Situations we are built for
Start from the decision in front of you.
Eight situations that cover most of the firm’s work. Open the one closest to yours: each shows the decision at its center, what usually complicates it, and what working through it looks like.
Illustrative situations, not client case studies.
We want to acquire a company but do not have an internal M&A team
The central decision
Whether to pursue an acquisition at all, and if so, which targets justify real money and management attention.
What usually complicates it
- Deal work competes with running the business
- Sellers and brokers control the information flow
- First-time buyers routinely overpay for growth stories and underprice integration effort
Questions to answer early
- What does a good target actually look like for us, in writing?
- What can we afford, and with what mix of debt and equity?
- Who inside the company can carry diligence workstreams, and who cannot?
What the work looks like
Target criteria and screening, valuation and financing model, offer strategy, diligence coordination, negotiation support, and day-one planning.
What you would receive
An acquisition model you keep, a diligence tracker, decision memos for each gate, and an integration checklist.
Worth preparing
Your last two years of financials, a candid list of why you want to buy, and any target information you already hold.
We have identified a target and need help evaluating it
The central decision
What this specific business is worth to you, on what evidence, and at what structure the deal stops making sense.
What usually complicates it
- Seller-prepared financials flatter the story
- Add-backs and adjustments need independent scrutiny
- Exclusivity clocks pressure you to decide before the facts are in
Questions to answer early
- What do quality-of-earnings adjustments do to the multiple you are really paying?
- What must be true for the base case to hold?
- Which diligence findings are price issues versus walk-away issues?
What the work looks like
Independent model build, valuation range with sensitivities, diligence plan, workstream coordination with counsel and accountants, and negotiation materials.
What you would receive
A defensible valuation memo, sensitivity analysis, issue list with price and structure implications, and a close-or-walk recommendation.
Worth preparing
The CIM or seller materials, any LOI draft, and your financing assumptions.
We are building a roll-up and need a repeatable acquisition process
The central decision
How to turn one-off deal wins into a repeatable machine: sourcing, underwriting, closing, and integrating on a rhythm.
What usually complicates it
- Every deal reinvents the process
- Underwriting drifts as pressure to deploy grows
- Integration debt compounds quietly until it breaks the platform
Questions to answer early
- What is the standard underwriting box, and who can approve exceptions?
- Which integration steps are non-negotiable in the first 100 days?
- What does the platform report monthly, per company and consolidated?
What the work looks like
Playbook design across sourcing, underwriting, diligence, and integration; model templates; pipeline and reporting cadence; support on live deals while the machine is built.
What you would receive
An underwriting standard, reusable model and diligence templates, integration playbook, and a pipeline reporting pack.
Worth preparing
Deals done so far with post-mortems, current pipeline, and the operating reporting you produce today.
We may sell and want to know whether we are ready
The central decision
Whether to go to market now, prepare first, or hold, and what preparation is actually worth the time it takes.
What usually complicates it
- Owners discover diligence problems after buyers do
- Add-backs assembled in a hurry get rejected in a hurry
- The business depends on the owner more than anyone admits
Questions to answer early
- What will a buyer’s quality-of-earnings review do to your EBITDA?
- Who runs the business for the ninety days you are distracted by the process?
- What do you personally need the deal to produce, after tax?
What the work looks like
Readiness assessment, earnings normalization, fix-first plan, positioning and process strategy, and support through marketing, diligence, and closing.
What you would receive
A readiness report with sequenced fixes, a normalized earnings bridge, and a process plan with realistic timelines.
Worth preparing
Three years of financials, current interim statements, and an honest hour on why you are selling.
We want a preliminary understanding of what the business is worth
The central decision
What range is defensible today, which levers move it, and whether the number supports the plans you have for it.
What usually complicates it
- Free calculators produce confident nonsense
- Enterprise value gets confused with what the owner takes home
- One year of unusual earnings distorts everything
Questions to answer early
- Which earnings figure would a buyer actually price: reported, adjusted, or something in between?
- What do debt, cash, and working capital do to proceeds?
- Which two or three factors most move your multiple?
What the work looks like
Earnings normalization, method selection, benchmark triangulation, a written range with sensitivities, and the bridge from enterprise value to expected proceeds.
What you would receive
A valuation memo with stated methodology, sources, sensitivities, and the equity bridge.
Worth preparing
Financial statements, debt schedule, and a list of expenses you believe are owner-specific or one-time.
Our reporting does not give management a reliable view of performance
The central decision
What management actually needs to see monthly to run the business, and what it will take to produce it reliably.
What usually complicates it
- The close takes weeks and the numbers still get questioned
- Reports describe the past without informing any decision
- The forecast is a spreadsheet only one person understands
Questions to answer early
- Which five numbers, seen monthly, would change decisions?
- Where does the close actually lose its time?
- What would a rolling forecast need to be trusted?
What the work looks like
Reporting and KPI architecture, model rebuild, close-process improvement, forecast design, and hand-off to a durable internal owner.
What you would receive
A management reporting pack, a driver-based model, a documented close calendar, and a KPI definitions sheet.
Worth preparing
Whatever management currently receives monthly, and the chart of accounts.
We need to evaluate financing or strategic alternatives
The central decision
Which path best serves the owners’ goals: recapitalize, refinance, sell a stake, acquire, or hold and compound.
What usually complicates it
- Each alternative has a different champion at the table
- Tax and structure change the answer more than headline price
- Optionality decays while the decision waits
Questions to answer early
- What does each path produce for owners, after tax and after risk?
- What does the business need capital for, honestly?
- Which alternatives disappear if performance dips next year?
What the work looks like
Alternatives framing, scenario modeling, market soundings where useful, and a decision memo the board can act on.
What you would receive
A comparable analysis of each path with economics, risks, and readiness requirements, plus a recommended sequence.
Worth preparing
Current capital structure, shareholder goals, and any inbound interest received.
We want to identify practical AI opportunities
The central decision
Where AI genuinely improves this business’s economics, and what to deliberately not do.
What usually complicates it
- Vendor demos substitute for economics
- Pilots multiply without owners or success criteria
- Data and process readiness get discovered late
Questions to answer early
- Which workflows consume the most expensive hours?
- Where does the business already have the data AI needs?
- What is the smallest deployment that would prove real value?
What the work looks like
Opportunity assessment grounded in your P&L, use-case prioritization, vendor and build-versus-buy evaluation, and an implementation roadmap with owners.
What you would receive
A prioritized AI roadmap with economics per use case, risk notes, and a first-90-days plan.
Worth preparing
An org chart, your main systems list, and where labor cost actually sits.
None of these exactly?
Situations rarely arrive in clean categories
Describe yours in a short conversation and the shape of the work usually becomes clear quickly.