01
Preliminary business valuation
Independent valuation range with clear assumptions.
02
DCF model
Development or independent model review.
03
Peer & benchmark comparison
Multiples and operating ratios.
04
Financial statement review
Trends, normalization and quality of earnings.
05
EBITDA normalization
Add backs, non recurring and owner items.
06
Working capital review
Seasonality, target and adjustment logic.
07
Debt & obligations
Schedule of debt, leases and contingent items.
08
Revenue concentration
Customer mix, retention and churn.
09
Margin & cost structure
Gross margin, fixed vs variable cost analysis.
10
Risk & red flag memo
Operating, financial and execution risks.
11
Negotiation position memo
Anchors, ranges and walk-away points.
12
Deal structure support
Cash, earnout, rollover, escrow logic.
