Buyer-side transaction advisory
We help you understand what a business really earns, what it's worth, how the acquisition performs financially, and what should be resolved before you commit capital.
From a recent Transaction Assessment
Coverage falls below the lender minimum at a 10% decline in EBITDA.
HVAC services contractor, $6.5M asking price. Figures anonymized.
Independent
We don't sell the business
We don't finance the acquisition
Our fee doesn't depend on whether you close
How we assess a deal
Plenty of firms can calculate. Fewer can interpret.
I
Earnings Quality
What does the business really earn?
Normalization, add-backs, revenue quality, margins, customer concentration, working capital.
II
Valuation
What is it reasonably worth?
Transaction multiples, cash flows, sensitivity, and what the price implies about returns.
III
Transaction Economics
How does the acquisition work financially?
Sources and uses, debt service, seller financing, earnouts, downside cases.
IV
Deal Judgment
What does it all mean for you?
Synthesis, priorities, diligence and negotiation implications — a senior second opinion.
Services
Screen
Is this transaction worth pursuing? A rapid financial and transaction review.
Analyze
What does the business really earn?
What is it reasonably worth?
Assess
Does the overall transaction make sense — economics, financing, findings, structure and risks?
FlagshipWhat might we be missing?
Execute
Senior transaction support from LOI through closing.
Would you buy this business?
At 5.0x reported it looks fair. At 6.7x normalized, it isn't.
| The deal | Figure | Multiple |
|---|---|---|
| Revenue | $8.2M | |
| Asking price | $6.5M | |
| Reported EBITDA | $1.30M | 5.0x |
| Unsupported add-backs | −$325k | −25.0% |
| Normalized EBITDA | $975k | 6.7x |
| Seller note | $600k | |
| Largest customer | 10% |
Senior professionals on every engagement
Managing Director
M&A attorney, investment banking executive and private-equity professional with 15+ years of experience advising on acquisitions, investments, transaction structuring and cross-border M&A.
Deal Notes
The Add-Back Files
Three years of relocation costs is not a one-off. How we test recurring add-backs.
Deal Math
Coverage ratios move faster than buyers expect. A worked example.
After the QoE
Turning diligence findings into a price and a negotiation position.