Forte Diligence — Digital Business Acquisition Due Diligence

Sample Reports

Anonymized decision memos
from real business deals.

Each example shows the verdict, the key risks, and the buyer outcome across a different business model.

DTC eCommerce

Supplement Brand — Shopify

WALK AWAY — 88% Confidence

Asking Price	$510,000
Seller-Stated SDE	$204,000
Verified SDE	$175–190K
Effective Multiple	4.3–4.6×
Marketed Multiple	2.5×

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Key Findings

Deal-KillerFDA detention on primary SKU — 37% of revenue, unresolved at time of listing

MajorSubscriber decline predated stated cause by 4 months — structural, not operational

Major3 addbacks totaling $43K contested; 2 rejected on documentation grounds

Buyer Outcome

Did not submit an LOI after unresolved regulatory exposure was identified.

Amazon FBA

Home Goods — 3 ASINs

PROCEED WITH CONDITIONS — 74% Confidence

Asking Price	$380,000
Seller-Stated SDE	$142,000
Verified SDE	$128–135K
Effective Multiple	2.8–3.0×
DSCR (Base Case)	1.31×

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Key Findings

MajorTop ASIN = 71% of revenue — above concentration threshold for this price range

Major2 Chinese competitors entered category 60 days prior to listing date

ModeratePPC spend up 34% in L3M — margin compression likely in next 2 quarters

Buyer Outcome

Renegotiated to $310K with 12-month earnout tied to ASIN-1 revenue retention. Saved $70K on purchase price.

B2B SaaS

Workflow Tool — $1,200 ACV

PROCEED — 81% Confidence

Asking Price	$720,000
Seller-Stated SDE	$198,000
Verified SDE	$191,000
Effective Multiple	3.8×
Net Revenue Retention	104%

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Key Findings

ModerateTop 3 customers = 28% of MRR — within acceptable range but warrants monitoring

ModerateTechnical debt identified in auth module; est. $15–20K remediation

MinorDocumentation gaps in onboarding flow — operational, not structural

Buyer Outcome

Closed at asking. Technical findings used to negotiate $18K credit at closing for auth remediation.

Process

From documents to a verdict
in 72 hours.

Submit Your Documents

Broker packet, P&L, seller Q&A, and financials. The more complete your package, the more precise the analysis.

Research Starts Immediately

Seller claims are pressure-tested against the financials, add-backs are reviewed, and the deal is evaluated against the risks most likely to change the decision.

Analyst Review

Every report is reviewed before delivery to make sure the findings, severity, and final recommendation are internally consistent and decision-ready.

72-Hour Delivery

15–18 pages. Direct verdict, conditions, walk-away rules, and a prioritized seller question list.

Sample Report Preview WALK AWAY — 88%

Asking Price

$510K

Verified SDE

$175–190K

Eff. Multiple

4.3–4.6×

Classification

Weak / Avoid

Deal-Killer

FDA detention on primary SKU — 37% of revenue unresolved

Major

Subscriber decline predates ad pullback — structural problem

Major

Addbacks = 43% of stated SDE — three items contested

Moderate

$0 COGS reported — unverified, contradicts supplier invoices

The Report

A consistent framework.
One clear decision.

Every report follows the same framework, grouped around the few questions most likely to change whether a buyer should move forward.

Financial Quality

SDE reconstruction, add-back challenge, cash flow quality, DSCR, and valuation guardrails.

Demand & Concentration

Revenue quality, channel dependence, customer / SKU concentration, and demand fragility.

Transferability & Execution

Operator dependence, owner risk, process transfer, and what breaks when the seller steps away.

Downside, Fit & Decision

Buyer fit, unresolved issues, failure modes, decision conditions, and final proceed / renegotiate / walk away call.

Appendix & Next Steps

Data gaps, verification priorities, seller follow-up questions, and what should happen next.

From Buyers

What happens when you
know before you wire.

Every testimonial below represents a real acquisition decision — a deal avoided, a price reduced, or a clean close with protections in place.

The report surfaced a supplier concentration issue I had missed and gave me leverage to renegotiate the deal.

M. Thornton

DTC home goods · $340K deal · EF Community

Forte gave me a clearer explanation of the SDE adjustments and a more useful buyer-side view of what actually mattered in the deal.

R. Vasquez

Serial acquirer · 3 acquisitions · SearchFunder

The report changed how I thought about the deal by showing that the stability story depended on assumptions that did not hold up under closer review.

J. Park

First-time acquirer · SaaS evaluation · Broker referral

Pricing

One report for every stage
of your evaluation.

Screen

^$495

Fast pre-LOI triage for buyers who need a clearer call before going deeper.

◆Preliminary SDE assessment

◆Top red flags, severity-rated

◆Suitability classification

◆Proceed / renegotiate / walk away verdict

◆What We Don't Know section

◆48-hour delivery

Order a Screen

The buyer-side clarity
broker materials can’t provide.

Buyer-side by default

Broker materials are a starting point, not a decision. Forte is built to pressure-test seller claims, challenge unsupported assumptions, and separate signal from narrative.

Math behind every verdict

Fair value ranges derived from risk-adjusted multiples and verified SDE. Not comparable vibes. The math is in the report.

A decision, not a summary

Proceed, Proceed with Conditions, Renegotiate, or Walk Away — with confidence %, specific conditions, explicit walk-away rules, and what to ask the seller before you sign anything.

Analysis Feature	Others	Forte
SDE reconstruction, line-by-line	✗	✓
Addback challenge with reason	✗	✓
DSCR analysis (base + stress)	✗	✓
Risk pricing table	✗	✓
Seller motivation analysis	✗	✓
Deal classification (4-quadrant)	✗	✓
Pattern recognition (100+ deals)	✗	✓
Direct verdict with conditions	✗	✓
Price	$750–$2,900	$495–$1,995

Common Questions

How does Forte help serious buyers evaluate deals?+

Forte gives you a structured second opinion before you commit. We pressure-test the earnings, challenge the seller's claims, and tell you whether to proceed, renegotiate, or walk away — before you spend more time, money, or professional fees on a deal.

Why review a deal before signing an LOI?+

By the time formal diligence begins, buyers may already be emotionally committed, under time pressure, and spending meaningful diligence dollars. Forte is designed for the stage before that — evaluating earnings quality, concentration, transferability, operator dependence, demand and channel fragility, and buyer fit to determine whether a deal deserves further commitment, what should change price, and which unresolved issues matter most before moving forward.

How is this different from a generic AI summary or broker analysis?+

Broker materials are designed to sell the deal. Generic AI summaries repeat what's in the documents without challenging it. Forte functions as a structured buyer-side decision memo — we challenge seller claims, separate verified facts from assumptions, and give you a direct verdict. Every report is reviewed before delivery to ensure findings, severity ratings, and the final recommendation are internally consistent and decision-ready.

Can I use this with my lender or attorney?+

Yes. The output is designed to help frame follow-up questions, negotiation priorities, and unresolved risks with lenders, attorneys, and other advisors — so buyers enter those conversations with a clearer view of what matters most. It is designed to support those conversations, not replace formal legal, tax, or quality-of-earnings work.

Which deal types do you cover?+

Forte is built for digital business acquisitions, including ecommerce, SaaS, content, Amazon/FBA, and other digital businesses.

I evaluate multiple deals at once. Is there an option for ongoing coverage?+

Yes. For buyers evaluating multiple deals, Forte's consistent structure makes it easier to compare opportunities across a pipeline. Buyers who expect to look at five or more businesses over the next few months typically find a subscription arrangement more practical than per-report pricing — with priority turnaround, consistent analyst coverage, and better economics at volume. If that describes your situation, reach out directly to discuss the right structure.

What documents do I need to get started?+

Typical starting materials include the broker packet or OM, profit and loss statements, add-back schedule, seller Q&A, and any supporting operating or channel data available. Submit your package and a brief description of the deal through the order form — reports are delivered within 72 hours. If key information is missing, Forte will identify what matters most and what should be requested next.

Ready to evaluate your next acquisition?

Submit your documents and receive an analyst-reviewed report within 72 hours — with a direct verdict, conditions, and walk-away rules.

Know whether to proceed, renegotiate, or walk away
before you commit capital.

Anonymized decision memos
from real business deals.

From documents to a verdict
in 72 hours.

A consistent framework.
One clear decision.

What happens when you
know before you wire.

One report for every stage
of your evaluation.

The buyer-side clarity
broker materials can’t provide.

Forte is designed to
clarify the decision.

Know whether to proceed, renegotiate, or walk awaybefore you commit capital.

Anonymized decision memosfrom real business deals.

From documents to a verdictin 72 hours.

A consistent framework.One clear decision.

What happens when youknow before you wire.

One report for every stageof your evaluation.

The buyer-side claritybroker materials can’t provide.

Forte is designed toclarify the decision.

Know whether to proceed, renegotiate, or walk away
before you commit capital.

Anonymized decision memos
from real business deals.

From documents to a verdict
in 72 hours.

A consistent framework.
One clear decision.

What happens when you
know before you wire.

One report for every stage
of your evaluation.

The buyer-side clarity
broker materials can’t provide.

Forte is designed to
clarify the decision.