Commercial diligence through an operator's lens

See the commercial business behind the transaction.

Revenue Execution looks beyond the headline numbers to understand how the commercial business actually works — where value is being created, where it is exposed, and what a buyer is really acquiring.

Buy-sideTest risk, transferability and upside.
Sell-sidePrepare, evidence and defend.
15 domainsOne commercial assessment engine.
D → P → EDiagnose. Plan. Execute.
Choose your perspective

Same transaction. Different job.

An M&A adviser and a PE buyer can be looking at the same company and need very different answers. The work should reflect that.

M&A Advisers

Strengthen the advice around the deal.

Add evidence-led commercial depth to a mandate. Surface issues earlier, sharpen the client story, prepare management and create better ammunition to defend value on sell-side or challenge assumptions on buy-side.

Sell-sidePrepare → Evidence → Defend
Buy-sideAssess → Challenge → Advise
Explore M&A Adviser solutions →
PE / Buyers

Understand what you are really underwriting.

Test the quality and sustainability of revenue, expose commercial risk, challenge the growth case and identify value that may be hidden by weak commercial execution.

Buy-sideRisk → Quality → Upside
Portfolio exitPrepare → Evidence → Defend
Explore PE / Buyer solutions →
The problem
The numbers tell you what happened. They don't always tell you why — or what happens next.
Revenue & EBITDAWhat happened
Revenue quality & concentrationHow durable is it?
Pricing & margin disciplineWhat is leaking?
Pipeline & forecastHow credible is the future case?
Owner & management dependencyDoes performance transfer?
Commercial system & evidenceCan the story be proved?
How we work

Diagnose. Plan. Execute.

No new M&A methodology. The same Revenue Execution method is applied to the transaction question, evidence standard and time available.

01

Diagnose

What is really happening? What is evidenced? What is assertion, inference or unknown?

02

Plan

What does it mean? What should be fixed, evidenced, challenged, defended or prioritised?

03

Execute

Where required, turn findings into operating change, management action and measurable commercial improvement.

04

Prove

Build the evidence trail that lets an adviser, buyer or management team defend the commercial reality.

Different side. Different question.

Buy-side and sell-side stay explicit.

Hiding the transaction side makes the proposition easier to describe but weaker to buy. Each side needs a different question, evidence standard and output.

Sell-side

Prepare. Evidence. Defend.

“What will a buyer challenge — and are we ready to answer it?”
Identify issues before they become buyer leverage.
Strengthen evidence behind the commercial story.
Prepare management for the questions that matter.
Fix what can still be fixed; evidence and defend the rest.
Buy-side

Test. Challenge. Understand.

“What isn't obvious from the information we've been given?”
Test sustainability and transferability of current performance.
Challenge management's growth assumptions.
Identify downside risk and hidden commercial upside.
Translate findings into deal implications and post-close priorities.
What we examine

Commercial depth you can see.

The site should demonstrate the thinking, not simply claim expertise. Our assessment architecture runs from domain to evidence.

Revenue qualityRepeatability, recurrence, predictability and sustainability.
CustomersConcentration, retention, tenure, dependency and expansion.
GrowthDrivers, addressable opportunity and ability to win.
Pipeline & forecastCoverage, conversion, evidence and forecast reliability.
Pricing & marginPricing discipline, leakage, discounting and economics.
GTM & sales engineProposition, channels, process and repeatability.
Management & ownershipLeadership, succession, capability and owner dependency.
Commercial evidenceWhether the claims can be demonstrated through data and history.
PillarWhere to look
Assessment objectWhat to test
MetricHow to measure
QuestionWhat to ask
EvidenceWhat proves it
Illustrative case

The risk is rarely one number.

A fictional example of how apparently healthy performance can contain both transaction risk and post-acquisition opportunity.

Redwood Industrial Services

Strong recent performance. Attractive niche. Credible management. But the buyer needs to know whether the commercial engine transfers — and whether some of the apparent weakness is actually latent upside.

€14.8mRevenue
68%Repeat / contracted
42%Top-5 concentration
~47%Founder in significant wins
What was not obvious

Customer relationships and major wins still depended heavily on the founder.

Evidence

CRM and deal-history review showed founder participation materially above management narrative.

Risk

Transferability and forecast confidence could weaken under new ownership.

Opportunity

Pricing and account expansion discipline were underdeveloped — potential post-close value-creation themes.

Illustrative case only. No transaction, valuation or multiple outcome is implied or guaranteed.
A clearer basis for the decision

See the commercial business before the transaction forces you to.

Discuss a mandate, target or portfolio exit. We will tell you quickly where Revenue Execution fits — and where it does not.

Discuss a transaction →