Could chasing the cheapest deals could hurt your chances of a sale?

Dear advisers

I'm exploring the implications of running a service that's as cheap as possible, ahead of a potential sale.

The thesis is simple: if your service and providers you work with are super cheap and you wish to sell to a consolidator or larger firm, which have their own propositions, they might have to push up fees and charges as they bring your clients in. 

Might this make your firm less attractive as a takeover target and potentially devalue your business in light of a sale?

I'd like to hear all your views and concerns and ideas around this. 

What is best practice in your view? Do these things weigh on your minds at all? Should they?

Worth distinguishing between adviser and product/DFM etc charges.

Could it be more of an issue for instance, if advisers keep their charges at a moderate level but use the cheapest DFMs?

I'd like to hear as many views as possible!

Thank you!

carmen.reichman@ft.com