NAI Norwood Group Research
Advisory Approach
NAI Norwood Group is a commercial real estate brokerage firm with a dedicated M&A and business brokerage practice. Founded in 1968 by Karl and Louise Norwood, the firm has grown to become the largest commercial real estate brokerage services firm in New Hampshire. The firm operates as an independently owned member of NAI Global, the world's largest network of owner-operated commercial brokerage firms with 375+ offices and 6,700+ professionals worldwide.
The firm's M&A practice focuses on helping business owners navigate the complexities of selling their businesses through mergers and acquisitions. Their approach emphasizes business valuation, buyer identification (including private equity firms, strategic buyers, and high-net-worth individuals), confidentiality, negotiation and deal structuring, and due diligence management. The firm brings a unique perspective to M&A advisory by leveraging its commercial real estate expertise—many business sales involve real estate assets that require careful consideration of whether to sell the property with the business or decouple and sell separately for maximum value.
NAI Norwood Group positions itself as a trusted advisor to small businesses and mid-market privately-held companies, offering free consultations to understand client needs and develop customized strategies. The firm emphasizes guidance through the entire sale process, from initial valuation to closing, with a focus on matching seller and buyer personal and financial objectives.
Sector Focus
NAI Norwood Group's M&A and business brokerage practice serves a diverse range of industries, with particular strength in businesses that own or lease commercial real estate. The firm's commercial real estate heritage provides deep expertise in property-intensive sectors including healthcare services (medical practices, medical office buildings), retail and consumer services (restaurants, retail stores), business services (professional offices, B2B services), and industrial/manufacturing companies with owned facilities. The firm also handles sales of self-storage facilities, a specialty area where team members have closed multiple transactions.
The firm's M&A advisors work with "small businesses to mid-market privately-held companies," suggesting deal sizes ranging from approximately $500K to $10M in enterprise value. This positions NAI Norwood Group in the main street and lower middle market segments, complementing their commercial real estate brokerage practice.
Deal Track Record
While the firm does not publicly disclose individual M&A transactions (consistent with business broker confidentiality practices), Joe Robinson of NAI Norwood Group received the M&A Source Executive Club Award for 2024, recognizing advisors who closed $5 million or more in combined purchase price during the calendar year. This achievement confirms the firm's active M&A practice and successful deal execution. The firm's website states they have "millions of dollars of deals" behind them and "years of experience in M&A." As part of NAI Global, the firm can leverage the NAI Global Capital Markets platform for larger transactions requiring national or international buyer reach.
In commercial real estate, NAI Norwood Group has completed numerous notable transactions including the sale of Hudson Self Storage (321 units), the $3.5M acquisition of an office building in Merrimack, NH, and various industrial, office, and retail property transactions across New Hampshire and New England.
Process & Fee Structure
NAI Norwood Group's M&A process begins with business valuation, conducted both internally and with trusted third-party valuation firms. For businesses with real estate components, the firm brings in real estate valuation experts to determine whether property should be sold with the business or separately for "higher and better use." The firm works with seller clients to identify target outcomes and ideal buyer types before beginning outreach.
The process emphasizes confidentiality and discretion throughout, protecting company reputation and sensitive information until serious buyers are identified. The firm's advisors engage external teams of accountants and attorneys to structure deals addressing tax implications, deal structure, and timing. Due diligence management begins from engagement, with the team forecasting documentation needs and identifying potential issues before they arise.
The firm offers a free, no-obligation consultation to discuss goals, outline the M&A process, and explain how they can help achieve successful sales. Specific fee structures are not publicly disclosed, which is typical for business brokers who often customize arrangements based on deal size, complexity, and services required.
Buyer Network
NAI Norwood Group maintains relationships across buyer categories including private equity firms, strategic buyers, and high-net-worth individuals. As an NAI Global member firm, the firm has access to the NAI Global Capital Markets platform, providing a "top-flight national sales investment team" and creating "powerful synergy between global outreach and local-market knowledge." The firm is "equally adept at identifying locations for clients throughout New England and around the world" and can assist regional and national buyers expanding into the region.
The firm's commercial real estate practice provides an additional channel for buyer identification—many commercial real estate investors also acquire operating businesses. The NAI Global network of 375+ offices and 6,700+ professionals worldwide offers extensive buyer reach for larger transactions.
Competitive Positioning
NAI Norwood Group differentiates through its unique combination of commercial real estate expertise and M&A advisory services. This dual capability is particularly valuable for business sales involving real estate assets, where the optimal structure may involve selling the business and property separately or together. The firm's 50+ year history and status as New Hampshire's largest commercial real estate brokerage provide deep local market knowledge and relationships.
The firm's independent ownership within the NAI Global network offers clients the best of both worlds: local decision-making and personalized service from a locally-owned and operated firm, combined with global reach through NAI's worldwide platform. The firm emphasizes integrity, trust, and a client-first approach, noting that "the best interests of our clients are placed above all else."
Not a Fit If
NAI Norwood Group is not a fit for: (1) Businesses seeking an investment bank for institutional-grade processes—this is a business broker, not a Wall Street firm; (2) Transactions above $10M-$15M enterprise value may be better served by lower middle market investment bankers with institutional buyer relationships; (3) Sellers wanting a limited-process or quick-sale approach—the firm believes in thorough buyer identification and proper process management; (4) Purely asset sales without going-concern business operations—the firm focuses on business sales, not liquidations.
Team
NAI Norwood Group has approximately 20+ professionals across offices in Bedford and Portsmouth, NH. Key M&A and business brokerage personnel include:
Joe Robinson – Advisor, M&A Advisor / Commercial Real Estate Advisor. Winner of the M&A Source Executive Club Award for 2024 ($5M+ in deal volume). M&A Source member since February 2024. Specializes in buyer and seller representation, business brokerage, business valuations, and business sales. Email: jrobinson@nainorwoodgroup.com, Phone: 603-668-7000.
Jesse Shaw – Broker, Mergers & Acquisitions Advisor and Commercial Real Estate Advisor. Listed on business broker platforms including BizBuySell and BizQuest. License #085240.
Christopher Norwood – President. Leads the firm and has been president since 2013 (formerly executive vice president). Member of the New Hampshire Commercial Investment Board of Directors and selected as New Hampshire Realtor of the Year. License #053237. Primary focus is commercial real estate sales with oversight of the M&A practice.
Management Team: Karl Norwood (Founder/Principal), Christopher Norwood (President), Brian O'Brien (Managing Broker).
Other Senior Advisors: Aron Brown, Joseph Mendola, Judy Niles-Simmons, Perry Snow, Andrew Fleisher (CCIM), Deana Arden.
The firm's ownership, management, advisors, and support personnel are deeply involved in community and charitable organizations including Easter Seals, Veterans Count, Habitat for Humanity, ASPCA, United Way, and NH Special Olympics.
Geographic Coverage
NAI Norwood Group is headquartered in Bedford, New Hampshire with a second office in Portsmouth, NH. The firm's primary market is New Hampshire, with active service throughout New England including Massachusetts, Maine, Vermont, and the broader Northeast region. As an NAI Global member, the firm can support transactions nationwide and internationally through the NAI network. The firm assists regional and national tenants expanding into the region and can identify acquisition locations throughout New England and worldwide.
The firm's deep New Hampshire roots—founded in 1968 and operating in the state for over 50 years—provide extensive local relationships and market knowledge. The Bedford office at 116 South River Road serves as the primary M&A and business brokerage hub.