Quality of Earnings · For buyers under LOI

Avoid buying a bad business by accident.

Breakwater's CPA-led Quality of Earnings finds the deal-breakers before you sign.

CPA-led  ·  Fixed fee  ·  QoE Lite in 5 to 7 business days

$250M+

In closed transactions

$1M–$40M

The deals we underwrite

15 min

To a fixed-fee scope

The risk is what shows up after closing

What a QoE catches before you sign

01

Add-backs that overstate sustainable EBITDA

02

Profit on the P&L that never becomes cash

03

Working capital traps that create a day-one cash need

Traditional QoE firms are priced for $100M deals. Lite reports miss the risks that matter. We underwrite the deals in between, and we stay with you from valuation to close.

Simple fixed fees

Two tiers. No hourly surprises.

Quick-turn

$5,000 to $10,000

QoE Lite

Primary EBITDA normalisation
Proof of cash, bank and ledger tie-outs
P&L trend review
Written summary of findings

Timeline: 5 to 7 business days

Best for: smaller deals, tight timelines, pre-LOI screening

Most engagements

Full scope

$15,000 to $20,000

Standard QoE

Full normalised EBITDA bridge and add-back validation
Proof of cash
Customer concentration and revenue quality
Working capital analysis and directional peg
Red flags that change price or structure

Timeline: 2 to 4 weeks from data room readiness

Best for: deals needing lender or IC confidence and negotiation leverage

Final pricing is confirmed on your scoping call. It depends on deal size, data quality, and complexity.

Most engagements change the price or the structure. The rest buy confidence you cannot get any other way.

David Moon, CPA

Head of Exit Advisory · Breakwater M&A

Get a fixed-fee QoE scope in 15 minutes.

Schedule a short call with our team to understand our process & turnaround estimates.