Know what you're actually buying.
Independent buy-side financial diligence for self-funded acquisition buyers — proof of cash, validated SDE, and ranked red flags in five business days, flat fee.
Founding-client rate: $1,500 flat — 3 slots, then $2,500–3,500
The CIM says the SDE is real. The bank statements get a vote.
Seller addbacks are negotiating positions, not facts. The "one-time" marketing spend that recurs every year. The family member on payroll whose job you'll have to re-staff. The December revenue that never quite made it to the bank.At a 3.5x multiple, every $1,000 of unverified addbacks is $3,500 of purchase price — and the working capital the LOI never mentions can add $200k to your day-one check.A traditional QoE costs $15,000+ and takes four to six weeks — half your exclusivity window. So most buyers at this deal size skip diligence and find the problems after wiring the money.There's a middle path.
Who this is for
Self-funded searchers under LOI or heading there. SBA buyers signing a personal guarantee. Serial acquirers and micro-PE who need verified numbers at deal speed. Deals between $500k and $5M enterprise value.
Who this is not for
Buyers whose lender or investors require a QoE from a CPA firm — some do; ask them, and if that's you we'll tell you on the fit call and save you the fee. Deals above $10M or institutional funds with LP requirements. Anyone who wants to be told whether to buy — that decision is yours, and anyone selling you certainty at this price is lying. And if you're not under LOI yet: follow our deal teardowns until you are.
How it works
1. Fit check — book 15 minutes or email the CIM, answer within 24 hours.2. Engage — sign, pay, get the checklist.3. Documents — completeness confirmed within one business day; the 5-day clock starts when the set is complete.4. Day five: the report.5. Findings call — what we found, what it means for price and structure, what to ask the seller.
Why you can trust the findings
Our fee is flat, paid upfront, and never contingent on the deal closing or on what we find. We earn nothing if you walk and nothing extra if you close — we have no stake in whether your deal lives or dies, which is exactly what you want from the person checking the numbers.Every verdict states its evidence. Every limitation is disclosed on its own page. And you can read the full sample report before paying a dollar.Passed CFA Level I; Level II candidate.
From our sample engagement — a fictional deal: 3 of 13 seller addbacks rejected outright and 4 more unsupported — $106.9k of claimed SDE, roughly $367k of purchase price at the asking multiple.
Questions buyers ask
Are you CPAs? No, and we'll never pretend otherwise — it's in our engagement letter. This is procedures-based diligence: we state exactly what we checked, how, and what we found, and what we can't see.Why cheaper than a QoE? Focused scope, no audit infrastructure, and the founding rate is below market because we're building a public track record. The work isn't lighter where it counts.Will my lender accept it? Many lenders don't require a QoE at all; what they want is a clean file. Send them the sample.What if the seller won't hand over bank statements? That's a finding.What if you find nothing wrong? Then you close with confidence and a tighter purchase agreement. "Clean" is a finding too.My exclusivity expires in three weeks? That's exactly what this was built for.
Under LOI? Send the CIM.
Fit answer within 24 hours. Reviewing a CIM costs you nothing and commits you to nothing.
Thatcher Advisory · [email protected]
We are not a CPA firm. This is not an audit, review, or valuation.