Sample reports

See the format, depth and reasoning behind our work.

Illustrative reports based on fictional transactions. Every company, person and figure is invented; the reports demonstrate our analytical approach and presentation. Your engagement’s scope and deliverables are agreed separately. Read the summary here, page through the full report, or browse the databook.

Illustrative report based on a fictional transaction

Project Cedar: Commercial landscaping, Ohio · $3.2M

The buyer’s question

Is $3.2M a fair price for a landscaping business whose best year included an unusually snowy winter, and does the SBA financing hold?

The finding

The illustrative analysis supports adjusted earnings of approximately $912k, 11.6% below the broker-presented $1,032k. At 3.5x adjusted earnings, the asking price is within the example’s 3.2–3.8x market range and 4.5% below its $3.35M valuation conclusion. Conditions for proceeding remain important.

How the analysis supports it

  • Snow revenue normalized to the five-year average: −$47.5k
  • Three add-backs only partly supported by invoices: −$47.6k
  • Value from DCF ($3.45M), earnings multiples ($3.28M and $3.32M), weighted 40/30/30
  • Debt service coverage 1.68x against the 1.25x floor; it reaches the floor only at an 18.6% earnings decline

What it changes

Proceed at the asking price, with three conditions in the purchase agreement: a working-capital peg set by month (up to $285k is at stake if closing slips), a committed $350k seasonal credit line before closing, and the seller’s cooperation on seasonal visas plus a specific indemnity for past contractor classification.

Engagement that produces it

Quality of Earnings and Valuation Analysis. The same deal is also shown as a Deal Check and a Deal Second Opinion.

The illustrative analysis supports proceeding at the proposed price, subject to a working-capital arrangement that reflects seasonality.