Decision rule
Every material finding must change at least one of these:
- Forecast
- Valuation
- Leverage or liquidity
- Purchase price
- Purchase agreement
- Representation, indemnity, or insurance
- Financing term
- Value-creation plan
- Management plan
- Closing condition
- Monitoring plan
- Recommendation
Tracker fields
| Field | Meaning |
|---|---|
| Workstream | Commercial, financial, legal, technology, and so on |
| Question | What must be learned? |
| Thesis link | Which underwriting claim does it test? |
| Owner | Person accountable |
| Source | Data room, management, customer, adviser, filing |
| Finding | What the evidence says |
| Confidence | High, medium, or low |
| Severity | Decision impact if adverse |
| Model impact | Exact assumption or schedule changed |
| Term impact | Price, agreement, financing, insurance, condition |
| Mitigation | Action before or after closing |
| Status | Open, supported, contradicted, resolved |
| Due date | When the decision requires resolution |
Core workstreams
- Commercial
- Financial and quality of earnings
- Accounting
- Tax and structure
- Legal and regulatory
- Management and organization
- Operations and supply chain
- Technology and product
- Cybersecurity, privacy, data, and AI
- Human resources and benefits
- Environmental, health, safety, and sustainability
- Insurance
- Financing and capital markets
- Real estate
- Carve-out and separation, when relevant
Weekly synthesis
- What changed?
- Which thesis point strengthened or weakened?
- Which model assumptions changed?
- Which price or term changed?
- What can still stop the deal?
- What must be resolved before the next IC gate?