Waterway, Inc. Research
Advisory Approach
Waterway, Inc. is a licensed business brokerage and M&A advisory firm founded in 2009, serving small to mid-sized business owners throughout Georgia and Florida. The firm operates with a clear mission: to create wealth for clients through comprehensive business sale and acquisition services. Waterway's thesis centers on providing fiduciary representation throughout the entire engagement lifecycle—from initial analysis and valuation through marketing, screening, negotiation, contract, and close.
The firm differentiates itself through its multi-service offering, combining traditional business brokerage with financial intermediary services, commercial real estate brokerage, and outsourced business management. This integrated approach allows Waterway to address the full spectrum of client needs during ownership transitions.
Sector Focus
Waterway maintains a generalized industry focus, serving businesses across diverse sectors. Based on industry directory listings (IBBA, M&A Source), the firm has experience in manufacturing, wholesale trade, transportation, healthcare services, real estate, agriculture, and construction. Their client base spans businesses with annual revenues from $350,000 to $100,000,000 in transaction value.
Rather than specializing in vertical-specific niches, Waterway's expertise lies in the lower middle market segment where they work with founder-owned businesses, family-owned enterprises, and search funds seeking acquisition targets in the Southeastern United States.
Deal Track Record
Waterway maintains an active presence on major deal platforms including Axial and IBBA, indicating ongoing transaction activity. The firm has completed numerous sell-side and buy-side engagements across Georgia and Florida since 2009, though specific transaction details are not publicly disclosed. As a business brokerage focused on the lower middle market, Waterway's typical deals fall in the sub-$5M to $25M enterprise value range.
The firm is recognized by search fund platforms as a broker who assists searchers in purchasing businesses for successful search funds, indicating experience with buyer types including private equity-backed search funds, family offices, and individual acquirers.
Process & Fee Structure
Waterway provides end-to-end transaction management. Their process begins with business analysis and valuation, followed by marketing and buyer screening, negotiation support, and contract management through closing. The firm also offers loan sourcing as a financial intermediary, helping arrange financing for acquisitions.
While Waterway does not publicly disclose specific fee structures, business brokers in this market segment typically use industry-standard fee models:
- Retainer: Monthly fees ranging from $5,000-$15,000 during engagement (credited against success fee)
- Success Fee: Lehman Formula (5% on first $1M, 4% on second $1M, 3% on third $1M, 2% on fourth $1M, 1% on amount above $4M) or Modified Double Lehman (10% on first $1M, 8% on second $1M, 6% on third $1M, 4% on fourth $1M)
- Minimum Engagement Size: Typically $500,000+ in transaction value
Buyer Network
Waterway maintains relationships with diverse buyer types including search funds, individual acquirers, family offices, and private equity groups. Through their presence on Axial and IBBA platforms, the firm gains access to broad buyer networks. Their focus on the Georgia-Florida region provides strong connections with regional strategic buyers and consolidators.
The firm's involvement with the search fund community indicates experience working with funded searchers seeking acquisition targets in the $5M-$50M revenue range.
Competitive Positioning
Waterway differentiates through:
- Geographic focus—Deep expertise in Georgia and Florida markets with licensed real estate brokerage capability in both states
- Integrated services—Combination of business brokerage, financial intermediation, and commercial real estate under one roof
- Search fund experience—Recognized by search fund platforms as a broker who understands the searcher model
- Full lifecycle support—From valuation through close, with financing capabilities via loan sourcing
Not a Fit If
Waterway typically declines:
- Businesses below $350,000 in annual revenue
- Transactions outside their Georgia/Florida footprint
- Purely real estate transactions (they focus on business sales with real estate components)
- Startups or pre-revenue companies
Team
The firm is led by William Rary, CEO, who serves as the primary contact. Waterway operates with 2-10 employees according to LinkedIn profile data. Key personnel include licensed brokers in both Georgia and Florida.
William Rary, CEO
- Email: brary@waterwaybusiness.com
- Phone: 404-801-4397
- Florida Real Estate License: #3228524
- Experience: Industry leader with extensive executive and senior leadership experience
Geographic Coverage
Primary Markets: Georgia, Florida
Headquarters: Roswell, Georgia (Po Box 1005, Roswell, GA 30077)
Additional Locations: Florida operations through Waterway USA, Inc. (licensed Florida real estate broker)
The firm maintains bi-state licensing as commercial real estate brokers, enabling them to handle transactions involving both business assets and real estate across their service footprint.
Additional Notes
Waterway, Inc. operates as a lower middle market business brokerage rather than a traditional investment bank. Their value proposition centers on hands-on transaction management for smaller businesses rather than the institutional-quality processes employed by bulge bracket M&A advisors. The firm is best suited for business owners seeking practical, regional representation for sub-$25M transactions, particularly in the Georgia-Florida market.