For investors Commercial Due Diligence

After the LOI · about 30 days

What to pay for, and what you can make.

Commercial and customer diligence: the full engine on 24 months of the target's source data. Two numbers, never blended: the earnings worth paying for, and the value you can create after close. Designed to sit alongside your accountants' financial QoE.

Price

from $25,000

Time

About 30 days

Output

Report + model + call

Includes

Reeve Live deal view

The question it answers

What is this business really earning, and what could it be worth under you?

01What you get

Two numbers a deal team can defend.

The value bridge from today to month 36, with every step sourced and every assumption labelled.

What it's worth today, and with youSample brand B · $M, indicative
Indicative value todayadjusted EBITDA $2.10M11.1
If nothing changescash builds; older customers fade+3.7
Spend set by what customers are worthacquisition run to the true-LTV cap+7.1
Fixes in placeleaks fixed; retention and cost levers+5.6
Indicative value at month 3627.5

Fictional sample. Steps are the model's three scenarios at month 36. Multiples are placeholders until set from current market data for the deal.

Illustrative, fictional sample brand B. Multiples are placeholders until set for the deal.

Deliverables

  • Earnings tested against the source data: add-backs, owner pay at market rate
  • True LTV from the order history; true COGS from invoices
  • Risks: concentration, contracts, account ownership, inventory
  • Earnings dressed for the sale, checked against cohorts
  • The value plan: leaks after close, growth headroom, cash needed
  • Three scenarios and value at month 36
  • Every number behind the findings, exported, and a findings call with the deal team
  • Reeve Live deal view from the day the data room is complete: both numbers, red flags and the value bridge, live for the deal team

02What the engine looks at

Both numbers, in full.

The same engine as our Diagnosis & Plan, written for a buyer.

Number one

What to pay for

Earnings, from the source data

EBITDA tied to orders, ad accounts and invoices; every add-back accepted or rejected with evidence.

True LTV and true COGS

What customers and units are really worth and cost.

Risks

Concentration, contracts, notice periods, account ownership, aged stock.

Dressed for the sale

Spend, discounting or inventory moves before the sale.

Number two

What you can make

Leaks after close

Each ranked by EBITDA and value.

Growth headroom

Affordable vs true CAC, the first step, the cash.

Scenarios

Baseline, Floor and Winner, with the assumptions that move them.

Value at exit

Indicative value at month 36 under each.

Designed and run by Reeve's founder: 25 years in wholesale, international trade and direct-to-consumer, across five markets. How the engine works

03How it runs

Thirty days, aligned to your deal.

Weekly check-ins with the deal team; red flags reported as soon as they're found.

  1. Week 1

    Data room

    Source data reconciled; Reeve Live deal view switched on; first red flags.

  2. Week 2

    Number one

    Earnings tested, LTV, COGS, risks.

  3. Week 3

    Number two

    Leaks, headroom, scenarios, value.

  4. Week 4

    Report and call

    The report, the numbers, the findings call.

04What we need from you

The clock starts when your data is complete.

  • 24 months of P&L and balance sheets
  • Full order export with customer history
  • Ad accounts (view-only) and marketplace reports
  • Supplier, freight and 3PL invoices
  • Vendor contracts and the add-back list with evidence

View-only access, never admin. Your data is used only for your work.

05Not included

Stated plainly, so nothing surprises you.

  • Legal, tax or accounting diligence
  • Formal valuations
  • Any work for the seller, before or after the deal

06Price and terms

From $25,000, fixed.

Deals under $10M$25,000
Deals $10–30M$35,000
Deals above $30MQuoted
  • Half at kickoff, half on delivery
  • +25% for rush timelines
  • Red Flag Screen fee credited on the same deal
  • Under your NDA

Fixed fee. Our advice doesn't depend on what you buy.

Scope diligence

07What comes next

Portfolio monitoringAfter close, the deal view becomes the brand's Reeve Live: the value plan tracked weekly with your deal team, setup included. See Portfolio monitoring

08Questions

About the Commercial Due Diligence.

Does this replace a financial quality of earnings?

No, and it isn't one. A financial QoE is your accountants' work, and lenders rely on it. We cover what it usually doesn't: customers, acquisition, operations and growth, from the target's own records. Most buyers use both.

How do you treat add-backs?

Each one is accepted or rejected with evidence. An add-back without evidence is flagged, not accepted.

Who sees the findings?

You. Buy-side work never goes to the seller, and the Reeve Live deal view is shared only with your deal team.

What is the Reeve Live deal view?

The diligence model, live on the target's data: true LTV and COGS, leaks ranked by value, growth headroom and the forecast to month 36, updated as the seller's data comes in. After close it becomes the brand's Reeve Live.

Tell us about the deal.

Start with a free 20-minute call and an honest first read. We reply within one business day with fit, timing and a fixed fee. Happy to sign your NDA first.

How it works

  1. 01Pick a timeAny 20-minute slot that suits you.
  2. 02A few detailsFirm, deal size, stage and deadline. Happy to sign your NDA first.
  3. 03A call with Hamed, the founderAn honest first read; fit, timing and a fixed fee within one business day.
Pick a time