Closed at LOI price. No working-capital adjustment, no escrow above standard 10%, two-year reps survival. Founder spent 18 months on documentation cleanup before going to market: cleaned vendor contracts, formalized customer agreements, hired a controller, removed personal expenses from the P&L. The buyer’s QofE produced no surprises.
The pattern
The time you spend on cleanup compounds; the time you spend in the room does not.
Sourcing
Composite, anonymized. Reflects a pattern observed across multiple Cordis engagements where the founder did meaningful documentation work in the 12 to 24 months before going to market.
The Cordis MRI is the diagnostic Cordis uses with its own clients. The work the founder in this Deal Note did 18 months out (or did not do) is what the MRI surfaces in advance.
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