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Quality of Earnings · Lower Middle Market M&A

Know What the
Numbers Actually
Say

Independent Quality of Earnings for buyers validating a deal and sellers preparing for diligence. We test adjusted EBITDA, addbacks, cash, working capital, and deal risks—then show you what the evidence supports.

I'm Buying a Business →I'm Preparing to Sell →See a full sample report
STANDARD QoE · SAMPLE EXCERPT
Normalized EBITDA Bridge
Medium risk
Seller-stated EBITDA$780K
Owner compensation normalization($85K)
Personal / one-time expenses+$54K
Under-market payroll adjustment($96K)
Duplicate / nonrecurring costs+$28K
Revenue recognition correction($83K)
QoEPro normalized EBITDA$598K
Net adjustment($182K)23% below seller-stated EBITDA
Implied multiple at $3.2M ask5.4x
Normalized working capital peg$206K
Illustrative value at 4.0x–4.5x$2.39M–$2.69M
DEAL IMPACT

The normalized earnings gap implied a value $510K–$810K below the $3.2M ask. Thirteen months of balance-sheet data also produced a $206K normalized working-capital peg.

Illustrative fictional companyOpen full sample report →
Flat-fee scopes · clear timelines
Designed for SBA & conventional acquisition underwriting
Delivery options from 1–15 business days
Start With Your Side of the Table

Same analytical standard.
Different questions.

Buyers and sellers work from the same financial evidence, but they are preparing for different decisions. Choose your side of the table for a page built around the questions, scope, and next step that actually apply to you.

Buy-Side QoE

I'm buying a business.

Validate the earnings before you price the risk.

  • Test reported EBITDA and seller addbacks
  • Reconcile earnings to cash, tax, and payroll support
  • Identify revenue, margin, customer, and working-capital risks
  • Build the evidence for underwriting, negotiation, and lender review
Explore Buy-Side QoE →
Sell-Side QoE

I'm preparing to sell.

Find the diligence issues before the buyer does.

  • Pressure-test adjusted EBITDA and supporting addbacks
  • Identify accounting, cash, and working-capital issues early
  • Build a defensible financial package for buyers and lenders
  • Reduce surprises that create delays, retrades, or credibility problems
Explore Sell-Side QoE →
Why QoEPro

Senior-Level Diligence.
Built for the Lower Middle Market.

Senior-Level Work From Start to Finish
Every engagement is led by Timothy Vance, CFA. The person responsible for the analysis is the same person who discusses the findings with you.
Focused on What Can Change the Deal
EBITDA normalization, reconciliations, working capital, revenue quality, and transaction flags, with transparent scope and deal-appropriate pricing.
Ready to Get Started?

See What the Numbers Really Say.

Choose your side of the transaction, schedule a call, or send a message. If you are not sure which scope fits, we will point you in the right direction.

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Stay useful between deals

The QoEPro Deal Brief

Occasional practical notes on earnings quality, addbacks, working capital, diligence issues, and lower middle market transactions. Written for people doing real deals—not a daily marketing blast.