Quality of earnings, working capital and add-backs tied to source data, for the team buying and for the company getting ready to sell.
Book a callWe work as manager-level capacity on a live deal, under the lead advisor's name or next to the company's finance team. We do not run the sale process or negotiate deal terms.
CIM Snapshot is $500. QoE Lite is $2,000. Standard QoE is $5,000. Comprehensive QoE is $10,000. Book a call to start. Fees are agreed before work begins.
Buy-side only
$500
1-2 business days
Best for: Pre-LOI target screening
High-level screen of the CIM and seller-provided financials. Not a full QoE.
Focused QoE
$2,000
5-7 business days
Best for: simpler acquisitions / focused annual analysis
Focused three-year annual review with documented add-back and earnings-quality analysis.
Most popular
$5,000
8-12 business days
Best for: most lower middle market acquisitions
Monthly analysis, source-document reconciliations, working capital, debt-like items, and transaction-focused findings.
Complex / deeper diligence
$10,000
10-15 business days
Best for: complex businesses / broader diligence
Standard QoE plus deeper management, revenue, customer, operational, and transaction analysis tailored to the deal.
Standard and Comprehensive start with financial validation, add-back analysis, and proof of cash. We review those findings with you before going further. If you stop after that first stage, 50% of the fee is returned. Priority delivery may be available at a 25-40% premium.
A seller-side QoE can be useful, but it was commissioned to prepare the seller for market. A buyer-side engagement is directed by the buyer's underwriting questions and provides work product to the buyer. For meaningful transactions, many buyers still want independent buy-side diligence.
No. It is a pre-LOI or early-stage screen designed to identify obvious issues and questions. It does not include the source-document testing, reconciliations, or working-capital work in the Standard QoE.
Lender requirements vary. If a lender has requested a QoE, confirm their expectations before ordering. Standard QoE is designed around the types of monthly analysis, reconciliations, and working-capital work commonly relevant to acquisition underwriting, but the lender ultimately decides what it requires.
That generally increases the importance of scoping before you pick a fixed package. Book a call so we can assess the records, determine what can be reconstructed, and identify whether Standard QoE or a custom scope is appropriate.
Each claimed add-back has to pass three checks: it does not recur, a document backs it, and a buyer's diligence team would accept the explanation. Rejected items stay on the page, because a schedule that only moves the number up does not get believed.
| Adjustment | Amount | Basis | Result |
|---|---|---|---|
| Reported EBITDA | 1,420.0 | ||
| Owner pay above a market replacement salary | +180.0 | Owner salary compared with a market salary for the role; the market salary stays in the cost base. | Accepted |
| Related-party rent adjusted to market | +48.0 | Warehouse leased from the owner's property company above comparable local rents. | Accepted |
| Personal expenses run through the business | +36.0 | Itemized from general ledger detail: personal vehicle, travel and club dues. | Accepted |
| Legal settlement with a former supplier | +62.0 | One settlement agreement, with no similar cost in the prior three years. | Accepted |
| Annual trade show | (40.0) | Claimed as one-time, but booked in each of the last three years. | Rejected: it recurs |
| Estimated owner travel | (25.0) | A round-number estimate with no ledger support. | Rejected: no document backs it |
| Software migration | (55.0) | The system is replaced on a regular upgrade cycle. | Rejected: it recurs on a cycle |
| Adjusted EBITDA | 1,746.0 | Accepted add-backs 326.0. Rejected 120.0, not taken. |
Illustrative. Northgate Distribution Co. is a fictional business built to show the format.
Book a call and we will say if it fits.