Buy-Side Financial Due Diligence

Know What You're
Buying.

CPA-led Quality of Earnings reports for entrepreneurs acquiring businesses between $500K and $5M. Flat fees. 1–3 week turnaround. No Big Four rates.

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4×
Every dollar of adjusted earnings impacts your purchase price by 4× at a standard multiple. A $50K earnings overstatement costs you $200K.
$2,500
Starting price for a QoE report. At a 4× multiple, catching one $25K earnings overstatement returns 40× the fee.
1–3 wks
Standard turnaround. Fast enough to keep your deal moving without rushing the analysis.
CPA, CMA Credentialed
Flat-Fee, No Surprises
SBA-Compatible Reports
$500K–$5M Deal Specialist
1–3 Week Turnaround

The Problem

Most small business buyers fly blind into closing.

The broker's financials look clean. The CIM tells a good story. But the numbers you see aren't always the numbers you're buying.

🔍

Seller financials are almost never audit-ready

Small business P&Ls routinely mix personal expenses into operating costs, inflate EBITDA through owner compensation tricks, and bury one-time items in recurring revenue. You need someone who reads these every day.

💸

One bad add-back can cost you six figures

At a 4× EBITDA multiple, every $25,000 of overstated earnings inflates the price by $100,000. A QoE report that finds three issues like this returns 20–50× its cost on a single deal.

⚡

Big Four won't touch deals under $5M

A Deloitte QoE report costs $25,000–$100,000+. For a $1M deal, that's irrational. Budget QoE shops do templates, not analysis. There's been no good option in the middle — until now.

Services & Pricing

Transparent pricing.
No custom quotes required.

Pick the tier that matches your deal. All fees are flat — what you see is what you pay.

QoE Lite

Quick Diligence

$2,500 flat

Best for sub-$1M deals with clean books and no red flags.

  • 2 years P&L + tax return review
  • Normalized EBITDA calculation
  • Owner add-back analysis
  • Revenue quality summary
  • 6–10 page written report
  • 30-min debrief call
  • 7–10 business day turnaround
Get Started
Standard QoE

Full Due Diligence

$4,500 flat

Best for $1M–$3M deals. Most ETA and SBA-backed acquisitions.

  • 3 years P&L, balance sheet + tax returns
  • Full normalized EBITDA bridge
  • Revenue quality + customer concentration
  • All owner add-backs and one-time expenses
  • Working capital summary
  • Risk flags and red flags section
  • 15–25 page written report
  • 60-min debrief call
  • 10–15 business day turnaround
Get Started
Comprehensive QoE

Institutional Quality

$7,500 flat

Best for $3M–$5M deals, complex financials, multiple entities.

  • Everything in Standard QoE
  • Monthly trend analysis (TTM + 2 yrs)
  • Customer aging + vendor concentration
  • Employee/compensation schedule review
  • Working capital peg recommendation
  • KPI analysis and benchmarking
  • 25–40 page written report
  • 90-min debrief + follow-up session
  • 15–20 business day turnaround
Get Started

Advisory Business Valuations

Indicative value estimates for transaction planning, offer benchmarking, or exit planning. Not certified appraisals.

$2,500 – $5,000

Advisory Retainer

Monthly access while you search ($1,500/mo) or post-acquisition financial support ($3,500/mo). Minimum 3 months.

$1,500 – $3,500 / month

Rush engagements available. Need results in half the standard time? Rush pricing adds 50% to the base fee. Contact us to confirm availability before engaging.

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About

You need a CPA on your side of the table.

CPA CMA M&A Advisory QuickBooks Expert

I'm Matt Calnan, a Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA) with deep experience in financial analysis, accounting systems, and transaction advisory.

I started Mainstreet Advisory because I kept seeing the same problem: ETA buyers in the $500K–$5M space couldn't access credentialed financial due diligence at a price that made sense for their deal size. The Big Four won't touch it. Budget shops don't have the credentials. That gap cost buyers real money.

My practice is built around one question: Are the earnings you're paying for real? Every engagement starts there and works outward.

What I bring:
CPA-level rigor on the numbers. QuickBooks and accounting system expertise (I can read a messy GL where others get lost). Direct communication — I tell you what I found, what it means for your deal, and what to do about it.

Work with Matt

How It Works

From inquiry to report in four steps.

We keep it simple. You focus on your deal — we handle the financial analysis.

1

Scoping Call

15 minutes. Tell me about the deal — size, complexity, timeline. I'll recommend the right service tier and confirm turnaround availability.

2

Engagement & Deposit

Engagement letter signed, 50% deposit paid. I send you a document request checklist — standard 10-item list, usually completed in 1–2 days.

3

Analysis

I do the work. No check-ins unless I find something material that requires your input. You'll hear from me when the report is ready.

4

Report & Debrief

Receive the written report, pay the balance, then we walk through findings on a call. You'll know exactly what you're buying.

Who We Work With

Built for serious acquisition entrepreneurs.

ETA Buyers

Self-Funded Searchers

You've been searching for 6–18 months and you're approaching LOI. You've reviewed the CIM and the P&Ls but you need a CPA to validate what the seller is telling you before you commit.

SBA Borrowers

SBA 7(a) Acquisition Buyers

You're financing with an SBA loan and your lender is going to want financial verification anyway. Get a proper QoE report upfront — not a last-minute scramble during underwriting.

First-Time Buyers

First Business Acquisition

You're not a professional acquirer — you're buying one business to own and operate. That makes quality diligence more important, not less. I explain every finding in plain English.

Experienced Buyers

Repeat Acquirers & Operators

You know what you're doing but you want an independent CPA running the numbers. You've seen deals go sideways and you're not willing to skip diligence on a deal this size.

We also work with business brokers whose buyers need diligence support, SBA lenders looking for better-prepared borrowers, and M&A attorneys who need a CPA partner on the financial side of small deals.

Frequently Asked Questions

Questions people ask before engaging.

Yes — especially for a smaller acquisition. At a 4× EBITDA multiple, every $10,000 of adjusted earnings changes the price by $40,000. A $2,500 report that finds $75,000 in overstated earnings saves you $300,000. The math isn't close. Most buyers who've been through a deal without QoE and had problems wish they hadn't skipped it.
Yes. The broker is paid when the deal closes. They are not on your side of the table — and that's not a criticism, it's the structure. A broker who says "the deal is clean" is telling you what they believe, but they haven't done a financial analysis. You need your own CPA reviewing the numbers before you commit to a purchase price.
Yes. SBA 7(a) lenders require financial analysis and an earnings recast for acquisition loans. Our Standard and Comprehensive QoE reports are structured to include the normalized earnings documentation SBA lenders look for. That said, every lender has slightly different requirements — check with your specific lender about their documentation expectations before engaging.
A seller who won't provide 3 years of tax returns and financial statements to a serious buyer post-LOI is a significant red flag. We can work with what's available and flag what's missing, but there are minimums below which a meaningful QoE isn't possible. If you're in this situation, reach out — we'll tell you what analysis is and isn't feasible with the available data.
No. Mainstreet Advisory provides advisory and analytical services. Our reports are not audits, reviews, or compilations of financial statements. We analyze the financials provided, identify adjustments, and give you an informed view of the business's true economic earnings. This is the same type of analysis that private equity firms do when they acquire businesses — it's analytical, not attestation.
After a brief scoping call, I send you a document request list. Standard items: 3 years of P&L and balance sheets (QuickBooks export preferred), 3 years of business tax returns, 12 months of bank statements, and the CIM or financial summary from the broker. Sellers with organized records can usually get us everything within 1–2 business days. We start the clock when we have a materially complete document set.
Yes. Canadian buyers acquiring US businesses are a growing segment of the ETA community. We understand the cross-border dynamics and can flag any considerations relevant to your situation. All fees are in USD.

Get in Touch

Let's talk about your deal.

Tell me about the acquisition you're working on. I'll confirm whether I can help and which service tier fits — usually within 24 hours.

Location
Serving clients across North America

All services are advisory in nature. Reports are not audits, reviews, or compilations. Matt Calnan holds a CPA designation (Alberta, Canada) and a CMA designation. Advisory consulting services do not require US CPA licensure.

Tell us about your deal

We respond within 24 hours, usually faster.