MarshBerry review: agency valuation, M&A advice and fees
MarshBerry is a large insurance investment bank and consultancy owned by Lincoln International. It values agencies, plans perpetuation, runs sales and purchases and raises capital.
It works with small, mid-size and large agencies and brokers in the U.S. and Europe. All fees are quoted, and its broker-dealer is paid a fee when a deal closes.
- Best for
- Owners who want valuation, perpetuation and sale help from one large firm
- Works for
- One client per deal: the seller or the buyer
- Services
- Valuation, perpetuation, sale and purchase advice, quality of earnings and capital raising
- Agency size
- Small, mid-size and large
- Valuation fee
- Quote only
- Success fee
- Charged on deals. Amount set in the agreement
Our take
MarshBerry suits an owner who wants a full range of help from one firm, from a quick value check to a sale or an inside plan. Its four valuation scopes run from a preliminary Calculation of Value to a full Conclusion of Value.
It represents one client per deal and isn't paid by both sides. It does take buyer mandates in other deals, and Lincoln International owns it.
Its market commentary splits a deal into the price guaranteed at closing and the earn-out on top, which helps an owner compare offers on equal terms.
Pros
- Four valuation scopes, including a quick check on a buyer's offer
- One client per deal, never paid by both sides
- Perpetuation options from an inside sale to an ESOP
- Quality of earnings and due diligence work
- Capital raising through its own broker-dealer
Cons
- All fees are quoted
- Represents buyers in other deals
- Owned by an investment bank, Lincoln International
- Success fee basis isn't published
Who they work for
Sellers
Sell-side work covers positioning, valuation, marketing, finding buyers, negotiating offers, diligence and help after closing.
Buyers
Buy-side work covers strategy, target search, valuation, structure, financing, diligence and combining the firms.
One client per deal. MarshBerry says it represents one party in a transaction and is not paid by both. It is owned by Lincoln International and has an affiliated agency network, FirstChoice, so ask about any tie to the buyers in your deal.
Services
| Service | What you get |
|---|---|
| Conclusion of Value | A full-firm valuation for stock transfers, ESOPs, estate taxes, deals and perpetuation |
| Calculation of Value | A preliminary value for planning or for checking a buyer's offer |
| Personal Goodwill Valuation | Value of the owners' own relationships, a tax topic for C corporations selling to an outside buyer. Take it to your CPA |
| Intangible Asset Valuation | Values a buyer books for the client lists and other intangibles it acquired |
| Perpetuation planning | Inside succession, outside partners, an ESOP, forming a larger firm or a strategic sale |
| Selling and buying | Separate sell-side and buy-side mandates from strategy through closing |
| Quality of earnings | Checks recurring and one-time revenue and earnings adjustments before a deal |
| Capital advisory | Debt and equity raising and financing help |
Agencies they work with
- Agency size
- Small, mid-size and large. No numeric minimum
- Types
- Independent agencies and brokers, benefits firms, wholesalers, MGAs and MGUs, program administrators and wealth firms
- Where
- Worldwide, with U.S. and European offices
How they value an agency
- Method
- Discounted cash flow and comparable deals, with methods matched to the purpose
- Earnings measure
- Normalized earnings: past profit adjusted for one-time items, then projected forward
- What adjusts the value
- Organic growth, profit margins, leadership depth, technology, owner dependence and carrier and client concentration
Normalizing means restating profit as if the agency ran without one-time items. MarshBerry separates recurring from one-time revenue and then projects growth and margins.
Terms on this page in plain words
- EBITDA
- Profit for the year before interest, taxes, depreciation and amortization
- Earn-out
- Money paid after closing that depends on the agency reaching growth or profit goals
- ESOP
- A plan that holds company stock for employees, sometimes used to buy out an owner
- Quality of earnings
- A check that the profit figures a deal rests on are real and will last
- Perpetuation
- Handing the agency to people inside it, such as producers, partners or family
- Success fee
- The advisor's fee that comes due only when a deal closes
- Retainer
- An advance or monthly fee for the advisor's time
- Tail
- A set period after the agreement ends when you still owe the fee if you sell to a buyer the advisor introduced
Valuation reports, cost and timing
- Report types
- Conclusion of Value, Calculation of Value, Personal Goodwill and Intangible Asset valuations, plus due diligence and quality of earnings reports
- Appraisers
- James Graham and Eric Hallinan are Certified Valuation Analysts
- How it's priced
- Quote for each job
Selling your agency with them
Positioning and valuation
MarshBerry sets a value and decides how to present the firm.
Marketing materials
It builds the offering memorandum and pitch book.
Buyers
It identifies buyers and gathers offers.
Negotiation and diligence
It negotiates the letter of intent and supports the buyer's checks.
After closing
It stays on to help after the deal closes.
Deal structure advice
MarshBerry splits a price into the base purchase price, a realistic earn-out and the maximum earn-out. The base price includes escrow and holdbacks, so it isn't all cash in hand at closing.
- Earn-outs
- Usually tied to revenue or EBITDA targets in its market commentary
- Base price
- Includes escrow and holdbacks that depend on performance
Succession and after the sale
Perpetuation options range from selling to inside partners to an ESOP, forming a regional firm or selling to a strategic buyer. A Calculation of Value gives a quick read before you choose.
Employee ownership
Staff buy the agency over time through an ESOP.
After a sale
Sell-side work includes help after closing, and buy-side work includes combining the firms.
Credentials and transactions
- Securities firm
- MarshBerry Capital, LLC, a FINRA and SIPC member
- Parent
- Lincoln International
Recent transactions
| Deal | Year | Role |
|---|---|---|
| Korotkin Insurance Group to EPIC Insurance Brokers & Consultants | 2026 | Seller advisor |
| Alan R. Mackay & Company to Brown & Brown | 2026 | Seller advisor |
| Euclid Design Underwriters to Novacore | 2026 | Seller advisor |
| McGohan Brabender to Higginbotham | 2026 | Buyer advisor |
| Thomas Harrison & Associates Insurance to Sunstar Insurance Group | 2026 | Buyer advisor |
Confidentiality
- Data room
- Due diligence uses a virtual data room
- Privacy
- Its privacy notice covers sharing with affiliates and deal parties, security measures and how long data is kept
Fees and engagement terms
- Success fee
- Its broker-dealer is paid when the deal closes. The amount and basis are set in the agreement
Retainer, expenses, exclusivity and tail terms are not on its site.
Questions for your engagement letter
- The success fee rate, any minimum and what deal value it is measured on
- Whether the fee applies to the earn-out and when
- Any monthly retainer and whether it is credited
- Exclusivity length and the tail after it ends
MarshBerry alternatives
- Reagan ConsultingFees not publishedValuations and sales for larger brokerages, with fee types disclosed
- Sica | FletcherFees not publishedA founding partner leads every deal
- Dowling HalesFees not publishedInvestment bank with many dated 2026 sales
- Mercer CapitalQuote onlyAppraisal firm with a four to six week turnaround
- Agency Brokerage ConsultantsOffer review $7,500Smaller agencies and a fixed-price offer review
See every option in insurance agency valuation.
Frequently asked questions
How much does a MarshBerry valuation cost?
MarshBerry quotes each job. The scope you pick, from a preliminary Calculation of Value to a full Conclusion of Value, drives the price.
Does MarshBerry represent buyers or sellers?
Either, but only one per deal. It says it is never paid by both sides.
Does MarshBerry charge a success fee?
Its broker-dealer is paid a fee when the deal closes. The amount is set in your agreement.
Can MarshBerry review an offer I received?
Its Calculation of Value is built for quick reads like checking a buyer's offer.
Who owns MarshBerry?
Lincoln International is its parent.
How we researched this review. We based this review on the terms and product pages published by MarshBerry, reviewed in October 2026, together with our team's experience working with insurance agents and agency owners since 2008.
Corrections
Vendors change their pricing all the time and they don't email us when they do. So if you see a price on here that's gone up, a plan MarshBerry quit selling or a contract term that reads different now, let us know and send the link to the page where MarshBerry has it. Somebody here pulls up that page and checks it before we change anything on ours.