Earnings, independently verified.
Quality of earnings reports for buyers, lenders, and sellers of founder-led companies. We start from the ledger and the bank statements, rebuild the earnings, and tell you what holds.
One report. Three readers.
The same price and the same standard whether you are buying, lending, or selling. What changes is the question you bring to it.
BuyersBefore you sign
You are about to pay a multiple of a number the seller produced. We rebuild that number from source documents, normalize owner compensation and one-time items, and show you the trailing-twelve-month trend so the price rests on earnings that actually recur.
LendersBefore you commit
SBA and conventional underwriting lives or dies on cash flow that can be defended in file. You get adjusted EBITDA with every adjustment tied to a document, debt service coverage on the real numbers, and a working-capital picture that will not surprise you at closing.
SellersBefore you go to market
A sell-side report finds the problems while you can still fix them, and gives a buyer's diligence team a document to confirm instead of a story to pick apart. Clean books close faster and defend the price.
What the report contains
Every figure traces to the general ledger or a bank statement. Every adjustment is listed, explained, and supported. You can hand it to a bank, a partner, or opposing counsel.
- Adjusted EBITDA bridge
- reported → adjusted, by year
- Revenue, gross margin, operating expenses
- two fiscal years + TTM
- Normalization adjustments
- each one documented
- Proof of cash
- ledger tied to bank
- Net working capital analysis
- monthly, with target
- Customer and revenue concentration
- top accounts, churn
- Debt, leases, and off-ledger obligations
- schedule
- Owner's summary
- one page, plain English
The report is prepared by Thirty-Three North and independently reviewed and signed by a licensed CPA before it is released. The review is part of the fixed fee, not an add-on.
Two weeks, measured from complete records
The clock starts when the document list is complete, not when the engagement is signed. That is how the turnaround stays honest.
Engage
Signed engagement letter and 50% deposit. You receive the 31-item document list and a secure upload link the same day.
The clock starts
We confirm the ledger, bank statements, and supporting documents are all in. If something is missing we tell you exactly what, once.
Rebuild and review
Earnings are rebuilt from source, adjustments documented, and the draft goes to the reviewing CPA for independent review.
Delivery
Final report with the CPA's signed review and the one-page owner's summary. Balance of the fee is due on delivery. A walkthrough call is included.
The standard engagement
Fixed price means fixed scope. Here is what $10,000 covers, so there is nothing to negotiate later.
Included
- One entity on one accounting system
- Two fiscal years plus trailing twelve months
- Independent CPA review, signed
- One-page owner's summary
- One refresh within 90 days (same entity and years, TTM rolled forward up to three months)
Required from you
- Complete general ledger
- Bank and credit-card statements for the full period
- The items on the 31-item document list
- Books that are reconciled, or an outside bookkeeper to get them there first
Quoted separately
- Multiple entities or accounting systems
- Inventory-heavy businesses
- Additional years or a longer roll-forward
- Book cleanup, which we refer to an outside bookkeeper rather than do ourselves
We do not represent either side.
Thirty-Three North is not a broker, not a lender, and not the company's own accountant. We are paid a fixed fee for the report, the same fee no matter what it finds, and no part of our compensation depends on whether the deal closes.
The name is the latitude of Phoenix. A fixed line to measure from.
Tell us about the company. We will tell you if we can help.
hello@33northadvisory.comSend the entity name, the accounting system it runs on, whether you are buying, lending, or selling, and the closing or commitment date you are working toward. You will hear back within one business day.