Find what the buyer will find, before the buyer does.
A signed LOI is not a closed deal. Price gets re-traded in diligence, when the buyer's Quality of Earnings (QoE) cuts an add-back or the buyer's lender runs the coverage. Acquiror AI lets a sell-side advisor build the mandate the way the buyer and the buyer's lender will read it.
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- The target coverage you enter
- Capped by the program's limits
- The most the business can borrow
Where sell-side deals break
The seller agreed a price on the strength of an adjusted EBITDA. Then diligence starts.
- The buyer's QoE provider asks for the evidence behind each add-back, and the ones without it come off the number.
- The buyer's lender divides cash available for debt service, not EBITDA, by the debt the price needs, and the structure stops working.
- The buyer's counsel sets a working capital peg the seller never expected, and the price moves again at close.
- The buyer's investors find that one customer carries a large share of the revenue, and ask for an earnout.
Each of these is a re-trade, and each could have been seen from the seller's side of the table, months earlier.
The buyer's lender will run the coverage either way. Run it first.
Read the business the way the buyer will
Run each mandate as a deal, and answer the buyer's questions before they are asked.
| The buyer's question | Who asks it | What you prepare |
|---|---|---|
| Are the earnings real? | The buyer's QoE provider | A QoE with every adjustment categorized and evidenced, with GL references and a support status, locked by a reviewer |
| Can the cash flow carry the debt? | The buyer's lender | A financing scenario with Debt Service Coverage Ratio (DSCR) computed on cash available for debt service, stress tests and debt capacity |
| What is it worth? | The buyer, and your seller | Market comparables, a discounted cash flow and adjusted net assets, triangulated, with sensitivity bands |
| Will the revenue stay? | The buyer's investors | Customer concentration, contract expiries, backlog and retention, scored |
| What working capital comes with it? | The buyer's counsel | The cash cycle by period, receivables aging and peg scenarios, with one selected |
Financing, Valuation and the investment memo wait for a locked QoE period. It is the order a careful buyer works in too: earnings are reviewed before anyone prices or finances them.
Clean up the seller's numbers first
An owner-run business keeps its books for the owner and the tax return, not for a buyer. Fix that before the data room opens.
- Normalize the statements. The normalized income statement and balance sheet carry adjustments and evidence line by line, and the balance sheet's adjusted net assets feed the asset approach.
- Reconcile the balance sheet. Inventory takes a reserve override, and a tie-out warning appears when the balance sheet does not balance.
- Read the receivables. Import the AR aging to see its health and concentration, and track the findings, dismissing the ones you have explained.
- Date it properly. Extracted statements are dated from the statement itself, non-December year ends included, and a document in another currency is flagged, never silently converted.
A price the seller can defend
A seller's expectation often starts from a multiple heard somewhere. The useful conversation starts from what a buyer can pay.
- Model the buyer's likely structure. Senior term loan, mezzanine, seller note and earnout, each marked in or out of DSCR. Templates cover SBA 7(a) on US-dollar deals and the Canada Small Business Financing Program (CSBFP) on Canadian-dollar deals.
- Test it. Standard downside shocks to earnings, capex, taxes, working capital and rate, plus a combined case. A shock never improves the result.
- Solve for capacity. Enter the coverage a lender will want, and debt capacity solves for the most debt the business carries at it, held down by the loan-to-value limit you set and the program's own maximum.
- Range the value. Three methods, weighted, with every override and recalculation in an audit log.
- Show the structure. The credit memo PDF lists each instrument with its type and its DSCR flag, the coverage and leverage ratios, and the currency on every figure. Each scenario is Draft, Final or Archived, so a draft is never mistaken for the structure you stand behind.
The output is a calculation, not a certified valuation. It is the working range you take into the conversation with your seller, before a certified valuation or a buyer's offer arrives.
- Three approaches with the weights you set
- Low, base and high
Diligence questions, answered from the documents
Once buyers are in the data room, the questions arrive in batches.
- Q&A answers from the mandate's own documents, with numbered citations that open the passage. When the documents do not support an answer, it says so and cites nothing.
- Playbooks load an industry question set into Q&A, so you can work through the questions buyers in that sector ask.
- Tasks track document requests and follow-ups, typed and due-dated, and My Tasks shows them across every mandate.
- Contacts hold the buyers, lenders and advisors on each mandate, with an interaction timeline of calls, meetings, emails and notes.
Many mandates, one pipeline
Every mandate is a deal in the same nine-stage pipeline. The stages are named for a buyer's process, and most map onto a sell-side mandate: NDA Signed, CIM Received, Letter of Intent, Purchase Agreement, Closed Won or Closed Lost. Days in stage and a stalled badge show which mandate has gone quiet.
Pipeline Analytics shows the practice at a glance: active mandates, their total estimated value, the EBITDA under evaluation and the funnel by stage, filtered by industry, stage or risk. Mark the mandates that need you this week as Priority Deals, and record a decision on each one as it moves, so the history of every engagement is on file when the next seller in the same industry calls.
Share with sellers through the PDFs: permissions apply across the whole workspace, so a seller with a seat would see every mandate you hold. The CIM stays yours to write; Acquiror AI builds the analysis behind it.
- Every claim carries a numbered citation
- Opens the exact passage
- Answers come from the deal's own documents
Objections, answered
"My clients want a certified valuation."
Then they still need one. Acquiror AI's output is a calculation, not a certified valuation: the working range, and the analysis behind it, that you hold until the certified valuation arrives.
"The buyer will commission their own QoE anyway."
They will. With yours done first, theirs is more likely to find what you already found and documented than something new.
"Can my seller log in and watch their deal?"
Share the deal as PDFs: the credit memo for the structure, the investment memo, or the Decision Export. Permissions apply across the workspace, so a seller's seat would show every mandate.
"Seller financials are confidential."
Your workspace's data is isolated from every other organization's, and its documents, search and exports are scoped to it. Deal data is stored in Canada. Acquiror AI does not train models on your data. You can run every AI feature on your own OpenAI or Anthropic key. Platform AI runs in the United States today under terms that prohibit training on your prompts and outputs; where an individual request may be processed is set out on /security.
FAQ
Is the QoE a CPA-signed report?
No. It is your analysis, documented and locked. A buyer or a lender who requires a CPA-signed QoE will still commission one.
Does the investment memo work as a selling document?
It is written for an investor deciding to buy. Generating it on a mandate shows you how the business reads in an investor's memo, but it is not a CIM.
How many mandates can I hold?
Professional holds up to 25 deals at once and Firm up to 100. Closed mandates count until you delete them.
Which plan, and why
| Plan | When it fits an advisory practice | Seats | Deals |
|---|---|---|---|
| Professional | An advisor or a small team. It is the first plan with Financing and DSCR, playbooks, tasks and the investment memo. | 5 | Up to 25 |
| Firm | An advisory firm running mandates as a team, with MCP access from Claude or ChatGPT. | 12 | Up to 100 |
Financing, playbooks and tasks start on Professional, the plan sized for an advisory practice. Compare plans on Pricing.
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