A Valuation Starts With Understanding the Business.
Seven structured phases — from discovery to delivery — designed to produce a result that reflects reality, survives scrutiny, and gives you the confidence to act.
Most valuations start in the model. Ours starts with a conversation.
Every assumption we make is grounded in what we learn about your business — not generic industry averages. The seven phases below are how we ensure that.
From Conversation to Conviction
- 01
Discovery
A structured 90-minute interview with management or the owner — not a data request form. We want to understand how the business makes money, what drives its margins, where its real risks sit, and what the owner believes is driving value. This conversation shapes everything that follows.
OutputBusiness Understanding Memo - 02
Information
We identify the base files required to support the valuation — historical financial statements, corporate and ownership structure, key commercial contracts, debt and financing detail, and any existing forecasts. The prior conversation becomes a concrete, prioritized information checklist.
OutputInformation Checklist + Data Room Structure - 03
Assumptions
Every assumption in the model — revenue growth, margin trajectory, capital investment, working capital behavior, terminal value drivers, and capital structure — is grounded in what we learned in Discovery and supported by what we received in Information. No black-box inputs.
OutputDocumented Assumption Set - 04
Model Run
Assumptions are loaded and the valuation model is executed. The base case is produced: enterprise and equity value by method (DCF, market comparables, precedent transactions), projected financial statements, Monte Carlo simulation, and a preliminary Valuation Confidence Rating.
OutputBase Case Valuation + Preliminary Confidence Rating - 05
Calibration
Our team critically reviews the base case — not just for mathematical accuracy, but for business judgment. Does the result make sense given what we know about this business? We challenge our own assumptions, stress-test the key drivers, and calibrate until the result faithfully reflects the company.
OutputCalibrated Base Case + Peer Review Sign-Off - 06
Scenarios
The optimistic scenario translates the business's most credible opportunities into quantified assumptions. The adverse scenario does the same with its most material risks. Both are anchored in the real business — not mechanical percentage variations. The result is a valuation range with meaning.
OutputOptimistic + Adverse Scenario Valuations - 07
Delivery
The client receives the complete deliverable package: the Valuation Report with full methodology and workings, the IC Memo for investment committee use, the Risk & Scenario Report, and the Valuation Confidence Rating — an explicit score indicating how much weight to place on the result, with the factors that drive it.
OutputValuation Report · IC Memo · Risk Report · Confidence Rating
The more cycles we run, the sharper the result.
In a first engagement, we build the business understanding from scratch. By the third cycle, we know how this business behaves — what drives variance, which assumptions are stable, and where the real risks sit. The Confidence Rating improves. The calibration time shortens. You get a better result, faster.
Valuation Confidence Over Cycles
Ready to start your first engagement?
The Discovery interview is where every valuation begins. It costs you 90 minutes and gives us everything we need to build something defensible.