A practice built to sell mission-critical businesses.
We are not a broker. We are not a generalist boutique. We are a senior-led sell-side practice for owners who take their business seriously and expect the same of the people who represent it.
Boutique attention. Institutional results.
Madfarm is a lower middle market investment bank built to sell mission-critical businesses: industrials, commercial services, software, and professional services in the $5M–$50M revenue range.
Principal-led
Every engagement is led by the principal who pitched it. No handoffs, no learning curves on your dime.
A sharper process
Modern tools and the rigor of a real M&A process, run the same disciplined way on every deal.
Judgment beyond the numbers
The relational fluency to navigate what happens across the table, around it, and inside your business.
Senior judgment on every mandate.
The people who run the deal, supported by a board of advisors with decades of operating and transaction experience.
Spencer Williams
Spencer is the founding principal of Madfarm and brings more than a decade of transactional and operating experience to every engagement. He leads sell-side and strategic advisory mandates hands-on, from first conversation to close. He is collegial at the table, firm and straightforward on terms, and data-driven in how he builds and defends a deal.
He began his career in private legal practice in Denver after earning his Juris Doctorate with a focus on business transactions. Three years later he launched a consulting practice advising buyers and asset owners in Colorado’s complex water and natural resources markets, and led the development of database products used to underwrite numerous industrial services transactions across Texas and New Mexico. He then managed and scaled a tech-enabled industrial logistics and supply chain business within a larger venture-backed startup.
In late 2020 he returned to his transactional roots and founded Madfarm to serve lower middle market business owners exclusively. He holds his J.D. from the University of Tennessee College of Law and is an active member of the Alliance of Mergers & Acquisitions Advisors.
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Will Davis
Will joined Madfarm to give lower middle market business owners a seller-first advocate who knows what actually drives enterprise value, not just how to run a process. He brings more than a decade of transaction experience to every engagement, fully aligned with the outcome the founder is working toward.
His edge comes from three perspectives most bankers never combine: sales leadership that scaled a startup from $0 to $100M in revenue, hands-on experience as a private equity deal sponsor, and direct execution on capital raises and sponsor operating initiatives. It is the difference between an advisor who manages a transaction and a partner who understands how growth builds value, how buyers underwrite risk, and how to structure a deal that puts leverage back in the seller’s hands.
He holds a B.A. from Texas A&M University and an MBA from the McCombs School of Business at the University of Texas at Austin, and still bleeds maroon through and through.
LinkedInThe bench that runs the process.
Behind every mandate is a team of analysts and deal support who power the analytical and administrative work, so the senior banker stays focused on the deal.
Analysts
Financial modeling, market research, and the analytical work that underwrites a defensible view of value.
Deal Support
Marketing materials, data room management, and buyer coordination that keep a process organized and moving.
Diligence & Documentation
Keeping diligence organized and momentum intact from LOI through closing and final documents.
Operating and transaction experience behind every deal.
Madfarm draws on a board of advisors: operators and dealmakers who have built, bought, and sold lower middle market businesses.
Talk to the person who would run your deal.
Direct access to the principal, not a junior gatekeeper.