If we were a prospective client, evaluating whether or not to hire a particular M&A advisory firm, here are 5 questions we would pose.

At the height of the 2000 bubble, the scramble to buy promising early-stage businesses sent the price per employee through the stratosphere, to $10m+ at the peak. That meant a 20-person business, just getting market traction, could be valued at $200m. In hindsight, it was “insane”.