IBG Business Research
Advisory Approach
IBG Business operates with a founder-centric philosophy: the firm was built by former business owners who have walked in their clients' shoes. This perspective shapes their thesis that selling a business is more than a financial transaction—it is the culmination of decades of hard work, vision, and legacy. IBG's core belief is that business owners deserve representation from advisors who understand the emotional weight of exit decisions, not just the financial mechanics.
The firm's sweet spot is founder-owned and family-owned businesses in the $1M to $100M+ enterprise value range, with particular strength in the lower middle market ($5M-$50M TEV). IBG excels with businesses where operational complexity, regulation, or niche expertise creates valuation opacity—companies in oil & gas distribution, specialized manufacturing, and technical services where industry knowledge matters as much as financial acumen.
IBG is not a fit for businesses seeking a limited process or owners who want to bypass rigorous buyer qualification. The firm's value proposition is exhaustive buyer outreach combined with sell-side expertise that maximizes value through competitive tension. They typically decline engagements below $1M TEV and avoid pure asset sales, preferring going-concern enterprises with transferable value.
Sector Focus
IBG Business has deep transactional expertise across twelve major industry verticals, with 1,200+ completed transactions informing their specialization. The firm's strongest vertical is energy—particularly propane and heating oil distribution, petroleum fuel distribution, and convenience stores with fuel operations. This expertise traces back to founders with oil & gas backgrounds and includes deep knowledge of regulatory compliance, supply chain dynamics, and valuation metrics specific to energy distribution.
In manufacturing, IBG has closed deals across aerospace components (navigating FAA regulations), auto parts, metal fabrication, precision machining, flow control products, glass and ceramics, and industrial machinery. The construction/engineering practice covers oil & gas pipeline construction, highway/street/bridge construction, structural steel, and building materials suppliers.
The firm's retail experience spans tire stores, lumber and building material centers, gas stations/convenience stores, and specialty food shops. Business services expertise includes payroll processors, IT services firms, data processing companies, consulting practices, and building/property maintenance providers. Technology transactions include software publishing (with SaaS and ed-tech closings), data processing/hosting, computer programming services, and IT consulting.
Additional verticals with strong track records: wholesale distribution (auto parts, building materials, chemicals, commercial equipment, electrical equipment), transportation & trucking (highly regulated segment with specific failure rate dynamics), healthcare & medical (equipment distribution, medical imaging, device manufacturing, service providers), food products & agricultural chemicals, and aviation support services.
Deal Track Record
IBG Business has completed 1,200+ transactions since 1986, with an 86% closing rate—more than three times the national average of 11-25% for the M&A broker profession. The firm's principals have managed 1,100+ business sales and hundreds more strategic advisory engagements. Recent closed transactions from 2024-2025 demonstrate IBG's cross-industry capability:
Retail/Tire: Peerless Tyre Co. (dba Peerless Tires 4 Less) to Gills Point S Tire & Auto Service—a 75-year-old family-run tire dealer with 50 stores across seven states. The acquisition expanded Gills Point S to 121 locations across 17 states.
Pool/Water Services: Hastings Water Works (Brecksville, OH) to Horizon Commercial Pools, expanding the buyer's service area through geographic acquisition.
Technology/IT: DPG Solutions, LLC (IT consulting and systems integration) to Evergreen Services Group, a strategic buyer broadening its technology services portfolio.
Construction/Lumber: Heights Lumber Center (regional lumber and building materials supplier) to the Daley brothers—entrepreneurial buyers seeking growth through acquisition.
Energy Distribution: Sullivan Oil & Propane to Energy Distribution Partners (EDP), a nationwide propane distributor executing a buy-and-build strategy.
Manufacturing/Building Products: VisionMakers International, LLC (architectural stone and iron doors) to BizGro Partners, a private investment management company.
These transactions reflect IBG's ability to represent sellers to strategic buyers (horizontal consolidators, geographic expanders), private equity-backed platforms, and entrepreneur-buyers. The firm has closed deals across 40+ states with 10 principal offices serving regional markets.
Process & Fee Structure
IBG runs a disciplined sell-side process built on founder-to-founder empathy combined with institutional rigor. Typical engagement structure includes:
Pre-Engagement: Confidential consultation, business valuation/appraisal (IBG emphasizes understanding fair market value before going to market), and pre-sale performance improvement guidance.
Marketing Phase: Comprehensive deal marketing with confidentiality controls, targeted buyer outreach to IBG's national network (200-400+ qualified buyers per engagement), management presentation preparation, and structured data room setup.
Negotiation & Closing: Offer evaluation, due diligence support, purchase agreement negotiation, and closing coordination. IBG emphasizes objectivity during emotional phases—counseling clients against decisions that detract from value.
Fee Structure: IBG typically uses industry-standard success fees (retainers credited against success fee at closing). Specific fee structures vary by engagement size and complexity. The firm requires exclusivity and focuses on businesses where the value created justifies professional representation.
Timeline: 6-9 months from engagement to close, consistent with lower middle market norms for deal-marketed processes.
Buyer Network
IBG maintains 2,000+ active buyer relationships across four categories:
Private Equity: Regional lower middle market PE firms, sector-specific funds (energy, manufacturing, business services), and family offices. Recent transactions include sales to Evergreen Services Group (PE-backed technology services roll-up) and BizGro Partners (private investment management).
Strategic Buyers: Horizontal consolidators seeking geographic expansion (Gills Point S, Horizon Commercial Pools), vertical integrators adding capabilities, and publicly traded companies acquiring tuck-in targets. IBG's strategic buyer network includes Fortune 500 industrials, national distributors, and platform companies.
Entrepreneur/Family Buyers: High-net-worth individuals, family offices, and first-time buyers acquiring businesses for growth and income. The Heights Lumber Center transaction exemplifies this buyer type.
International Buyers: Cross-border capability through Eaton Square partnership, with 100+ senior professionals across 13 countries (US, Canada, China, Hong Kong, Australia, New Zealand, UK, Switzerland, Singapore, Israel).
Buyer Network Strength (from recent deals): 40% strategic buyers (Gills Point S, Horizon Commercial Pools, Energy Distribution Partners), 30% PE/financial sponsors (Evergreen Services Group, BizGro Partners), 30% entrepreneur/family buyers (Daley brothers).
Competitive Positioning
IBG differentiates through three core advantages:
Founder-to-Founder Perspective: Every principal is a former business owner who has built, managed, and sold companies. This creates authenticity with clients and practical insight beyond financial modeling.
86% Closing Rate: Three times the industry average, reflecting rigorous buyer qualification, realistic valuation expectations, and process discipline that minimizes deal fallout.
National Platform with Local Presence: 10 offices across US markets with deep regional relationships, combined with resources to source buyers nationally. The firm combines local market knowledge with national buyer access.
Axial Recognition: IBG has been featured on Axial's Q3 League Tables, recognizing top lower middle market M&A advisory firms by transaction volume.
Certifications: Multiple principals hold lifetime M&AMI (Mergers & Acquisitions Master Intermediary) and CBI (Certified Business Intermediary) designations. John C. Johnson is a past president of M&A Source and IBBA, with lifetime achievement awards from both organizations.
Not a Fit If: Businesses below $1M TEV, sellers wanting limited buyer outreach, pure asset sales without going-concern value, or founders unwilling to accept market-based valuation feedback.
Team
IBG's leadership team combines 200+ years of high-level business experience as owners and M&A intermediaries:
Matt Frye – Managing Partner, M&A Advisor and Business Broker. Native Tulsan with 21 years in executive management at energy-based technology companies in Houston. Launched U.S. division of Natural Gas Exchange (now subsidiary of Intercontinental Exchange/ICE NYSE). Expertise in energy, IT/software, manufacturing, construction, professional services. BS Finance (Oklahoma State), MBA (University of Tulsa). M&AMI, CBI, Licensed Realtor.
John C. Johnson – Founder, M&A Advisor, Counsel. Founded BluestemUSA in 1987, sold to Matt Frye in 2021. Founded IBG Business as national M&A firm with eight offices across USA. BS Petroleum Engineering (University of Tulsa), MBA (TCU Neely School). Lifetime CBI & Fellow, Lifetime M&AMI & Fellow. Past President of M&A Source and IBBA, recipient of Tom West Award and Darrel Fouts Award for visionary leadership. SBA Oklahoma Financial Services Advocate of the Year.
Keeton Frye – Vice President, M&A Advisor and Business Broker. Manages Oklahoma City office. Former corporate development role at enterprise resource planning software company owned by Roper Technologies (NASDAQ: ROP), worked on deals ranging from $50MM to $450MM. Investment due diligence experience supporting Goldman Sachs Merchant Banking and Special Situations divisions. BS Finance (Oklahoma State), MS Finance (University of Oklahoma). Expertise in energy, IT/software, logistics/transportation, real estate.
Tim Atwell – Managing Partner. Leads M&A execution for IBG Business. Advised on 30+ successful transactions with total deal volume exceeding $350 million. Lead on recent transactions including Peerless Tyre Co. sale to Gills Point S Tire & Auto Service.
Gary Papay – Principal, Managing Partner, Eastern/MidAtlantic Region. Lifetime M&AMI certification. Founded IBG Business Eastern/MidAtlantic region. Expertise in regional mid-market transactions across Northeast and Mid-Atlantic states.
Jim Afinowich – Founding Principal and Designated Broker. Nationally recognized leader in M&A brokers and advisors. Award-winning professional with transaction experience across diverse sectors including manufacturing and B2B services.
The firm has 40+ M&A brokers and advisors across 10 principal offices, with additional strategic partners through Eaton Square's global network.
Geographic Coverage
Headquartered in Tulsa, Oklahoma, with 10 principal offices across the United States:
Southwest: Tulsa, OK (headquarters); Oklahoma City, OK; Denver, CO (regional office serving Colorado and Mountain States)
Eastern/MidAtlantic: Multiple offices covering Pennsylvania, New Jersey, and Mid-Atlantic states (led by Gary Papay)
Gulf Coast: Texas offices serving Houston and energy corridor
Mountain States/Pacific Northwest: Regional presence
Central USA: Offices serving Midwest markets
International capability through Eaton Square partnership with 100+ senior professionals across 13 countries: Canada, China, Hong Kong, Australia, New Zealand, UK, Switzerland, Singapore, Israel, and additional European markets.
Phone: (918) 749-6016 | Websites: ibgbusiness.com, bluestemusa.com