Guides
The deal mechanics, explained.
Short, specific notes for owners, buyers and lenders.
01
What is a quality of earnings report
What a QoE tests · Adjusted EBITDA bridge · What buyers and lenders use · Timing and source data
02QoE vs audit vs review
Different questions · Assurance versus diligence · When each fits · How they work together
03EBITDA add-backs buyers reject
Recurring versus non-recurring · Owner compensation · Run-rate adjustments · Evidence buyers expect
04Setting a net working capital peg
The peg mechanism · Seasonality · Normalization choices · Closing statement support
05Quality of earnings cost
What drives scope · Fixed fee versus hourly · Sell-side and buy-side differences · What to ask before engaging
06Is a sell-side QoE worth it?
Where value is lost · Preparing before market · Who benefits most · When not to commission one
07Proof of cash explained
What it reconciles · Cash to revenue · Common exceptions · What the schedule shows