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Diligence services for every side of the deal

From a full buy-side Quality of Earnings to sell-side preparation and valuation support — rigorous, senior-led analysis scoped to your transaction.

01 — Buy-Side

Quality of Earnings

The cornerstone of any acquisition. A QofE goes beyond the income statement to answer the question that matters most: are these earnings real, recurring, and sustainable after you own the business? We rebuild the numbers from the ground up so your valuation rests on economic reality — not the seller’s presentation.

Adjusted EBITDA & normalization

One-time, non-recurring, owner, and related-party items stripped out to reveal true run-rate earnings.

Revenue quality & concentration

Recurring vs. one-time revenue, customer concentration, retention, and the durability of growth.

Earnings-to-cash reconciliation

We confirm the profit on paper actually converted into cash in the bank.

A Greenwood QofE includes

  • Quality of earnings & Adjusted EBITDA bridge
  • Quality of revenue & customer analysis
  • Net working capital trend & proposed peg
  • Proof of cash
  • Debt & debt-like items schedule
  • Management Q&A and open-items resolution
  • Executive summary with key findings & risks
02 — Buy-Side

Financial Due Diligence

A complete read on the financial health of the target. Where a QofE centers on earnings, full financial due diligence widens the lens to the balance sheet, liabilities, and the operational drivers behind performance — so there are no surprises after close.

  • Balance-sheet review & asset quality
  • Debt and debt-like items (the bridge to enterprise value)
  • Off-balance-sheet & contingent liabilities
  • Trend, margin, and cost-structure analysis
  • Management reporting & KPI validation

QofE vs. an audit

An audit asks whether last year’s statements were fairly presented under GAAP. Diligence asks a forward question: will these earnings hold up once you own the business? We analyze at the account and transaction level — not by sampling — and deliver findings you can take to the negotiating table.

03 — Sell-Side

Sell-Side QofE & Valuation Support

If you’re preparing to sell, the worst time to discover a problem is in the buyer’s diligence. A sell-side QofE puts you in control: we find and fix the issues first, build a clean and defensible earnings story, and help you understand what your company is genuinely worth before you go to market.

Maximize and defend value

A documented, normalized EBITDA buyers can trust accelerates the process and protects your price.

No surprises in buyer diligence

We surface the adjustments and risks a buyer’s team will raise — while you still have time to address them.

Know your number

For owners simply wanting clarity, we provide a grounded view of value and the levers that move it.

The owners who net the most aren’t the ones with the best story — they’re the ones whose numbers survive scrutiny.

Run diligence on yourself before a buyer does it for you.

Net Working Capital Analysis

The working-capital peg is one of the most contested numbers in any deal — and one of the easiest places to lose money. We analyze the trailing trend and set a fair, defensible target so you’re protected at close and in the post-close true-up.

Proof of Cash

We reconcile reported revenue and expenses to the actual cash that moved through the bank across the review period. It’s the single most reliable test of whether the financials reflect reality — and a fast way to catch misstatement.

Buyer’s Reports & Quick Reviews

Earlier in a process, or working a smaller deal where a full QofE isn’t warranted? A right-sized review pressure-tests the seller’s numbers and flags the deal-breakers fast — before you commit more time and capital.

Let’s talk

Tell us about your transaction

Share a few details and we’ll come back with scope and timeline — usually within one business day.