shop (founded 1978) had $333K EBITDA, 8 employees, and included real estate in the transaction.
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Precision Tool, Grinding, Machining Company (Jackson, MI): Sold February 2023 for $1.6M. This precision tool manufacturer (founded 1978) generated $285K EBITDA with 10 employees and included both real estate and substantial inventory.
Both transactions demonstrate FMA's ability to sell equipment-intensive manufacturing businesses with real estate components—a complex transaction structure requiring expertise in both business valuation and commercial real estate.
Process & Fee Structure
FMA's M&A process follows a structured, institutional approach:
- Strategic Evaluation: Assessing the seller's objectives, timeline, and financial goals
- Valuation Review: Comprehensive business valuation using industry-standard methodologies
- Information Memorandum: Creating professional marketing materials that effectively communicate value proposition
- Buyer Identification: Leveraging their network to identify qualified buyers
- Marketing & Presentations: Conducting buyer presentations and managing inquiry flow
- LOI Negotiation: Assisting with Letters of Intent and proposal review
- Due Diligence Management: Leading or participating in diligence to uncover risks and validate assumptions
- Closing Support: Managing documentation and regulatory compliance through transaction close
The firm typically works on a success fee structure common to business brokerage, though specific fee percentages are not publicly disclosed. Given their banking background and lower middle market focus, they likely use modified Lehman or flat percentage structures rather than pure retainer models.
Buyer Network
First Midwest Advisors maintains an extensive network of business relationships seeking acquisition opportunities, particularly individual buyers, family offices, and smaller private equity groups focused on the lower middle market. Their deal history shows transactions to individual buyers rather than institutional private equity, suggesting their buyer network skews toward high-net-worth individuals and owner-operators rather than institutional sponsors.
The firm is active in industry associations including the International Business Brokers Association (IBBA) and M&A Source, which provides access to co-brokering opportunities and buyer networks beyond their immediate geography.
Competitive Positioning
FMA differentiates through Jason Sanders' senior banking background (former Regional President managing $4B in assets) and the firm's commitment to bringing institutional-quality processes to smaller transactions. Unlike many business brokers who lack formal financial services training, the FMA team has experience in commercial banking, private equity, and corporate finance—enabling them to handle complex deal structures and provide sophisticated advisory guidance.
Their geographic focus on the Michigan/Midwest market provides deep local knowledge, while their banking relationships enable them to assist with transaction financing needs—a value-add that many brokers cannot offer.
Not a Fit If
First Midwest Advisors typically is not a fit for:
- Businesses below $1M in enterprise value
- Technology companies requiring specialized SaaS valuation expertise
- Upper middle market transactions ($10M+ TEV) better served by investment banks
- Businesses seeking national distribution rather than Midwest-focused buyer outreach
- Sellers wanting limited process or immediate liquidity
Team
Jason Sanders, Managing Partner/CEO: 30+ years of experience, former Regional President in commercial banking leading $4B in assets. Founded FMA in 2019. Graduated from Alma College with Business Administration degree (Finance, Accounting, Economics). Board positions include Accelerate Jackson, Lansing Economic Area Partnership, Lansing Chamber of Commerce, and Jackson County EDC.
Alysa Goebel, Financial Analyst and Associate Advisor: 3+ years at FMA, specializing in sell-side and buy-side business brokerage plus debt & equity financing. Graduate of Spring Arbor University (Financial Planning). Background includes collegiate athletics and community coaching.
Geographic Coverage
Primary focus on Michigan and the Midwest, with particular strength in Michigan markets including Jackson, Romulus, and surrounding counties. The firm serves clients throughout Michigan and neighboring Midwestern states, leveraging deep local relationships and understanding of regional industrial dynamics.