Transaction-Ready Diligence,
Delivered Digitally

Adjusted EBITDA Bridge

A detailed walk from reported net income to normalized EBITDA, with every adjustment categorized, quantified, and explained. Includes identification and quantification of owner add-backs (above-market compensation, personal expenses, discretionary spending), non-recurring items (one-time legal fees, settlement costs, PPP loan forgiveness, insurance claims), and pro forma adjustments for run-rate changes like recent hires, lost customers, or new contracts. Each adjustment is supported with source documentation references and methodology notes.

Revenue Quality & Sustainability Analysis

Three-year revenue trend analysis broken down by customer, project type, and service line. Includes customer concentration analysis identifying dependency risks, recurring vs. non-recurring revenue classification, contract backlog assessment, revenue recognition policy review, and seasonal pattern identification. For project-based businesses, we analyze WIP schedules to assess over/under billings and job-level profitability trends.

Normalized Working Capital Analysis

Calculation of a normalized working capital "peg" for use in the purchase agreement's closing mechanism. Includes analysis of accounts receivable aging and collectibility, accounts payable terms and timing, inventory levels and turnover (where applicable), accrued liabilities and prepaid expenses, and identification of any unusual or non-operating items embedded in working capital. We provide monthly trend data so both parties can agree on a fair target.

Debt & Debt-Like Items Schedule

Comprehensive inventory of all outstanding debt and debt-like obligations that would typically be settled at closing or factored into the enterprise-to-equity bridge. Covers term loans and lines of credit, capital leases and equipment financing, deferred revenue obligations, accrued bonuses or deferred compensation, seller notes, tax liabilities, and any contingent liabilities or pending litigation with quantifiable exposure.

Tax & Accounting Policy Review

Reconciliation of book-to-tax differences, review of depreciation methods and their impact on cash flow, analysis of related-party transactions (leases, management fees, intercompany charges), and assessment of accounting policy consistency across the review period. We flag any areas where aggressive or inconsistent accounting may affect the reliability of reported earnings.

AI-Powered Preliminary Insights Growth & Enterprise

Available on Growth and Enterprise tiers, our AI analysis engine processes your uploaded documents to generate preliminary findings within 48 hours of document verification. Includes automated anomaly detection across GL transactions, pattern recognition for non-recurring items, customer concentration scoring, margin trend analysis with visualizations, and flagging of related-party transactions. All AI findings are reviewed and validated by a senior finance professional before inclusion in the final report.

Executive Summary & Risk Assessment

Every report opens with a concise executive summary designed for deal principals — the key adjusted EBITDA figure, the most material findings, and a prioritized list of risks and opportunities. Includes a summary table of all adjustments with impact ranking, identified deal risks with suggested mitigations (holdbacks, earnouts, reps & warranties), and key questions or areas that may warrant further diligence. This section is designed to be shared directly with buyers, lenders, or board members.