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Senior deal analysis and diligence capacity for live deal situations.

FirmLedge supports independent sponsors, small lower-middle-market investment teams, funded searchers, and their advisors with senior analysis at the moments a deal needs it. Work is organized as three fixed-fee, deal-stage engagements (first look, model, diligence sprint) plus supporting workstreams: spreads, lender materials, working-capital analysis, and value-creation tracking.

The deal-stage ladder

Three fixed-fee engagements, one deepening model.

Each engagement maps to a moment in a live deal (the first look, the bid, and the data room), and each builds on the last: the screen feeds the model package, and the model package becomes the diligence-backed deal model. No starting over.

First-Look Underwriting Sprint

When: You need to decide whether a teaser, broker book, add-on, or a raw set of owner financials deserves more of your time.

Deliverables

  • Standardized historical P&L spread
  • Adjusted EBITDA bridge
  • Cash-conversion / FCF read
  • NWC & balance-sheet red flags
  • Customer-concentration flag (where data allows)
  • Broker / seller question list
  • Deal-killers & diligence priorities

Delivered within 48 hours of usable materials; a 24-hour rush is available when the timeline demands it. Most sprints can be scoped quickly once the deal materials or seller financials are in hand.

IOI / LOI Model Package

When: You're preparing a bid, or pressure-testing one, and the numbers need to hold up with lenders and investors.

Deliverables

  • Acquisition / LBO model
  • Base / downside / upside return cases
  • Debt-capacity & lender sensitivity
  • Entry multiple & purchase-price sensitivity
  • Structure scenarios (rollover, seller note, earnout)
  • Initial NWC / cash / debt assumptions
  • Pre-exclusivity diligence request list

Typically 5-10 business days. Works as your working model or as an independent check on the one you built.

Under-LOI Diligence Sprint

When: You're under LOI, the data room is open, and the model and terms need to reflect what it actually shows.

Deliverables

  • Diligence-backed deal model
  • Order- / invoice-level profitability
  • Revenue quality & customer concentration
  • Cohort / churn / retention views
  • Gross-margin bridge & pricing leakage
  • NWC peg / true-up support
  • QoE-provider coordination & findings interpretation
  • Lender / borrowing-base model updates
  • Revised returns & deal-term implications

Typically 2-4 weeks depending on data-room scope.

Supporting workstreams

Around the ladder, when the deal calls for it.

Financial Spreading & Normalization

When: Management financials need to be put into a consistent analytical format.

Deliverables

  • Historical P&L spread
  • Balance sheet summary
  • EBITDA normalization bridge
  • Add-back schedule
  • Cash conversion view
  • Working-capital snapshot
  • Source / support notes

IC, Lender & Decision-Support Materials

When: A buyer needs clear exhibits and analysis for a decision, lender discussion, investor update, or internal process.

Deliverables

  • IC memo exhibits
  • Lender support schedules
  • Diligence summary pages
  • EBITDA bridge exhibits
  • Question / risk registers
  • Internal investment-decision materials

Portfolio & Value-Creation Analytics

When: A sponsor, searcher, buyer, or owner needs operating analytics after close.

Deliverables

  • Monthly KPI pack
  • Budget-to-actual view
  • Covenant / liquidity support
  • Board or lender materials
  • Pricing initiative model
  • Vendor rebate / spend analysis
  • Margin bridge
  • Working-capital dashboard
  • 100-day / 180-day plan tracker

Three simple ways to work together.

One fixed fee, quoted after a short fit call and a review of the materials. No success fees. No open-ended hourly meter. And every deliverable is built and reviewed personally by Andrew, not handed to a junior bench or left to unreviewed AI output. FirmLedge does not provide legal, tax, audit, assurance, formal Quality of Earnings, valuation or fairness opinions, investment advice, broker-dealer, securities, or capital-raising services.

The same analytical questions show up across many operating models.

Generalist by design, across B2B and B2C operating businesses. The same diligence toolkit applies across distribution, business services, building products, home services, healthcare-adjacent models, industrial services, transportation, and specialty consumer businesses. The standing carve-outs are FIG (banks, insurance), energy and commodities, and project-finance infrastructure, where specialist model types apply.

  • Industrials
  • Specialty distribution
  • Building products
  • Business services
  • Tech-enabled services
  • MSPs
  • Staffing and employment services
  • Healthcare distribution
  • HVAC and home services
  • Industrial services
  • Transportation and freight
  • Franchise and consumer services

View sector exposure map

Need extra analytical capacity on a live deal or portfolio issue?

Send a short, non-confidential note with the situation and timeline. We'll tell you whether it's a fit and how we'd scope it.

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