1. Pre-LOI Commercial Diligence
Underwrite commercial risk before capital is committed
Before an LOI is signed, the most significant risks are often hidden in customer behavior, founder dependency, and revenue durability. Financial diligence explains the past. Commercial diligence determines whether future performance will hold. At this stage, we validate revenue assumptions through direct customer conversations, assess founder reliance across sales and delivery, and surface risks that should influence price, structure, or the decision to proceed. This engagement gives investors early conviction, negotiation leverage, and the ability to avoid deals where execution risk is mispriced.