A Quality of Earnings report on a lower middle market acquisition usually costs somewhere between $2,000 and $50,000. That spread is wide enough to be almost useless on its own, so here is what actually moves the number.
Price on a QoE tracks two things above all else: How complex the target is, and how much scope you actually need. A distant third is who does the work, which is where quotes for the same deal end up differing by 5x or more. A solo boutique and a regional transaction advisory group can look at the same $3M EBITDA business and hand you fees that aren't in the same area code.
A buy-side QoE on a lower middle market deal typically runs $2,000 to $50,000. Focused reviews for smaller SBA deals land around $2,000 to $5,000, most standard engagements run $7,000 to $20,000, and institutional-grade work starts around $15,000. QoEPro prices flat: $349 to $15,000, quoted upfront.
What actually drives the price
Deal size and earnings. A business doing $800K in SDE gets underwritten differently than one doing $6M in EBITDA. More earnings usually means more entities, more accounts, more history to reconcile, and more at stake if a number is wrong.
Scope. This is the big one, and it is the source of most confusing quotes. A three-day CIM screen and a full multi-year P&L reconciliation with proof of cash are both called "QoE" by somebody. They are not the same product. Matching scope to the deal is most of the pricing decision.
Complexity. Customer concentration, related-party leases, inventory, revenue recognition timing, multiple locations, a roll-up with add-ons already stitched in ... each of these adds hours. A clean single-entity service business is cheaper to diligence than a manufacturer with three subsidiaries and a below-market lease from the owner's other LLC.
Turnaround. Faster costs more, everywhere, always.
Who does it. A CFA-led boutique, a CPA firm's advisory arm, and a Big Four transaction team price very differently for reasons that have more to do with overhead than with the quality of the read.
What a QoE costs in the market right now
Here is the honest 2026 map, in ranges rather than promises:
Early screen (pre-LOI): A few hundred dollars. This is a fast read of the CIM and top-line financials to decide whether a deal is worth pursuing before you spend real money. Not a substitute for diligence.
Focused or "lite" QoE: Roughly $2,000 to $5,000. Aimed at smaller SBA deals, often under $3M in enterprise value, on cleaner businesses. Covers EBITDA normalization, addback review, and a working capital look, without the full institutional package.
Standard buy-side QoE: Roughly $7,000 to $20,000. The working range for most lower middle market deals in the $1M to $5M EBITDA band. Multi-year reconciliation, addback validation with documentation review, revenue quality, and working capital analysis.
Full institutional QoE: $15,000 to $50,000 and up. Larger targets, complex structures, or deals where institutional LPs and lenders are underwriting alongside you. Traditional transaction advisory firms typically start their pricing here.
One caution worth repeating: A cheap QoE and an expensive QoE are often different products, not the same product at different prices. Many sub-$5,000 offerings are a limited-scope financial review, which can be exactly right for a small SBA deal and dangerously thin for a complex one. The question is never "what is the cheapest QoE." The question is "what scope does this specific deal actually require," and then what that scope costs.
QoEPro pricing
We price flat, quoted upfront, with the scope defined before you commit. No hourly meter, no surprise invoice.
| Tier | Price | Turnaround | Best for |
|---|---|---|---|
| CIM Snapshot | $349 | 1-2 business days | An early read on a CIM before you sign an LOI or spend on full diligence |
| QoE Lite | $1,999 | 5 business days | Smaller or cleaner deals that need a focused, credentialed read |
| Standard QoE | $6,997 | 8-10 business days | Most lower middle market deals in the $1M to $5M EBITDA range (most popular) |
| Comprehensive QoE | $15,000 | 10-15 business days | Larger or more complex targets, or deals with institutional lenders and LPs |
Every report is built and signed by a CFA charterholder. Same rigor whichever side of the table you are on. Full inclusions for each tier are on the order page, and you can download a full sample report to see exactly what you receive.
Is it worth the money?
Compare the cost of the report against the cost of the risk it removes, not against zero.
Take a $2M acquisition. A buy-side QoE runs $6,000 and disallows a single addback the seller should not have included, cutting adjusted EBITDA by $100,000. At a 4x multiple, that is $400,000 off the purchase price. The math on that $6,000 is not close. And the deals where buyers skip independent diligence are, predictably, the ones where the surprises show up after the check clears.
That does not mean every deal needs the biggest engagement. A proprietary $1.5M deal on a clean, single-owner business might be fine with a focused review. The point is to size the diligence to the risk, then pay for exactly that.
Frequently asked questions
How much does a Quality of Earnings report cost?
A buy-side QoE on a lower middle market deal typically costs between $2,000 and $50,000. Smaller SBA deals often land in the $2,000 to $5,000 range for a focused review. Most standard lower middle market engagements run $7,000 to $20,000. Larger or institutional deals run $15,000 to $50,000 and up. QoEPro prices flat, from $349 for an early CIM screen to $15,000 for a comprehensive report.
How much does a QoE cost for an SBA deal?
For a small SBA acquisition, usually under $3M in enterprise value, a focused QoE typically costs $2,000 to $5,000. The scope covers EBITDA normalization, addback review, and working capital, which is generally what an SBA lender wants to see. QoEPro's QoE Lite tier is $1,999 and built for exactly this kind of deal.
Why are some QoE reports so much cheaper than others?
Because they are often different products. A sub-$5,000 quote is frequently a limited-scope financial review, while a $20,000 quote is a full multi-year reconciliation with documentation testing and proof of cash. Both get called “QoE.” Before comparing prices, compare scope.
How long does a QoE take?
Anywhere from one or two business days for an early screen to two or three weeks for a full institutional engagement. Most standard lower middle market reports take one to two weeks. QoEPro turnaround runs 1-2 business days for a CIM Snapshot up to 10-15 business days for a Comprehensive QoE.
Does the buyer or the seller pay for the QoE?
Usually the buyer, commissioned after the LOI is signed, working in the buyer's interest. Sellers sometimes commission their own QoE before going to market to reduce friction with buyers. The two reports serve different principals and answer different questions.
Do lenders require a QoE?
Increasingly, yes. Many SBA lenders, SBICs, and private credit funds now expect QoE-level work before they will underwrite an acquisition, and some specify a buyer-commissioned report. If you are financing the deal, confirm your lender's requirement early so you are not commissioning a second report under time pressure.
QoEPro performs independent Quality of Earnings reviews for buyers and sellers in the lower middle market, from independent sponsors and search fund entrepreneurs to owners preparing for a sale. Our job isn't only to verify the numbers. It's to help buyers understand whether the business they're acquiring performs the way it's been presented. View report options →