Practical due diligence guides for buyers in the lower middle market. Plain-language coverage of QoE reports, earnings adjustments, deal structure, and the financial concepts that drive acquisition decisions — no jargon, no filler.
If you're buying a business, a QoE is one of the most important documents you'll encounter — and one of the most misunderstood. Learn what it covers, who needs one, and how it differs from an audit.
Read the guide →Microsoft and Uber just gave the rest of us a free preview of what AI actually costs once the subsidy thins out. If your plan to make the debt work involves AI doing some of the heavy lifting, read this first.
Independent sponsors face a conversion challenge traditional PE doesn't: turning soft LP interest into hard capital commitments. Third-party QoE provides the documented validation that LPs and lenders increasingly expect.
Addbacks are where deals are made and where buyers get burned. Learn what's legitimate, what requires scrutiny, and what should raise red flags.
Sellers use two different earnings metrics depending on business size. Knowing which one you're working with changes how you read the numbers and underwrite the deal.
Both reports look at the same financials. What differs is who commissioned the work, what questions they're answering, and whose interests the analysis serves.
Not every addback is fraudulent — some are just optimistic. Knowing the difference before you get to the LOI stage can save you from a deal that doesn't hold together.
A plain-language glossary of 60 key terms in lower middle market M&A, ETA and search fund deals, and Quality of Earnings due diligence.
60 key M&A terms defined in plain language — formatted as a branded reference guide you can keep on your desk throughout your search. Free download, no email required.