VAL · /02 Valuations
Valuation has to survive the operating room
The strongest valuation argument is one the operating model can defend.
Buyer-grade Before the buyer runs the model
Request a diagnostic 
VAL · Valuations
A multiple the operating model can defend.
ARR quality, IP position, and technical debt pressure-tested before a buyer's committee does it for you.
Plate /02a — the keystone
14 days First read
ARR + IP Priced buyer-grade
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.
- Multiple defense
- Buyers reprice what they cannot verify. Published coverage and revenue-quality numbers convert engineering hygiene into exit-multiple support.
- arr_quality · tech_debt_paydown
- Founder dependency
- A number that only works with the founder in the room is a discount, not a multiple. We measure the dependency and its runway.
- key_person_risk · succession_bench
The strongest valuation argument is one the operating model can defend. Justin built and exited a services firm, so valuation work here starts with what a buyer can actually verify — not a multiple the operating reality cannot support.
03 · How the engagement runs
Running the Valuations 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 · VAL
The 12-Month CAC Payback Rule Is Costing You the Enterprise
A 12-month blended CAC payback often hides a starved enterprise book.
Brief · VAL
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 · VAL
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.
05 · Before the first call
Operator-grade answers.
-
Do you value both software and services businesses?
Yes. We work across SaaS, tech-enabled services, implementation partners, managed services, and hybrid recurring-revenue businesses where revenue quality and delivery capacity both matter.
-
Can valuation work support sell-side preparation?
Yes. We use valuation findings to prioritize pre-LOI cleanup: financial reporting, IP assignment, customer concentration, contract hygiene, and technical debt remediation.
Start here
Find the constraint before the quarter hardens.
A 14-day diagnostic. No retainer until we agree on the work.