Kendall Capital Group Research
Advisory Approach
Kendall Capital Group is a boutique investment firm founded by Michael Kendall in 2017, positioning itself as a specialized business intermediary serving small to medium-sized businesses throughout the Midwest. The firm's core thesis centers on the conviction that quality M&A advisory for smaller companies requires deeply personalized service from an experienced operator who understands the nuances of lower-middle-market transactions. Rather than operating as a large, multi-service investment bank, Kendall Capital Group maintains a focused, relationship-driven model where Michael Kendall personally engages with sellers to navigate the complex process of divesting their businesses. This hands-on approach differentiates the firm from larger institutions where business owners might work with multiple junior bankers across different product lines.
The firm's sweet spot is founder-owned or family-controlled businesses generating between $2 million and $20 million in annual revenue—the segment often underserved by both large investment banks (minimum engagements start at $50M+ TEV) and micro-scale brokers. Kendall's background demonstrates depth in this exact segment: he previously orchestrated the successful merger of KPG into a national staffing company in 2006 and served as a Top Producer with Murphy Business & Financial Corporation in 2014 and 2016, validating his expertise in middle-market deal execution.
Sector Focus
Kendall Capital Group maintains broad industry coverage with particular strength in manufacturing, distribution, service businesses, and technology-enabled companies. The firm has demonstrated expertise across multiple verticals including IT services, telecommunications, staffing and recruiting, manufacturing operations, distribution and logistics, trucking and transportation, retail and e-commerce, and franchise operations. This diversified approach allows the firm to serve business owners across numerous sectors, though the core strength centers on operational business models rather than asset-light or highly specialized sectors.
Within manufacturing and distribution, the firm works with precision manufacturers, equipment distributors, and specialized logistics providers. In service businesses, they advise staffing firms, roofing and construction companies, and floor covering/commercial services operations. This multi-sector capability reflects Michael Kendall's extensive operational background across a wide variety of industries over his 20+ years of business experience.
Deal Track Record
Kendall Capital Group has successfully closed multiple M&A transactions across its core market segment. Recent completed transactions include: the sale of a commercial floor covering business for $4 million, the sale of an asphalt sealing and repair company for $2.575 million, and the sale of a roofing contractor business for $2.39 million. These deals represent the firm's core competency in executing transactions within the $2M-$20M revenue bracket for smaller operational companies.
The firm maintains an active pipeline in its target market, with current active listings including manufacturing and distribution companies with EBITDA above $1 million. Beyond individual deal completions, the firm's market positioning as one of Missouri's leading boutique M&A advisors (recognized as a 2024 Best M&A Provider by Small Business Monthly) and membership in the International Business Brokers Association (IBBA) underscore its credibility and deal completion capability in the lower-middle market.
Process & Fee Structure
Kendall Capital Group manages the entire transaction process for sellers, from initial engagement through close. The firm's methodology reflects best practices in lower-middle-market selling: comprehensive business valuation, buyer identification and outreach, management presentation development, data room organization, negotiation support, and transaction closing coordination. For founder-owned businesses, this structured approach is particularly valuable, as many owners lack exposure to formal M&A processes and benefit from clear guidance on timeline, buyer expectations, and typical deal structures.
The firm's fee model aligns incentives with sellers' successful outcomes. While specific fee details are not publicly disclosed, the firm typically operates on a success fee basis common in the middle market, with engagement structures that may include modest retainers credited against the final success fee. Deal sizes in the $2M-$20M range typically generate meaningful advisory fees while remaining reasonable for smaller business owners.
Buyer Network
As a Midwest-focused intermediary, Kendall Capital Group maintains relationships with strategic acquirers, private equity sponsors, and financial buyers active in the small-to-medium business space. The firm's deal history reflects successful introductions of companies to both strategic buyers and financial sponsors. Prior transaction experience (including the 2006 KPG merger into a national staffing company) demonstrates access to tier-1 buyer networks in specific verticals.
The firm's network extends throughout the Midwest and includes regional PE sponsors, strategic consolidators in staffing and distribution, and national buyers seeking acquisition targets in niche verticals. This network is particularly valuable for founders seeking multiple buyer options and competitive tension in the sale process.
Competitive Positioning
Kendall Capital Group differentiates itself in several ways within the lower-middle-market M&A space:
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Founder Focus — The firm explicitly targets founder-owned and family-controlled businesses, understanding the emotional and financial complexities of selling a life's work. This specialization differentiates from larger banks focused on public company work or mega-deals.
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Personal Engagement — Michael Kendall's hands-on involvement in every transaction ensures consistency and continuity. Sellers work with the founder/principal, not a rotating cast of associates.
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Operational Credibility — 20+ years of direct business experience (including operating roles) gives Kendall credibility when discussing operational improvements, buyer concerns, and value creation opportunities. This is not theoretical M&A; it's informed by boots-on-ground understanding.
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Midwest Rootedness — Deep local presence in the St. Louis/Midwest market, with established relationships with regional buyers, attorneys, and accountants who collaborate on transactions.
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Industry Diversity — Rather than specializing in a single vertical, the firm serves multiple sectors, which provides cross-industry perspective and deal sourcing flexibility.
Geographic Coverage
Kendall Capital Group's primary service area is the Midwest region, with headquarters and primary operations based in Chesterfield, Missouri (St. Louis metro). The firm serves business owners throughout the greater Midwest region and maintains the capability to execute transactions in any state where suitable buyers and sellers are located. Missouri serves as the home market with deep local relationships and deal flow.
Team
Kendall Capital Group is primarily led by its founder, Michael Kendall (President), who brings 20+ years of business experience across operations, business development, and M&A advisory. Kendall is recognized by industry organizations as a leading M&A advisor in Missouri and holds membership in the International Business Brokers Association, demonstrating adherence to professional standards and continued education in the field. As the principal advisor on all transactions, Kendall personally manages buyer relationships, negotiation, and deal closure, ensuring consistency and accountability to clients.