Mercova Advisory
Know exactly what you are buying before you sign
Independent buy side financial analysis and SME due diligence for searchers, entrepreneurs and investors acquiring an SME or startup. We stress test the numbers, the debt capacity and the returns so you negotiate from evidence, not hope.
Who it is for
Built for the people doing the buying
Whether this is your first acquisition or your tenth, the financial work is the same: separate the real cash flow from the story the seller tells.
Searchers
Running a self funded or investor backed search? We give you institutional grade analysis on each live target so you can move quickly, write a credible IOI and stop losing weeks on deals that do not stack up.
Entrepreneurs doing ETA
Buying a business to run it yourself (entrepreneurship through acquisition)? We confirm the cash flow will cover the debt and still pay you, and we surface the operational risks hidden in the accounts.
Investors & holdcos
Backing an operator, building a holdco or adding a bolt on? Get an independent second opinion on valuation, structure and downside before you commit capital.
The deliverable
What a deal analysis includes
A clear, decision ready report you can put in front of a lender, a co investor or a board, plus a working model you keep.
Normalized EBITDA & owner cash flow
We rebuild the real earnings: strip out owner add backs, one off items and personal expenses, and show the cash flow the business genuinely generates for a new owner.
Quality of earnings
A focused QoE: revenue durability, customer concentration, margin trends, working capital swings and the gap between accounting profit and cash.
Debt capacity & structuring
How much debt the cash flow can safely carry, realistic terms and coverage ratios, and how to structure the acquisition (senior debt, vendor loan, earn out) to protect your downside.
Valuation & return scenarios
A defensible valuation range with base, upside and downside cases, modeled IRR and cash on cash returns, and the price at which the deal stops working.
Red flag report
A prioritized list of the issues that should change your price, your structure or your decision, with the questions to put to the seller and their advisors.
Negotiation & next steps
Clear guidance on where the value and the risk sit, so you can negotiate price and terms with conviction and brief your lender or advisors with confidence.
How it works
Process & turnaround
Acquisitions move fast. We are built to keep pace without cutting corners on the analysis.
Scoping call
A short call to understand the target, your thesis and the timeline. We confirm scope, fee and what documents we need.
Data & questions
You share the financials and CIM; we send a tight document request and a first set of questions for the seller to close the gaps.
Analysis & modeling
We normalize earnings, build the model, run debt capacity and return scenarios, and assemble the red flag report.
Readout & decision
A live walkthrough of findings and a written report, so you can decide to proceed, renegotiate or walk away.
Typical turnaround is 5 to 10 working days from receiving the financials. Urgent deals can be accelerated.
Pricing
Transparent pricing, per deal
Fixed fees scoped to the size and complexity of the target. Most analyses fall between EUR 2k and EUR 8k.
Screen
A fast read on a single target to decide whether it is worth pursuing.
- Normalized EBITDA & owner cash flow
- Indicative valuation range
- Top red flags & a go or no go view
Full analysis
The complete buy side package for a deal you intend to pursue.
- Everything in Screen
- Quality of earnings & working capital
- Debt capacity, structuring & return scenarios
- Full red flag report & live readout
Complex / multi deal
Larger or layered deals, carve outs, or several targets in a pipeline.
- Everything in Full analysis
- Multi entity or carve out modelling
- Lender ready pack & support to close
Fees are agreed before we start, with no surprises. Returning searchers and investors can arrange per deal or pipeline pricing.
Deal flow
We sit close to where deals start
Beyond analyzing the targets you bring us, we work alongside sellers, brokers and accountants in our network, which means we occasionally see acquisition opportunities before they reach the open market.
- Owners exploring a quiet, off market sale
- Brokers and M&A advisors looking for credible, fast moving buyers
- Accountants whose clients are weighing succession
- Searchers and investors who want an early steer on relevant deals
Get early word on relevant deals
Tell us what you are looking for. When something in our orbit fits your thesis, you hear about it first. No spam, no obligation.
Free tools
Run the deal numbers yourself first
Three free calculators to size up a deal before you commission a full analysis.
Debt capacity calculator
See how much acquisition debt the target cash flow can realistically support.
Open the toolAcquisition return calculator
Model IRR and cash on cash returns across price, leverage and exit assumptions.
Open the toolEBITDA to cash bridge
Translate reported EBITDA into the free cash flow that actually services your debt.
Open the toolFAQ
Questions buyers ask us
Have a target in mind? Stress test it before you commit.
Book a short diagnostic call. We will tell you what we would look at, what it would cost and how fast we can turn the analysis around.