The Commercial Review
Find out what your business is worth today, what it could be worth, and exactly what to do to close the gap before a sale.
A fixed-scope, 6 to 8 week diagnostic
We analyse the whole business the way a buyer will: financials, revenue quality, operations, people, market position and risk. At the end you have:
- Where it standsA current valuation range and an Exit Readiness Score from 0 to 100.
- What is holding it backA ranked list of the constraints a buyer would discount for.
- What it could be worthA valuation bridge from value today to potential value, fix by fix.
- How to get thereA sequenced value-creation and exit plan, including where acquisitions could help.
Owner-led businesses planning a sale in one to five years
Privately held, founder or family owned businesses, often with the owner still central to sales or operations, profitable or close to it, and with at least three years of financial history. It also suits owners looking to raise capital or bring in a partner.
The workstreams
Business analysis
Business model, revenue streams, unit economics, financial trends over three to five years and KPIs.
Constraints
Bottlenecks in sales, capacity, people, systems, cash and owner time, ranked by their effect on value.
Value drivers
Recurring revenue, margins, growth levers, IP, brand, contracts and defensibility: what to protect and build on.
Valuation today
Normalised EBITDA, comparable transactions, market multiples and risk adjustments, giving a low, mid and high range.
Valuation potential
The value of each fix, through multiple expansion and earnings growth, set out as a valuation bridge.
Acquisition growth
Buy-and-build fit, target profiles, synergy logic and funding capacity, if acquisitions could speed up growth.
Revenue quality and customer concentration
Dependence on top customers, churn and contract terms, which drive the multiple a buyer will pay.
Owner dependency and management depth
How far the business relies on you, and the succession gaps a buyer will spot.
Diligence readiness
A mock buyer due diligence so problems surface now, while they are cheaper to fix.
Working capital and cash conversion
Buyers set a working capital target in the deal. Knowing yours before negotiations protects the price.
Exit Readiness Score
One number from 0 to 100 that tells you how ready the business is to sell. It is built from eight weighted dimensions, each scored against defined criteria, and re-scored at each check-in so you can see progress.
| Dimension | What we score |
|---|---|
| Financial quality | Accuracy, reporting cadence, margin trend and support for EBITDA adjustments |
| Revenue quality | Recurring share, customer concentration, churn and contract terms |
| Owner independence | How much sales, operations and decisions depend on the owner |
| Management depth | Second-tier leaders, succession and incentives |
| Operations and systems | Documented processes, scalability and technology |
| Market position | Market growth, differentiation and competitive strength |
| Legal and diligence readiness | The rating from the diligence readiness assessment |
| Growth story | A credible pipeline, plan and acquisition options a buyer can rely on |
| Score | Rating | What it means |
|---|---|---|
| 80 to 100 | Market ready | Ready to go to market and run a competitive process. |
| 60 to 79 | Ready with fixes | Sellable now. Six to twelve months of targeted work should add value. |
| 40 to 59 | Developing | Twelve to twenty-four months of work before a sale at full value. |
| Below 40 | Not yet sellable | Buyers would discount heavily or walk away. Build first. |
You receive a one-page scorecard with the total, each dimension rated red, amber or green, and the three areas where improvement adds the most value.
Diligence readiness assessment
We run a mock buyer due diligence across nine areas. Each is rated, with the fix, an owner and a target date.
| Area | What a buyer will look at |
|---|---|
| Financial | Accounts, monthly management accounts and support for EBITDA adjustments |
| Tax | Filed returns, VAT records and any open HMRC enquiries |
| Legal and corporate | Incorporation documents, share register, shareholder agreements and board minutes |
| Customer and supplier contracts | Key agreements, terms, renewal dates and change-of-control clauses |
| HR and employment | Organisation chart, employment contracts, incentive plans and disputes |
| IP and technology | IP ownership and registrations, software licences, IT systems and data protection |
| Regulatory and compliance | Licences, permits, certifications and compliance history |
| Operations, assets and insurance | Asset register, leases, insurance policies and claims history |
| Data room | An organised, indexed set of documents ready to share with a buyer |
Risk register
Every material risk a buyer would price in, with how likely it is to be found and acted on, its likely effect on price (a lower multiple, an earn-out or retention, or a deal-breaker) and the fix. High-impact risks lead the plan, so you know which ones cost the most to leave alone.
What we need from you
- Three to five years of financial statements and tax returns, plus current-year management accounts
- Revenue by customer, product and channel, and your top customers with contract terms
- Organisation chart, key roles, pay and length of service
- Key contracts: customers, suppliers, leases, licences and loans
- Any previous valuations, offers received or business plans
- Time with you and two to four senior managers for interviews
Common questions
Is this a formal valuation?
No. It gives an indicative market value range for planning. It is not a certified valuation for tax, legal or court purposes.
Does it commit me to selling?
No. Many owners use it to run a better business for years before a sale.
How much of my time does it take?
About 8 to 12 hours across the engagement: a kick-off meeting, two or three interviews and the findings session.
Who sees my information?
Only our team, under a non-disclosure agreement signed before any information is shared.
What happens after the review?
You can carry out the plan yourself, ask us to support you with regular check-ins and re-scoring, or bring us in for specific projects. When you are ready, we can act for you on the sale or on acquisitions.
Six to eight weeks, start to finish
Kick-off
We agree scope and timetable, sign a non-disclosure agreement and send the information request.
Analysis
We work through the numbers and documents and interview you and your senior team.
Findings
We take you through the valuation range, score, constraints, bridge and risk register.
Plan
You leave with a sequenced plan, and the option of our support to carry it out and sell.
Most owners sell once. Buyers do it all the time. A review levels the field.
Talk to usTell us where the business is and where you want it to be
An initial conversation is the easiest place to start. We will listen, ask a few questions and tell you plainly whether and how we can help.
