On your smaller sell-side deals (think $10-15m EV), what level of analysis do you do / give bidders?

E.g. assume deal came in through referral and they know what they want to sell for. Do you bother doing a vals exercise (comps, DCF etc)?

For a deal of this size, do you bother providing bidders monthly historicals down to cashflow, or just P&L + BS?

We turn down a heap of smaller deals so I'm trying to work out if it's possible to take them on with a much smaller team / work

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Honestly, for deals in that $10-15M range, we usually keep it pretty light. if it's a warm referral and the seller knows what they want, we'll do a high level comps and maybe a simple DCF just to back into a number. Most buyers at that level aren't expecting deep dives unless they specially ask.
We'll include P&L and BS, and only go down to monthly cash flows if someone pushes for it. Curious how others manage staffing on these feels like a full process isn't always worth it for the size.

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Really useful, thanks!

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We do. You should refer those smaller deals to me. Happy to pay a generous finders fee. Can send you the quality or some of our CIMs as well.

We’re a super lean shop. Normally Partner, VP and analyst staffed on one deal. We charge an hourly rate ($300) instead of a retainer model and we break out engagements into about 3 phases. Typically it’s about 6-7% on the first 10M of EV. 5% on the next $10M.

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