TAS · /01 Transaction services
What an operator tests before the model gets trusted
Transaction diligence is not just a report on historical numbers.
100% Staff retention, 9 mo post-close
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TAS · Transaction services
Diligence that reads the codebase and the cohorts.
Buy-side and sell-side diligence run as one decision system — financial logic and operating reality tested together.
Plate /01a — the second reader
Buy + sell One decision system
14 days First read
120 days To value capture
01 · Selected outcome
What the work produces.
02 · The bridge
Two fluencies, one scorecard.
The board-language term, the plain-language line, and the engineering metric that actually moves it.
- Quality of earnings
- The revenue that renews is the revenue a buyer can underwrite. Cohort math and reliability budgets are the same diligence question asked twice.
- churn_cohorts · uptime_SLO
- Technical debt
- Every unpaid refactor is a liability the buyer will find. We price the backlog before it surfaces in confirmatory diligence.
- test_coverage · defect_escape_rate
Transaction diligence is not just a report on historical numbers. We test whether the technical platform, delivery model, customer base, and integration path can support the value creation plan a buyer is underwriting.
03 · How the engagement runs
Running the Transaction services engagement.
Open a phase for the detail.
Phase 01 Diagnostic Assessment Days 1–14
We baseline the operating system against the value-creation thesis.
- Constraint baseline in dollars
- Decision-rights and cadence audit
- 90-day scorecard wired to current systems
Phase 02 Operating Plan Days 15–21
The diagnostic becomes a sequenced plan with owners and dates.
- Per-constraint move with a target
- Committee and decision-rights design
- 30 / 60 / 90-day cadence
Phase 03 Implementation Days 22–90
An operator runs the plan from inside the system.
- Weekly reviews with the accountable executive
- Interim leadership where the constraint demands it
- Rolling scorecard against baseline
Phase 04 Value Capture Days 91–120
We hand the system back with a measured lift and a clean transition.
- Final scorecard against baseline
- Permanent leadership transition plan
- Documented playbook and decision map
04 · Related intelligence
Field notes that support the work.
Read the briefs
Brief · TAS
The Margin That Wasn't There: Auditing AI Vendor Dependency Before You Sign
A SaaS target's 82% gross margin can hide a single-vendor API bill that quietly halves it.
Brief · TAS
Your AI Model Is Worth $0 If You Can't Trace the Training Data
Acquirers discount AI IP up to 60% when data provenance is murky.
Brief · TAS
The Day Your Acquired ML Team Starts Interviewing: A Post-Close Retention Playbook
Acquired ML engineers don't quit over money.
05 · Before the first call
Operator-grade answers.
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What makes operator-led transaction advisory different?
We evaluate the operating system behind the numbers: code quality, delivery capacity, data integrity, sales process, customer concentration, and integration risk. That gives buyers a clearer view of what they can actually own after close.
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What deal size is a fit?
We focus on technology middle-market companies: typically 50-300 employees, $10M-$100M ARR, and $50M-$300M enterprise value.
Start here
Find the constraint before the quarter hardens.
A 14-day diagnostic. No retainer until we agree on the work.