I have a friend looking at a business to purchase, and has been approached by a buy-side agent who would like to represent him. The agent has offered no retainer up front (for other businesses if this one falls through), and a structure of ~6.5% on the first $5M, 5% on value between $5M-$10M, 4.8% from $15M-$20M, and 4.6% $20M+. This seems high to me, but would welcome input here.