A clear, supportable view of the earnings behind the deal.
Identifying the adjustments, risks, and trends that affect reported performance.
Independent quality of earnings analysis for buyers and sellers of privately held, middle-market companies — establishing what the business genuinely earns, which adjustments are supportable, and where the risks affecting price and terms actually sit.
- Independent analysis of a target’s reported earnings before you commit to a price
- Seller representations tested against the underlying records
- Risks and opportunities quantified by their impact on price and terms
- Documentation to the standard a lender’s credit committee expects
- Your own QoE analysis completed before the business goes to market
- Issues identified while there is still time to fix or explain them
- Add-backs documented to the standard buyers and their lenders accept
- The financial record prepared ahead of the buyer’s diligence request list
- Normalized net working capital, adjusted for seasonality and one-time movements
- Development of a supportable target peg
- Post-close true-up modeling before the closing mechanics are agreed
- Recurring versus non-recurring revenue by product, customer, and channel
- Customer concentration and retention relative to projected growth
- Normalized EBITDA, with add-backs separated from the sustainable run-rate
- Reported earnings reconciled to cash receipts and bank activity (proof of cash)
Evidence the other side will accept.
Engagements are led by a partner with experience on both sides of the transaction table — as an advisor to buyers and sellers across more than a hundred M&A transactions, and as CFO inside growing middle-market companies. All work is conducted in strict confidence.
Independent
Analysis driven by the evidence, not by the desired outcome.
Fully documented
Every adjustment supported and traceable to source.
Early visibility
Issues identified while options remain open.
Deal-ready reporting
Prepared for direct use by the deal team and its lenders.
See the report before you commission one.
The report presents normalized earnings, the support behind every adjustment, and the risks that move price and terms. We’ve published a complete, illustrative sample — a fictional company, the real structure — so you can judge the deliverable itself.
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