Diligence that doesn't stop at the close
I am engaged directly by funds, deal by deal, to diligence the acquisition before it closes and fix what the diligence found after it does. Middle market is the natural home, though deals have run from $20M to $30B. What separates this from a diligence firm is that I have been the CFO on the receiving end of an integration — which is why I do not hand over a report and leave.
Buy-side diligence
Quality of Earnings and EBITDA normalization. Working capital, net debt and purchase price adjustments. Revenue, margin and customer concentration analysis. Management interviews and site visits. Valuation models. Buy-side target search. Investment-committee write-ups and databook exhibits.
Post-close integration
Opening balance sheet and purchase accounting. Chart of accounts and reporting package converted to sponsor format. Finance and accounting integration across acquired entities. Close calendar and controls. Cash, treasury and banking consolidation. Remediation of what diligence flagged.
Complex deal types
Carve-outs and standalone pro forma financials. Separation and transition-services scope. Distressed and 363 processes. Public-to-private. The deals where the accounting is the hard part, not the negotiation.