Know what you're buying—before you sign.

Institutional-grade due diligence for independent sponsors and lower-middle-market acquirers. Monday submission. Wednesday report. $950 for your first engagement (save $300). Then $1,250 flat.

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CONFIDENTIAL — DILIGENCE REPORT Exhibit A
Acme FRP Manufacturing, Inc.
Market Analysis & Risk Assessment — July 2026
§4.2 — Material Finding
Customer concentration risk is severe. The company's largest account represents 62% of FY2025 revenue ($8.7M of $14.1M total). The contract contains a 90-day termination-for-convenience clause. Loss of this account would reduce EBITDA by an estimated 73% and trigger a loan covenant breach.
† Source: FY2025 audited financials, p. 17; Customer Agreement §8.2 (provided in data room)
RISK SCORE: 8.4 / 10
Clientele
Who we work with
We serve acquirers who need institutional-quality diligence without institutional timelines or fees.

Independent Sponsors

Deal-by-deal capital raising. You need diligence that stands up to LP scrutiny — fast enough to win the deal, thorough enough to defend it.

Search Fund Entrepreneurs

Your first acquisition is the hardest. We help you separate real opportunity from seller optimism, so you don't learn expensive lessons with your investors' capital.

Family Offices & Direct Investors

You move faster than private equity and make concentrated bets. Every deal needs independent verification before you write the check.

Evidence
What surface-level diligence misses
Three findings from recent engagements. Each one changed the deal.
Signal What we found Deal implication
Customer concentration 62% of revenue from a single account with a 90-day termination clause Earnings quality risk. Loss of account = 73% EBITDA reduction + covenant breach.
Hiring activity Zero engineering hires in 18 months across the target and its three closest competitors Product stagnation. Industry may be consolidating or facing disruption — diligence required.
Supplier sentiment Key supplier's Glassdoor reviews mention "inventory issues" at 3× the industry baseline Supply-chain exposure. Single-source dependency on a supplier with operational problems.
Methodology
How the research works
Every report follows a systematic process designed to surface what a spreadsheet won't tell you.
01
50+ sources
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02
Contradiction testing
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03
Analyst review
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04
Severity-ranked findings

We cross-reference SEC filings against earnings calls, Glassdoor reviews against patent filings, news sentiment against job listings. Every material claim is sourced. Where sources conflict, the report flags the contradiction rather than picking a side. A human analyst reviews every report before delivery.

Deliverable
What every report contains
Nine sections. Every claim sourced. Delivered in 48 hours.
§1
Executive Summary Investment thesis, key findings, and material risk flags — the 2-page version for your investment committee.
§2
Company Overview Business model, ownership structure, organizational depth, and what the seller's materials leave out.
§3
Industry & Market Analysis Market size, growth rate, concentration, and competitive dynamics — sized and sourced.
§4
Competitive Landscape Direct and indirect competitors, positioning, and gaps in the target's market coverage.
§5
Financial Analysis Revenue quality, margin trends, working capital, normalized EBITDA, and implied multiples.
§6
Risk Assessment Severity-ranked risk matrix with probability, impact, and recommended mitigations for each finding.
§7
Growth Opportunities Near-term and medium-term value creation levers, with feasibility and capital requirements.
§8
Valuation & Deal Structure Recommended valuation range, structure considerations, and earn-out / holdback guidance.
§9
Diligence Checklist Phased pre-LOI and post-LOI verification items — what to confirm and when.
App.
Source Index Every data point traced to its origin. Financials, filings, interviews, third-party data.
Engagement
Simple, flat pricing
One product. No hourly billing. No surprise invoices.

Deep-Dive Due Diligence Report

$1,250
Flat fee. 48-hour turnaround.
First report: $950
  • Full 9-section report with sourced claims
  • Market analysis, competitive landscape, financial assessment
  • Severity-ranked risk matrix with mitigations
  • Phased pre-LOI / post-LOI diligence checklist
  • Human analyst review before delivery
  • One round of revisions included
Request a Report
Urgent turnaround (24 hours): $3,500.
Ongoing mandates and portfolio monitoring: available on request. Contact [email protected].
Who's Behind the Research
Human judgment, not just automation
AI handles the heavy lifting across 50+ sources. A human reviews every report before it reaches you.
KH

Kevin Hilgeman

Founder & Principal Analyst

Kevin has spent his career evaluating complex systems under time pressure — from live broadcast engineering for major corporate events to deep-dive financial analysis. He understands what's at stake when you write a check, and he reviews every report personally before it leaves the desk.

Confidentiality: All client engagements are treated as confidential. Target company information is never shared, referenced, or reused. We will sign your NDA. Reports are delivered exclusively to the named client and are not retained beyond the engagement period unless otherwise agreed.

See the depth for yourself.

Download a redacted sample report — a real diligence analysis of a California manufacturer currently on the market.

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