Transaction Advisory and Quality of Earnings
Whether you are preparing a business for sale or evaluating an acquisition, the numbers in the deal model need to hold up. We bring national firm transaction experience to lower middle market deals, with a focus on sustainable earnings, working capital, and the items that move the purchase price.
What we provide
Sell side quality of earnings
Identify and support adjustments before buyers do, so diligence findings do not erode value late in the process.
Buy side financial due diligence
Independent analysis of reported and adjusted EBITDA, revenue quality, customer concentration, and accounting practices.
Net working capital and peg analysis
Monthly working capital trends, normalization, and a supportable target for the purchase agreement.
Net debt and debt like items
Identification of indebtedness and debt like obligations that should be considered in the price.
Proof of cash and accounting review
Reconciliation of reported results to bank activity and assessment of cash to accrual and cut off issues.
What you receive
- Adjusted EBITDA bridge with documented support for each adjustment
- Databook with monthly income statement, balance sheet, and working capital detail
- Summary of key findings and items for purchase agreement negotiation