Appalachian Basin M&A Update: October 2024 to September 2025 - Mercer Capital
Appalachian Basin deal activity may be quieter, but strategic bolt-ons and creative financing are redefining how value is built in a cautious market.| Mercer Capital
For this week’s post, we’re highlighting our whitepaper, "How to Value Your Exploration and Production Company." The piece provides a comprehensive overview of the key factors that drive value in the upstream oil and gas sector, offering readers a clear framework for understanding how operational performance, reserve economics, and commodity pricing influence company worth. It also explores core energy valuation methodologies—including cash flow analysis, reserve-based approaches, and m...| Mercer Capital
Part 2 of our reinsurance series examines how captives figure into valuation and planning for auto dealer groups. We contrast the risk and return profiles of dealership operations, real estate, and reinsurance entities, and outline how disciplined analysis—of underwriting performance, capital needs, and recapture economics—can unlock estate planning advantages and creative transaction structures.| Mercer Capital
Schwab’s announcement that they’re halving client referrals to RIAs through the SAN program threatens an industry that was already struggling with organic growth. Dependable, sustainable growth requires building a marketing strategy that isn’t dependent on outside factors like ambitious custodians, and a tracking system to know how that marketing strategy is performing. Keeping an eye on your metrics will help keep you on the road to lasting value.| Mercer Capital
When families articulate a shared mission, they define what truly matters. But in family enterprises, that mission must align with what the business means economically to the family. Whether the business is built for growth, preservation, liquidity, or lifestyle, clarity about its financial role ensures that purpose and prosperity move forward together.| Mercer Capital
Appalachian production improved modestly over the past year, with steady drilling activity and enhanced infrastructure driving a 6% increase despite subdued natural gas prices. The Mountain Valley Pipeline’s completion provided much-needed takeaway capacity, improving flow reliability and narrowing basis differentials. Public operators like EQT and Range Resources led performance gains, reflecting a stabilizing investment environment as the basin moves toward 2026 with firmer fundamentals a...| Mercer Capital
RIA M&A activity rebounded sharply in 2025, with record deal volume in the first half of the year. Through September, 209 transactions were completed—up from 156 in 2024—driven by private equity involvement, lower borrowing costs, and ongoing consolidation trends. While total transacted AUM declined, serial acquirers and aggregators continued to dominate deal flow. For RIAs, shifting rate dynamics, valuation trends, and evolving buyer profiles highlight the importance of strategic plannin...| Mercer Capital
We recently read a fantastic post on the Altair Advisers' blog, "Words on Wealth," by Jason M. Laurie, Managing Director and Chief Investment Officer. The post addresses five things that founders wish someone had told them before selling their businesses to private equity firms. We thank Jason for allowing us to share the post with our readers.| Mercer Capital
After several years of industry-leading performance, alternative asset managers have begun to lose momentum in 2025. Despite strong fundamentals, these firms have underperformed broader markets amid higher-for-longer interest rates and shifting investor preferences toward liquidity. While short-term valuations have softened, the long-term case for alternatives remains intact, supported by their structural advantages and ability to navigate volatility.| Mercer Capital
Appalachian Basin deal activity may be quieter, but strategic bolt-ons and creative financing are redefining how value is built in a cautious market.| Mercer Capital
It is understandably frustrating for family business directors when the simple question – what is our family business worth? – elicits a complicated answer. While we would certainly prefer to give a…| Mercer Capital
The professionals of Mercer Capital have the appropriate credentials, experience, and expertise to assist clients with a wide range of business valuation and financial advisory services.| Mercer Capital
A national business valuation and financial advisory firm.| Mercer Capital
Selling a family business is both emotional and strategic—much like auctioning a rare treasure. Inspired by Phyllis Kao’s insights at a recent event with Diversified Trust and Sotheby’s, this piece applies four auction principles—provenance, presentation, timing, and the auctioneer—to the sale process. By telling your business’s story, presenting it effectively, and acting at the right market moment with trusted advisors, families can maximize value while honoring their legacy.| Mercer Capital
Equity markets reward growth, but lenders value discipline. Viewing upstream performance through a credit analyst’s lens reveals how scale, costs, reserves, and prudent leverage drive both credit strength and enterprise value.| Mercer Capital
Auto dealerships are complex businesses with revenue streams ranging from new and used vehicle sales to service, parts, and F&I (finance and insurance). Within F&I, one of the most under appreciated opportunities for wealth creation is reinsurance. While some dealers have operated reinsurance companies for years, others rely solely on commissions from third-party product providers. In the first blog of this series, we introduce the basics of reinsurance in the context of auto dealerships and ...| Mercer Capital
RIAs delivered mixed results in Q3 2025, with larger asset managers leading the sector at an 11% quarterly gain, outpacing the S&P 500’s 8% return. Smaller managers rose modestly, while alternative managers continued to lag after a stretch of strong growth in 2023 and early 2024. On a year-over-year basis, traditional managers remained ahead of the index, while alternative managers posted the strongest revenue and EBITDA growth despite muted price performance. We explore further in our Q3 2...| Mercer Capital
If the income statement is a movie that records how your family business performed during a particular period, the balance sheet is a snapshot that records what your family business looked like at a particular date. The balance sheet answers two core questions: "What are the assets our family business owns?" and "How has our family business paid for those assets?" We’ll flesh out the first question in this week’s post, and turn our attention to the second question in a subsequent post.| Mercer Capital
It can be all too easy for family business directors to focus on maximizing performance in the current year for the company. However, it is equally important for directors to not ignore less urgent…| Mercer Capital
Clear communication is essential in family business governance, yet shared definitions are often overlooked. That’s why the UHNW Institute’s new Wealthesaurus caught our attention. This online glossary brings clarity to the complex vocabulary of family wealth and enterprise conversations. This resource also provides standardized definitions of common and specialized family wealth advising industry terms. For directors, it’s a valuable reference that supports informed decision-making and...| Mercer Capital
Private equity continues to reshape the RIA landscape in 2025, fueling record deal activity and driving consolidation at an unprecedented pace. With 132 transactions in the first half of the year totaling $182.7 billion in AUM, PE-backed firms now account for more than half of all acquirers. Their disciplined “buy-and-build” strategies, focus on scalability, and willingness to pay strategic premiums are redefining ownership dynamics and valuations across the sector. For RIA owners, aligni...| Mercer Capital
At Hart Energy’s 2025 A&D Strategies and Opportunities Conference in Dallas, two central themes emerged: the maturation of Tier 1 U.S. shale inventory and diverging dynamics between private and public players in dealmaking. The conference highlighted the evolving dynamics of the U.S. upstream oil and gas market. With Tier 1 shale assets maturing, private and public participants are behaving differently, and deal strategies have become more selective. Read more in this week's post.| Mercer Capital
Clear communication is essential in family business governance, yet shared definitions are often overlooked. That’s why the UHNW Institute’s new Wealthesaurus caught our attention. This online glossary brings clarity to the complex vocabulary of family wealth and enterprise conversations. This resource also provides standardized definitions of common and specialized family wealth advising industry terms. For directors, it’s a valuable reference that supports informed decision-making and...| Mercer Capital
In August 2025, the U.S. auto industry slowed as the SAAR of 16.1 million units represented a 2.9% decrease from the prior month. However, the trend of year-over-year increases continued, as eleven of the past twelve months have beat the prior year, with a 6.2% increase from August 2024. The August 2025 performance is particularly impressive given the inflated baseline from the previous year’s CDK software outage that shifted sales into July and August 2024. Read more in this week's post.| Mercer Capital
The One Big Beautiful Bill Act (OBBB) brings sweeping changes to the U.S. oil and gas industry. By revising tax rules, restoring leasing predictability, and lowering royalty rates, the Act reshapes project economics and carries significant implications for valuation and long-term investment.| Mercer Capital
Independent trust companies are in short supply compared to the thousands of RIAs, yet demand for their capabilities is rising. For wealth managers, acquiring trust services enhances client retention, attracts larger and more complex relationships, and secures multigenerational ties. This supply–demand imbalance suggests trust companies may carry a real “scarcity value” in today’s market.| Mercer Capital
Estate planning for business owners sometimes coincides with a potential sale of the business. How should estate planners approach valuation in this uncertain environment, and what does the IRS expect? This webinar walks estate planners through the valuation complexities of transferring the business or interests in the business during an M&A process.| Mercer Capital
In Part II of our buy-sell agreement series, we dive into three real-world scenarios where independent appraisers play a critical role in resolving disputes, facilitating fair buyouts, and mitigating litigation risks for family-owned businesses. From valuation deadlocks to triggering events and shareholder conflicts, see how independent valuations can protect both your company’s legacy and shareholder relationships.| Mercer Capital
Karolina Calhoun, CPA, ABV, CFF, Senior Vice President, and David W. R. Harkins, CFA, CPA, ABV, CFF will present the session “Getting Personal with Personal Goodwill. In addition, Z.| Mercer Capital
Jeff Davis, CFA, Managing Director, will participate on the panel “Beyond CRT – Credit Insurance as a Tool for U.S. Regional Banks” at SCI’s Regional Bank-CRT Forum in New York on September 10, 2025.| Mercer Capital
In the investment management world, evaluating a firm’s margin isn’t as simple as “more is better.” For RIAs, margin reflects efficiency, but it also reflects the firm’s tradeoffs with compensation.| Mercer Capital
Mercer Capital is pleased to announce that two professionals have been promoted to Senior Financial Analyst: Koby S. Allen and Luke Tanner.| Mercer Capital
Our family business advisory practice is focused on three strategic financial questions that weigh on family business directors.| Mercer Capital
A well-structured succession plan not only enhances the firm’s operational stability and scalability but also increases its attractiveness to potential buyers. Buyers are not merely acquiring existing…| Mercer Capital
Energy companies depend on Mercer Capital’s industry knowledge and experience to help navigate the ongoing changes in the energy environment.| Mercer Capital
Timothy K. Bronza is a Managing Director with Mercer Capital. Tim has been involved in valuing business interests for over 25 years for a variety of purposes, including federal gift…| Mercer Capital
Mercer Capital is pleased to announce the acquisition of Business Valuation Analysts, LLC, recognized experts in the valuation of privately held business interests for federal estate, gift…| Mercer Capital
At this year’s NARO National Convention Mercer Capital’s Bryce Erickson, ASA, MRICS and David Smith, CFA, ASA had the privilege of attending.| Mercer Capital
Timothy R. Lee, ASA will attend The ESOP Association’s 2024 Employee Owned Conference on November 13-15, 2024 in Las Vegas, Nevada.| Mercer Capital
Mercer Capital’s Timothy R. Lee, ASA to present alongside L. Paul Hood, Jr., J.D., LL.M in an upcoming Business Valuation Resources webinar on November 12, 2024.| Mercer Capital
Mercer Capital is proud to sponsor and attend the 2024 D CEO Energy Awards on October 29, 2024 in Dallas, Texas. Representatives from Mercer Capital’s oil and gas industry team be attending.| Mercer Capital
Mercer Capital provides investor relations services to family and closely held businesses and works with senior management and boards of directors to assist in strategic financial planning…| Mercer Capital
Auto retailer executives discussed the CDK cyberattack, inventory management, consumer affordability, and hybrid vehicles on the Q2 2024 earnings calls.| Mercer Capital
This blog provides corporate finance and planning insights to multi-generational family businesses directors.| Mercer Capital
Coming off a run of economic data releases in the last few weeks, we take a look at the numbers and some of their implications for the broader economy.| Mercer Capital
Volatile times are never easy to navigate, but there are strategies family business directors keep their business on course.| Mercer Capital
In this week’s post, we examine current trends impacting independent trust companies.| Mercer Capital
Last week, the consumer-price index decreased slightly from May, resulting in a year-over-year inflation measure of 3%.| Mercer Capital
The trend towards PE reveals implications for liquidity management, echoing the challenges that family business shareholders have long encountered.| Mercer Capital
Mercer Capital’s Energy Valuation Insights blog is a weekly update on issues important to the Energy industry.| Mercer Capital
Navigating the complexities of estate taxes and wealth transfer can be daunting, with sunsetting provisions that could affect your financial planning.| Mercer Capital
