The whole data room, brought down to your decision.
Every document read and cross-checked against the others: accounts, general ledger, contracts, lease, payroll. The report says what to renegotiate, verify or secure before you sign.
Delivered within 24–72 business hours
From data room to decision.
Before the letter of intent, the preliminary review starts from the documents already received.
- Document 4.2 · page 3Equipment finance lease€352k outstanding, missing from the debt presented
- General ledger 2025 · account 6226Holding company fees€96k a year, ending when the seller leaves
- Document 6.1 · article 4Commercial leaseExpires on June 30, 2027; landlord: the seller's property company
214 documents read, 3 missing
Mugnier Usinage · asking price €4.4m
- Accounts582023 accounting entries file missing
- Contracts44Complete
- HR38Staff register missing
- Financing222021 loan schedule missing
- Property12Complete
- Legal40Complete
Request for the three documents, ready to send to the seller
Net financial debtpresented −€110kactual €242k
- Renegotiate€352k finance lease missing from the debt presented
- SecureLargest customer at 34% of revenue, contract terminable at three months' notice
- SecureLease expiring June 2027, granted by the seller's property company
From the document to the adjusted figure.
Every finding in the report points to the document and the page it rests on. A figure the data room does not contain is flagged, never estimated.
CONTRAT DE CRÉDIT-BAIL MOBILIER
Crédit-preneur : Mugnier Usinage, SAS
Crédit-bailleur :
Conditions particulières
| Bien financé | Rectifieuse CN |
| Durée | 60 mois |
| Premier loyer | 1er avril 2024 |
| Loyer trimestriel | 29 500 € HT |
| Restant dû fin 2025 | 352 000 € |
| Option d'achat | 1 % |
Tableau d'amortissement annexé, page 6.
In the report
Debt and commitments
€352k outstanding, missing from the debt presented. Added to net debt; lease payments added back to EBITDA (+€118k).
Document 4.2, pages 3 and 6
RENEGOTIATEGRAND LIVRE 2025 · Mugnier Usinage
Compte 6226 · Honoraires
| 31/01 | Holding , convention d'assistance | 8 000,00 |
| 28/02 | Holding , convention d'assistance | 8 000,00 |
| 14/03 | Cabinet d'expertise comptable | 3 900,00 |
| 31/03 | Holding , convention d'assistance | 8 000,00 |
| … | ||
| Dont holding, sur l'exercice | 96 000,00 | |
In the report
Quality of earnings
The seller takes their pay through a holding company: €96k a year. A salaried managing director would cost €168k fully loaded: normalized EBITDA −€72k. What the agreement covers remains to be verified.
General ledger 2025, account 6226; services agreement, document 7.3
VERIFYBAIL COMMERCIAL
Bailleur : SCI
Preneur : Mugnier Usinage, SAS · 74800 La Roche-sur-Foron
Article 4 · Durée
Le présent bail est consenti pour neuf années entières et consécutives, qui commenceront à courir le 1er juillet 2018 pour se terminer le 30 juin 2027.
Article 7 · Loyer
Le bail est consenti moyennant un loyer annuel de 42 000 euros hors taxes et hors charges.
In the report
Lease and property
Lease expiring June 2027, granted by the seller's property company, rent €36k a year below market. A new lease to be signed together with the sale.
Document 6.1, articles 4 and 7; property company's articles, document 6.3
SECUREInvented example, French deal file shown in its original language. Names are redacted.
What the business earns, what it owes.
Quality of earnings and quality of debt, quantified the way your bank will review them. Every amount points to its document, and the Excel workbook provided rebuilds every calculation in formulas.
2025 EBITDA bridge, €k
Invented exampleDebt and commitments at December 31, 2025, €k
Invented example| Bank loans | 410 |
|---|---|
| Finance lease, off balance sheet added | 352 |
| Cash | −520 |
| Net financial debtPresented by the seller: −110 | 242 |
- Working capital
- 58 days of revenue, 9 more than in 2023
- Tax and social security liabilities
- Social security payment plan under way: €38k
- Off balance sheet
- Guarantee on the property company's loan: €150k. Retirement indemnities: €85k
Your financing, tested before the bank.
The financing workbook replays your plan: debt service coverage year by year over seven years, cash month by month over three years, and a summary for the lender.
A written bank file is in preparation.
Debt service coverage (DSCR)
Invented example| Year | Asking price | Defensible price |
|---|---|---|
| 1 | 1.08 | 1.29 |
| 2 | 1.10 | 1.31 |
| 3 | 1.12 | 1.34 |
| 4 | 1.14 | 1.37 |
| 5 | 1.17 | 1.39 |
| 6 | 1.19 | 1.42 |
| 7 | 1.22 | 1.45 |
What you receive.
-
The report
15 to 40 pages depending on scope: a clear recommendation, adjusted earnings, valuation, ranked points of attention, total cost of the acquisition, questions for your advisers.
-
The analysis workbook
The report's figures, rebuilt in formulas: databook, EBITDA bridge, debt and commitments, price sensitivity, aged balance, payroll, contracts.
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The financing workbook
Your plan replayed: assumptions, financing plan, loan, forecast, cash over 36 months, summary for the lender.
Wherever your acquisition stands.
Your documents
3 to 20 documents, whatever the seller has already sent. Only the balance sheets and income statements are essential.
The preliminary review
- What the documents show, what they leave out, and where the negotiation will be won or lost.
- Valuation framing and the structure of the offer.
- Make an offer, defer it or walk away; if the offer goes ahead, a draft letter of intent for your lawyer to review.
Your documents
The complete data room, as the seller opened it, even unsorted. Exclusivity is running: every week counts.
The full analysis
- Every document read and cross-checked, for distressed and healthy sales alike.
- The report, the analysis workbook and the financing workbook.
- Sign, renegotiate or walk away, with the price gap quantified and sourced.
Your documents
The analysis to be tested (yours, a firm's, or the one in the sale file), and the documents it cites.
The second opinion
- Every conclusion classified as confirmed, qualified or contradicted, with the figure and the document behind the classification.
- What the analysis does not cover.
- The questions to ask before signing.
Start with your data room.
Delivered within 24–72 business hours of receiving the complete data room, depending on volume.
Start your caseFrequently asked questions
How long does the report take?
Between 24 and 72 business hours from receipt of the complete set of documents, depending on volume and complexity. The timeline is confirmed during the call that sets the scope.
Should the data room be organized before it is sent?
No. Send the documents as the seller provided them, even unsorted: sorting, classifying and cross-checking are part of the analysis. A missing document is flagged, and you receive the request to the seller ready to send.
Is this acquisition due diligence?
Yes, an independent acquisition review, ahead of the work your accountant and your lawyer will do. It does not replace them: it tells them where to look, and takes a position on price and risk before their fees are committed.
What about the bank?
The financing workbook replays your plan over seven years and ends with a summary for the lender. A written bank file is in preparation.
And for a company in insolvency proceedings?
The analysis also reads the opening judgment and the administrator's reports. The takeover offer is prepared with your lawyer.
Who sees my documents?
The Diligeo team only, bound by a non-disclosure agreement signed before any transfer. Documents are stored on encrypted workstations in France, are never used to train any model, and are returned or deleted within 12 months.