Does the firm have strong relationships with reputable nonprofits?
Assess client concentration - are they stable, with long-term contracts?
Does it have specialized expertise and/or sector focus?
Does it have high owner dependence? (Red flag)
Does it have a capable bench of people who want to stay?
Does it have values alignment and culture fit?
Does it have clean financials?
Does it rely on 1-2 big clients/events? (Red flag)
Does it help you extend your geographic reach?
Does it help you penetrate a new vertical?
Does it have positive cashflow?
Does it have no/low debt?
Does it allow service expansion?
Does it allow cross-selling?
Does it allow for talent acquisition?
Does it eliminate a rival?
Does it allow us to consolidate back-office functions?
Does it allow acquisition of IP?