- 1). Write a list of the duties that the investment banker must perform. For a start-up company, an investment banker must find investors or other income sources. A long-established company may need an investment banker to handle a merger or just take over the responsibility of handling day-to-day asset management. Clearly define the role of the investment banker as suited to your particular company.
- 2). Speak to local business contacts and find out which investment bankers they use. You can also go to the website of the National Investment Banking Association (see Resources). Look through the member directory for bankers in your area. Search in the phone book and online for other investment bankers that cover your market. Put together a list of candidates and use the Better Business Bureau website (see Resources) to read customer reviews. Narrow your list based on the reviews you read and the experiences of business contacts.
- 3). Contact the companies that seem to have the best reviews. Find out if the firms have experience in your industry and what type of work the bankers normally handle. Many firms concentrate on certain sectors. Additionally, some large firms do not typically work with start-up businesses. You must find a company with expertise in your field and a desire to work with a business of your company's size. Arrange an appointment to meet with two or three bankers at firms that best suit your needs.
- 4). Give each banker a copy of a cash flow analysis of your business. Clearly explain the direction in which you intend to take the firm. Explain potential obstacles, long- and short-term goals and past company performance. Ask each investment banker to explain how she can help you succeed. You must find a banker who will represent your best interests and work to help your company succeed.
- 5). Ask each banker to provide you with a comprehensive fee schedule. You must make sure you carefully review all of the fees, commissions and miscellaneous expenses before signing a contract. Do not overpay for service at a firm suited to helping larger firms but do not choose the cheapest option; you might get what you pay for. You may favor a performance-based fee structure but do not agree a payment plan that encourages the banker to act recklessly in pursuit of money. Choose an investment banker that has experience in your field, understands your goals and appropriately charges for services offered.
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