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I'm handing a $60M sale for a client right now. The Purchase Agreement (without schedules and exhibits) is a bit over 70 pages. About 40 percent of that is boilerplate - which means a large portion is fairly substantive and deal specific. Once disclosure schedules and exhibits are added, it may end up around 200 pages.
On the other hand, I had a sale of a $400K company earlier this fall. Total agreement might have topped 25 pages.
I would consider both of those examples to be typical and appropriate. But a sale of a $400K company with a 300 page agreement is unheard of and indicative of the buyside getting screwed.
I've generally found that big buyside firms don't know how to do less and tend to milk the ever loving shirt out of their clients. Sometimes the size of the deal justifies that level of attention. When it doesn't, the buyside absolutely shouldn't be with a nationwide firm.
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"Rust never sleeps"
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