xlsxPhase 2
Three-statement model
finance/3-statement-modelFive-year integrated P&L, balance sheet, and cash-flow statement. All projection cells are formulas referencing the Assumptions tab. Balance sheet must tie (A = L + E) for every year. Ending cash must match the cash-flow statement within $1.
Sections
AssumptionsIncome StatementBalance SheetCash FlowSources & UsesWorking Capital
xlsxPhase 2
GL reconciliation report
finance/gl-reconciliation-workflowMonthly reconciliation of seller-provided GL revenue against processor settlements. Every month over a 2% break fails the binding check. Each row is classified: matched, timing, missing-channel, classification, or suspicious.
Sections
Monthly ReconVerdict (binding check + root cause)
xlsxPhase 2
IC data pack
finance/datapack-builderInvestment-committee-ready spreadsheet with revenue waterfall, margin walk, cohort retention, and ad spend efficiency. Every number traces to a Phase 2 ingestion source where available; synthetic numbers are flagged.
Sections
Revenue waterfallMargin walkCohort retentionAd spend / ROASNotes
docxPhase 2
Model audit report
finance/audit-xlsQA pass on the three-statement model before downstream phases trust it. Scores balance-sheet integrity, cash tie-out, formula coverage, and linkages. Critical issues block the run; warnings surface in the memo.
Sections
VerdictSummaryCritical issuesWarnings
docxPhase 3
Comparable transactions
finance/comps-analysis8 to 12 comparable transactions from Flippa, PitchBook, and the internal comp database. Median EV/EBITDA and EV/Revenue. Positions the target in the distribution.
Sections
PositioningTransaction table
docxPhase 3
Competitive landscape
finance/competitive-analysis5 to 8 direct competitors with positioning, revenue estimate, strength, and weakness. Identifies whitespace and assesses threat to target.
Sections
WhitespaceThreat assessmentCompetitor table
docxPhase 3
Sector overview
finance/sector-overviewTAM, growth, value chain, top players with share. Explicit call on who is winning the category and who is losing.
Sections
Value chainTop playersWinnersLosers
xlsxPhase 6
LBO model
finance/lbo-modelSources & Uses, 5-year operating model, debt schedule, IRR and MOIC. Base case plus sensitivity tables.
Sections
Sources & UsesFCFReturns (IRR, MOIC, sensitivity)
docxPhase 7
Deal tracker
finance/deal-trackerPipeline stage, next milestones, and open items for the deal. Snapshot of where the deal sits in the lifecycle.
Sections
Pipeline stageNext milestonesOpen items
docxPhase 7
Thesis tracker
finance/thesis-trackerFalsifiable thesis, pillars with confidence scores, risks, catalysts, and pre-committed stop-loss triggers. Becomes the operating dashboard post-close.
Sections
Falsifiable thesisPillars (with confidence)RisksCatalystsStop-loss triggers
docxPhase 10
Investment memo
methodology/memo-generatorThe full investment memo. Every numerical claim carries a source-tier tag. Includes the explicit "what we did not verify" disclosure. Source of truth for the partner read.
Sections
SummaryThesisFinancialsOperating qualityRisksVerdictWhat we did not verify